The Capital One Classic Platinum credit card is a credit card designed with people with limited or no credit history.  The credit card is a very basic credit card but comes with a low annual fee and competitive rates.  In addition the Capital One credit card has certain benefits that come with the bank MasterCard as well as not having a universal default provision.

The credit card comes with a 0% credit card APR on all purchases until April 2010.  After that time, the credit card rate is set as a variable rate, currently equal to 19.8%.  The credit card rate will be determined by adding 16.55% to the Prime rate.

The Capital One Classic Platinum Credit Card does not have a universal default condition.  A universal default provision allows a credit card company to increase the credit card APR if the account holders fails to make a payment on a loan with another lender or their credit history contains other negative information.

The credit card balance transfer APR is also a variable rate, currently equal to 19.8%.  The credit card balance transfer rate is determined by adding 16.55% to the Prime rate.  The credit card cash advance APR is a variable rate that is currently equal to 24.9% and is determined by adding 21.65% to the Prime rate.  The variable credit card rate on the Capital One credit card can go up or down as the Prime rate goes up or down.

The Capital One credit card annual fee for this card is $39.00 annually.

Capital One may also increase the APRs to a Default APR if the monthly payment on the credit card is received late twice within any 12 billing periods

Capital One will determine the credit card limit after a review of the credit card application.  If the application is approved, the minimum credit line of $200.

The Capital One Classic Premium also provides its users some additional benefits that include $0.00 fraud liability on credit cards that may become lost or stolen and used without your authorization, optional auto rental insurance, worldwide automatic travel insurance at no extra charge when you use your credit card to purchase your airfare, extended warranty program on items that are purchased with your credit card and already come with a warranty as well as additional benefits and services.

The credit card can be applied for over the phone or online.  The Capital One credit card application requires general information such as the applicant’s full name, social security number, date of birth, physical address (No P.O. Box) and estimated gross annual household income.

Capital One Financial Corporation is one of the largest banks in the United States.  Capital One provides a wide array of banking products and financial services to consumers, small businesses and commercial clients.  Financial products and services offered by Capital One include credit cards and debit cards as well as other lending products and deposit products.

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