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Groundbreaking Credit Card Rates Are No Longer Just Short Term

July 9, 2003 at 8:32 AM EDT
New Credit Card Offers 4.99% Fixed - The Lowest Long-Term Fixed Interest Rate in the Nation for Purchases and Balance Transfers

MCLEAN, Va., Jul 9, 2003 /PRNewswire-FirstCall via COMTEX/ -- As interest rates hit historic lows this summer, many consumers are securing record-low interest rates on mortgages, student loans, and new car loans. Leading the credit card industry in responding to increased consumer demand for lower long-term fixed interest rates, Capital One (NYSE: COF) today introduced a credit card with a fixed interest rate of 4.99% -- the lowest long-term fixed rate in the nation.

The 4.99% fixed interest rate offers customers with excellent credit histories an opportunity to save money and increase their purchasing power using the best priced credit card available. The card joins a long list of competitive product offerings from Capital One that include a range of rewards and low pricing features designed to meet the needs of individual consumers.

"The financial services industry is seeing increased consumer demand across the board for competitive interest rates. Whether they're looking for a mortgage, an auto loan, or a credit card, comparison shopping is important. Looking for the best rate and terms available can save consumers money. Capital One's long-term fixed interest rate credit card will benefit consumers with established credit who are paying higher interest rate fees than necessary and provide them with a more affordable option for credit purchases," stated Diana Don, spokesperson for Capital One.

Consumers who qualify for Capital One's new Platinum MasterCard(R) will save with a 4.99% fixed APR that applies to new purchases and balance transfers of various loan types, including personal, home equity, automotive, retail/department store, and other credit cards. Unlike many competitors, this is not an introductory rate. The card also offers savings and convenience with:

    *     No balance transfer or cash advance fees
    *     No annual fee
    *     Zero liability for fraudulent or unauthorized charges to your
          card -- online or off
    *     Customized payment dates

"Capital One understands that credit smart consumers want low rates. Our long-term fixed rate credit card offers consumers greater purchasing ability and cost-savings through lower interest rate charges on both transferred balances and daily purchases -- a combination that can save consumers hundreds of dollars every year," Don added.

Solicited consumers can apply for the card online by visiting www.getmycard.com.

About Capital One

Headquartered in McLean, Virginia, Capital One Financial Corporation (www.capitalone.com) is a holding company whose principal subsidiaries, Capital One Bank and Capital One, F.S.B., offer consumer lending products. Capital One's subsidiaries collectively had 46.4 million managed accounts and $59.2 billion in managed loans outstanding as of March 31, 2003. Capital One, a Fortune 500 company, is one of the largest providers of MasterCard and Visa credit cards in the world. Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 500 index.

SOURCE Capital One Financial Corporation

Diana Don of Capital One Financial Corporation, +1-703-720-2371, or diana.don@capitalone.com