Fixed Card (7/11/03) FULL STORY: The lowest on-going fixed interest rate for a bank credit card was launched this week. Capital One, which usually caters to sub-prime borrowers, offering credit limits as low as $300, is now offering a 4.99% fixed APR on its "Platinum MasterCard" to super-prime consumers, by invitation only. The interest rate will apply to new purchases as well as balance transfers. Plus, the new card offers no balance transfer fees or cash advance fees, and no annual fee. The new offer from Capital One comes at a time when most top issuers are guaranteeing 0% interest rates for at least the next year. However, many of these 0% offers are laced with fine print requiring balance transfer fees and other hidden costs. As with any nationally-issued bank credit card, Capital One can change the APR at any time, with as little as 15 days notice. The bank says the 4.99% rate is good for the "life of the product." This simply means that Capital One can kill the product at will. Today, most consumers understand that a "fixed" interest rate on a credit card has little credibility since it is rarely guaranteed and subject to change at any time. Bottom line: when it comes to selecting a credit card set your vision for the short-term and do not forget that issuers hold all the cards. For more information on the Capital One 4.99% Platinum MasterCard visit http://www.getmycard.com. www.cardtrak.com
Yep. Invitation only. If anybody here actually gets an offer in the mail, I'd like the know your FICO (EX, EQ, and TU) since Cap.1 will no doubt pull all three. My bet is somewhere along the lines of 740+ with at least a 5-year history, low balances, maybe a couple inq's in the last 12 months and absolutely not ever, NEVER any derogs, baddies, CO, disputes, whathever. This will inevitable be one tough card to get approved for. What kind od credit limit do you think Cap. 1 will assign to this card? Surely won't be $300 tsk tsk But you never know!
I've been approved for the Cap 1 No Hassle Card..no big deal....I ended up closing it 6 months later.....Do not like Cap and its CSR's.....I will probably get an inviation for this cap 1 card...Ill let you know if i do......Thank You... Tony V. San Diego, Ca
Re: Re: 4.99% CAPITAL ONE INVITATION ONLY??? I'll PFB and ask to be INCLUDED in their "SELECT FEW" CLUB... I SHOULD QUALIFY!!!
Re: Re: 4.99% CAPITAL ONE INVITATION ONLY??? Good question. I wonder if they will offer to existing customers????.....I doubt it, this offer is probably for new customers only
Re: Re: 4.99% CAPITAL ONE INVITATION ONLY??? I closed my account just yesterday.. after being with them for 3 years (no lates, and always paid in full). The CSR tried to persuade me to keep it, but it didn't work. Just wasnt worth it for me. I got the card as a subprime customer, so I've got subprime terms ($1,300 limit, $72 annual fee, @13%). My credit union platinum card just raised me to $17K last week.. so why keep a $1,300-limit card with crappy terms? Wonder if they'll send me an offer in the mail..
Re: Re: 4.99% CAPITAL ONE INVITATION ONLY??? With all the sh*t they put people through, why would anyone ant to go get another card from them. You know they won't let the 4.99 stand very long. They want to get some new customers. That 4.99 won't last past a year. I am biased against them but still, crap 1, no way!!!
Re: Re: 4.99% CAPITAL ONE INVITATION ONLY??? Cap 1â??s No Hassle card has been good to me, actually only 1/2% higher than my BOFA Only thing that is an annoyance is when it's time to get a credit increase I am always reminded of Mark Twains the Prince and the Pauper requiring the use of PFB for excellent service.
Re: Re: 4.99% CAPITAL ONE INVITATION ONLY??? My Crap1 renews next month and I can't wait to call and dump them. It's my second oldest trade line but I'll glady take my lumps. I've had a card with them for 3 years and I'm up to a whopping $2,900 CL. Next lowest is $5,000 from Chase and I opened a card with them 2 months ago.
Re: Re: 4.99% CAPITAL ONE INVITATION ONLY??? $2,900? That's a big jump from what they allowed me! I also had mine for almost 3 years, and highest limit till I cancelled a couple days ago, was a whopping $1,300.00! I started with $200.00
Re: Re: 4.99% CAPITAL ONE INVITATION ONLY??? People on here will often trash Providian and sing the praises (relatively speaking) of Cap1. Providian has always treated me well. When I first started, I had a $59 annual fee, $300 CL and 23.9%. 3 years later, I have a $7,400 limit, no fee and 16.9%. I need to work on them with the interest rate but otherwise, they've been very good to me. I've been with Cap1 nearly as long and I find the annual fee and low CL incredibly irritating. Look at it this way, when I leave, they'll be able to hand out 14 new "Platinum" cards with $200 CL's to new customers!
Re: Re: 4.99% CAPITAL ONE INVITATION ONLY??? Providian or rather the "new" Providian is willing to give people with a BK a decent CL, APR, and NO ANNUAL FEE card (This only applies to cards issued since Sept. 2002 or later). Meanwhile, if you have a BK, you can kiss the no-hassle card and this 4.99 fixed MC good-bye. What you'll get is a toy plat card with an annual fee and lousy credit limits. There are of course Pros/Cons with each bank. Everyone has an opinion good or bad about both banks.
Re: Re: 4.99% CAPITAL ONE INVITATION ONLY??? I closed my providian account sometime last year when they moved my account to a mastercard account and raised the APR to 29.99%. Could you imagine paying 30% on a stupid credit card?! lol Anyway, as soon as I got the letter informing me of my brand new rate, I called them, paid it off, and closed it on the spot. No regrets.
Re: Re: 4.99% CAPITAL ONE INVITATION ONLY??? I just received an offer for their Platinum Mastercard. The apr offered is 5.9% on everything. Not a bad rate, but obviously not the best either. LOL No annual fee, no balance transfer fee, no cash advance fee and you can choose your own due date. Up to $30,000 credit limit (yeah, right). Not a bad deal at all, but I really don't need it right now. Still enjoying 5.9% on Citi and 2.9% on Chase for purchases & transfers. Funny, I was with Capital One for over 4 years with 2 accounts (unsecured) and could never get them to upgrade me to Platinum. Practically begged. Same with Providian. Now THEY are begging previous customers who have excellent credit now (and before leaving them) to open a new account. Doesn't it make sense that it's "cheaper to keep em'"? They let many of their best customers slip right through their greedy little fingers. Anyhoo, I don't think it's worth the 3 inquiries for this card right now. Besides, I bet if I hold out, they will offer the 4.9%. LOL
I just got this offer yesterday. It's sitting on my desk right now, I was planning to take a look at things later and see if it would be worth it to BT anything, although there are few obvious choices because I have OK rates overall. The letter implies that they will be liberal with BT's if you're approved. I don't know my EX FICO, but I'm 719 TU & 740 EQ, 20 year history, usage 36% according to EQ and no derogs. Looks like your analysis was pretty close, Brad. I had not realized, however, that an application with Cap 1 would mean inquiries on all three CRA's. Because of that, it may not be worth it. Thanks for a good thread, everyone, it just goes to show what a great resource creditnet is for everyone, whatever their credit situation.
For those wanting to know the profile for receiving this offer, I received this offer a couple days ago and applied for it. I have: 1 Open account with 0 credit limit from 8 years ago (bogus account that went into collections but since it's reporting in good, open status it adds nicely to my age) 4 credit accounts (well, 3 credit and AMEX green) from 3 years to less than a year old. Credit Limits report as $4160, $4000, $1500 (AMEX high balance), and N/A (Citi AAdvantage which actually has a $6K CL - grrrr) My MYFICO scores from last week: Equ 709 (4 inquiries) Exp 777 (0 inquiries) TU 768 (2 inquiries) The old account reports slightly differently on each report (specifically, last reported date varies from 1998 to 2002), but otherwise the reports are identical. Utilization (based on reported CL) was around 22% in early June. Capital One pulled a soft inquiry on Equifax on 6/5 with no recent Capital One soft inquiries on Experian (I don't know about TU softs). My scores in early June were probably 10 points lower than the scores I pulled last week. Anyway, a clean credit history, but not spectacular. When I applied, I received the "we'll tell you in the mail" answer, so I'll update you when I get an answer. I expect to get accepted with a 4K credit line, but maybe I'll be surprised. The 3 hard inquiries sure do stink.
