How to Get the Most From Your Capital One Platinum No Hassle Rewards Card
There are three basic types of Platinum No Hassle Reward credit cards issued by Capital One: Miles, Cash and Points. There are also different versions based on your credit. You can earn miles on any airline with the Miles card. The Cash card earns you cash back for each dollar you spend. Lastly, the Points card has you earn points on every purchase, which you can redeem for merchandise or gift cards such as for Macy's, Amazon.com and Starbucks.
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Things You'll Need
- Capital One Platinum No Hassle Rewards Card
- Daily/Weekly/Monthly budget
- Travel, entertainment and general living costs
Instructions
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Read over the fine print for fees and restrictions. For the Miles card, the primary benefit is that you earn double miles on monthly purchases over $1,000 and one mile per dollar on the first $1,000 (per billing period). The card may be offering 0% APR for the first year and then go up to 13.9% (as of 2009).
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Consider transferring balances from a high APR card to one of these cards so you'd be able to reap the benefits. Be sure that when the rate kicks in, you either have paid it off or don't have a card with a lower rate.
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Calculate your air travel. Since airline prices are constantly changing, take an average ticket price. For example, let's say you travel three times per month from Los Angeles to San Francisco. Estimate how much you would be spending on your card within a month. Since there are about 344 miles from LA to SF, how long would it take to earn a free trip? In that long, you have saved your estimated ticket price. Compare this amount saved to any late fees, over the limit fees and the 13.9% APR you will be paying as opposed to using cash or a debit card (if possible). From this calculation, you can see how beneficial the Miles card is.
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Compute how much you spend at gas stations and major grocery stores. If you use the Cash card, you receive 2% cash back at these stores and 1% on other purchases. This card has a 14.9% APR (2009) after your first year. If you are a person that always pays off the balance, doesn't incur fees and are not able to use cash or a debit card, you may realize some benefits from this card.
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Estimate your spending on entertainment and dining (call or email Capital One for exact details). With the Points card for good credit, you earn 5 points/dollar spent on entertainment, 2 points for restaurants and 1 point for other purchases. You also can earn 25 bonus points per billing period for paying on time. This card will charge you 16.9% (2009) after the first year. You can trade points for cash, donate them to charity, get gift cards and receive travel benefits for a minimum of 15,000 points. Gauge the benefits of how much you would earn versus using cash, debit card or a card with a lower APR.
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Keep informed by getting the latest rewards posted on the No Hassle website. Learn wise credit card use by reading personal finance books and visiting sites by people such as Suze Orman and Dave Ramsey.
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