- who has a credit card with a limit of less than $5,000
- who has been late on more than one credit card, medical bill, or loan payment in the last six months.
The good thing about the Capital One Classic Platinum credit card is that it offers you a 0% APR till May 2010, and charges a variable APR equal to 16.9% after that. The APR is variable and is determined by adding 13.65% to the prime rate, and will change with changes in the prime rate.
Other things to keep in mind about this Capital One credit card:
- There is a $39 annual fee on this credit card that all card holders will have to pay.
- If you take a cash advance, then the APR for that is 24.9% variable. There is also a cash fee advance of 3%.
- Currently, the default APR is 29.4%.
- Your payment amount is applied towards the balance with the lowest APR first, and then the higher ones. Letâ€™s take a look at what this means with the help of an example. Suppose you take a cash advance of $100, and make purchases worth $100. You will be charged a 24.9% APR on the cash advance you took, and 16.9% APR on your regular purchases. Now, if you paid just $100 in your credit card bill â€“ this money will be used to pay off your balance with the lower APR first, and then the one with the higher APR. In this example â€“ the $100 will be used to pay off the regular purchases, and you will end up with a balance of $100 cash advance on which the 24.9% APR is charged.
Other benefits of Capital One Classic Platinum Credit Card
- You can have your dogâ€™s picture on the credit card.
- $0 fraud liability
- 24 â€“ Hour travel and emergency assistance
- 24 â€“ Hour roadside assistance
- Extended warranty program
- Travel accident insurance
- Auto rental insurance
While this post is about a credit card for people with average credit, there are other places that you can get credit loans if you have an average credit like creditloan.com, so that extent a credit card is one of your options rather than being your only option.
I have made every effort to ensure that the information here is accurate and up to date, however since these things keep changing, I encourage you to check the source of the full terms and disclosures. The fine print is not really all that hard to read!