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Capital One Platinum Prestige: Can it Compete with Other 0% APR Cards?

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If you’re looking to make a large purchase or pay off your credit card debt, you might want to consider the Capital One® Platinum Prestige Credit Card.

With its great introductory 0% APR offer on purchases and balance transfers, a $0 annual fee and no foreign transaction fees, the Capital One® Platinum Prestige Credit Card is a fair option for financing a big-ticket item or refinancing credit card debt. The 0% APR field has quite a few competitors, so let’s dig deeper and see whether this card is for you.

At a glance
Annual fees $0
Introductory APR deal 0% for 15 months on purchases and balance transfers, and then the ongoing APR of 11.65% - 21.65% Variable
Foreign transaction fees None
Rewards program None
Verdict: It’s a good, no-frills card, but you should also consider its competitors.
Good for:
  • Someone who wants to finance a large purchase and pay it off over time
  • Someone who wants to transfer a balance from another credit card to pay off debt
  • Someone with excellent credit
Bad for:
  • Someone who wants to earn rewards
  • Someone who has a large amount of credit card debt.
  • Someone with poor credit

In this article

Capital One® Platinum Prestige Credit Card: The basics
Where the Capital One® Platinum Prestige Credit Card shines
Save money with a balance transfer
Where the Capital One® Platinum Prestige Credit Card falls short
The Capital One® Platinum Prestige Credit Card versus the competition
The bottom line: Is the Capital One® Platinum Prestige Credit Card right for you?

Capital One® Platinum Prestige Credit Card: The basics

The Capital One® Platinum Prestige Credit Card’s appeal is in its simplicity. Its introductory 0% APR period on purchases and balance transfers is great for people with one goal: paying off a large purchase or outstanding credit card debt while paying as little interest as possible.

Zero foreign transaction fees make the Capital One® Platinum Prestige Credit Card an attractive choice. However, you won’t get an impressive sign-up bonus, and your purchases don’t generate any points in Capital One’s No Hassle Rewards program.

Where the Capital One® Platinum Prestige Credit Card shines

The Capital One® Platinum Prestige Credit Card offers the following benefits:

Long introductory 0% APR period on purchases and balance transfers: If you need time to pay off something you must purchase immediately, the Capital One® Platinum Prestige Credit Card has plenty to offer: 0% for 15 months on purchases and balance transfers, and then the ongoing APR of 11.65% - 21.65% Variable. That might give you enough time to pay off your purchase, or at least pay down your balance to a manageable size.

Zero foreign transaction fees: If you’re traveling abroad, the typical 3% foreign transaction fee on many cards can add to your spending quickly. For instance, if you spend $3,000 while vacationing in Europe, you’ll pay $90 just to use your card. Like all Capital One credit cards, the Capital One® Platinum Prestige Credit Card would charge you nothing.

The TransUnion credit score can give you a ballpark idea of where your credit stands. However, it is not a FICO score and isn’t likely to be used by lenders when you apply for a loan. Check out our favorite credit cards that offer a free FICO score.

Save money with a balance transfer

If you’re struggling to pay off your outstanding credit card debt, transferring your balances to a card with a 0% introductory APR period can save you money. It might be good idea to transfer your balance if high interest is cutting into a large chunk of your payments, especially if you can pay off your debt before the introductory 0% APR period ends.

One thing to consider: The Capital One® Platinum Prestige Credit Card charges a 3% fee on the amount of each balance transfer. So before jumping at the offer, make sure it’s worth it. The best way to make the most out of a balance transfer is to have a plan to pay off the debt before the 0% period ends, make payments on time and refrain from adding more credit card debt to the existing amount.

Where the Capital One® Platinum Prestige Credit Card falls short

While the Capital One® Platinum Prestige Credit Card’s features can be appealing, it also comes with some drawbacks.

No rewards program: If you’re looking to earn rewards on your everyday purchases, you’re not going to find it with the Capital One® Platinum Prestige Credit Card. This makes the card less appealing once the introductory 0% APR period is over.

Balance transfer fee: The Capital One® Platinum Prestige Credit Card offers a generous introductory 0% APR on balance transfers, but it doesn’t waive the 3% balance transfer fee. While transferring your balance from a high-interest credit card may make sense mathematically, it’ll still cost you.

Not the longest 0% APR period out there: The Capital One® Platinum Prestige Credit Card’s claim to fame is helping you pay down debt with as little interest as possible. But there are other cards that provide a longer introductory 0% APR   period.

The Capital One® Platinum Prestige Credit Card versus the competition

Let’s take a look at how the Capital One® Platinum Prestige Credit Card stacks up against other 0% APR cards:

The Capital One® Platinum Prestige Credit Card versus the Chase Slate®

With the Chase Slate®, you get a similar APR deal: 0% on Purchases and Balance Transfers for 15 months, and then the ongoing APR of 15.99% - 24.74% Variable APR. The Chase Slate® also has a $0 annual fee and doesn’t offer any rewards.

The Chase Slate® outshines the Capital One® Platinum Prestige Credit Card with its introductory balance transfer fee of $0 for transfers made in the first 60 days. After that, the fee is 5% of the amount transferred or $5 flat – whichever is greater. This is important for people who could use that extra money upfront to pay down debt.

Plus, Chase Slate® provide free access to your FICO score, which is what the vast majority of lenders use. Where the Chase Slate® falls short in this comparison is its 3% foreign transaction fee.

The Capital One® Platinum Prestige Credit Card versus the Citi Simplicity® Card - No Late Fees Ever

The Citi Simplicity® Card - No Late Fees Ever offers one of the best introductory 0% APR deals out there, giving you 0% on Purchases and Balance Transfers for 21 months, and then the ongoing APR of 14.49% - 24.49% Variable APR. It also offers no late fees, no penalty interest rate and a $0 annual fee.

Like the Capital One® Platinum Prestige Credit Card, the Citi Simplicity® Card - No Late Fees Ever doesn’t offer a rewards program. It also charges the same 3% or $5 balance transfer fee, whichever is greater. But unlike the Capital One® Platinum Prestige Credit Card, it charges a 3% foreign transaction fee.

All things considered, if you’re refinancing your debt or making a big purchase, the Citi Simplicity® Card - No Late Fees Ever gives you a little longer to pay it off. It’s also a better choice if you have a history of not making payments on time: it doesn’t charge a late fee, ever; although the Nerds recommend always making payments on time to maintain a good credit history.

The Capital One® Platinum Prestige Credit Card versus the Discover it® - 18 Month Balance Transfer Offer

The Discover it® - 18 Month Balance Transfer Offer has an advantage among 0% APR cards with its generous cash-back rewards program, which includes 5% cash back in rotating quarterly bonus categories (up to $1,500 in purchases per quarter) and 1% cash back on other purchases. It also provides a free FICO score, has a $0 annual fee, has no foreign transaction fees and waives the late fee on your first late payment.

While the card’s benefits might be tempting, you should consider its introductory APR offer: 0% on Purchases for 6 months and 0% on Balance Transfers for 18 months, and then the ongoing APR of 11.99% - 23.99% Variable APR. The Discover it® - 18 Month Balance Transfer Offer makes more sense for balance transfers, but the Capital One® Platinum Prestige Credit Card is preferable if you’re looking to finance a large purchase because it gives you more time to pay it off without interest.

The bottom line: Is the Capital One® Platinum Prestige Credit Card right for you?

The Capital One® Platinum Prestige Credit Card’s specialty is its introductory 0% APR period on purchases and balance transfers. If this is the only reason you need a credit card, it’s not a bad choice. However, there are other cards that offer just as good or better benefits for the same purpose, so the Nerds recommend considering those as well.

Ben Luthi is a staff writer covering personal finance for NerdWallet. Follow him on Twitter @benluthi and on Google+.


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