 |
Standard Platinum Details
This is a very standard credit card account; the only real difference between it and the Capital One Platinum is the existence of annual fees and a lower purchase APR. This account is meant to let you enjoy a higher credit limit than many other cards so that you don't worry so much about those large purchases.
With this card there is no annual fee; there are several other standard fees that you will have to become familiar with as well: late fees, overlimit spending fees, cash advance transaction fees and APR and balance transfer fees. Late fees are calculated according to the amount that you owe: for anything up to $99.99 you will be charged $15; for any amount between $100 and $249.99 you will be charged $29, and for any amount over $250 you will be charged $39. If you spend more than your allocated credit on the card then you will be charged according to your credit limit: $19 will be charged for any account with a credit limit up to $500; $29 for any accounts with limits between $500 and $1000; $39 for any account with a limit of more than $1000. You will be charged for cash advances in terms of both the transaction and an APR: each time you take out an advance it will cost you 3% of the advance amount (no less than $10) and the APR for such transactions is 22.9%. If you want to make a balance transfer from one or more of your existing credit cards to this account, there will be no fee involved and the associated APR will be the same as the standard purchase APR. Standard purchase APR for this account will start at 19.8% variable, however this and the 25 day no-purchase-APR grace period may be lost if you fail to make your payments on time each month. If this is the case, your purchase APR will shoot up to the default rate of 25.15% variable. Relatively speaking, this is a lower default rate than with many other cards.
The best features of this credit card are the lack of balance transfer fees and the possibility of high credit limits. It also boasts quite a low purchase APR which if treated right could last you for a long time and save you a great deal of money on interest. |
|
