Capital One steps up card stakes

CAPITAL One has unveiled a new Platinum Card.

Rob Kenley, of moneysupermarket.com, said: "This revised offering from Capital One is a great all-rounder.

"In a time of ever-increasing balance transfer fees, it's relaunching with a fee of just 1.7 per cent against a typical balance transfer fee of between 2 and 3 per cent.

"The card also offers 0 per cent for balance transfers and purchases until 1 May, 2008 as well as a competitive typical APR of 9.9 per cent.

"Until now competition has been restricted to 0 per cent offer periods or 'go to' rates - could undercutting the typical balance transfer fee be a signal that competition is reaching even greater heights?"