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4 Jul 2020

News

Two great credit card deals in one week from Capital One

Lisa Taylor of Moneyfacts.co.uk – the money search engine, comments:

“Capital One has hit the market this week with two new credit card deals. The Platinum Card, which offers a competitive all round 0% package and the Platinum Cashback Card offering a market leading introductory cash back return. Both cards are available to applicants aged over 21 earning at least £10K.

Platinum Credit Card

  • 0% on balance transfers and purchases to 1 May 2008
  • 1.7% balance transfer fee
  • 9.9% typical APR

 

“It is great to see card providers offering competitive deals on purchases and balance transfers. It eliminates the need to operate separate cards for each spend type to avoid getting stung by interest payments from the unfriendly order of repayments method used by card companies.

“While the offer of 0% on balance transfers until May is not top of the tree, it is still very respectable, Combined with a purchase deal which can only be beaten by HSBC and Halifax who both offer 12 months, it’s a pretty good package. The added benefit is the lowest balance transfer fee on the market for a deal of this length. A handful of cards don’t charge any fee, but the maximum deal period is six months. Typically fees vary between 2% and 3%.

“For those who don’t want to jump ship to a new 0% card once their deal has expired, the combination of a low reverts to rate is ideal. The rate of 9.9% can only be beaten by Intelligent Finance, offering 8.9% and is equal to that offered by Halifax.

“Overall this card offers a competitive all round deal. While it may not be market leading in all features, the card is simple, straightforward and offers an all round competitive package.

Platinum Cashback Credit Card

“For anyone who repays their balance in full, a cashback card can be a great way of getting something for nothing from your card provider. But this kind of card is not for you if you don’t repay in full each month, as any benefit and more will be wiped out by interest charges.

“The new Capital One Card tops the charts by offering a very attractive cash back deal. For any purchases made within the first three months, 4% cashback will be paid, thereafter the rate will fall to 1%. There are no spending limits, such as you find with other cards, and the return is not tiered.

“Spending on average £1K each month would earn you an annual return of £210 in the first year – not bad for just going about your day to day spending.”

 

Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry. 

 

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