I hope by now you know my attitude towards credit card balances: Avoid them like the plague, because they’re a huge killer of your cash-flow and rob you from being able to put that money towards savings.

But I also know that stuff happens. And if you’re going to carry a credit card balance, here’s a new card promotion that just came out:

If you got a cool looking black envelope from Capital One, it’s worth digging out and looking through. Capital One has come out with a rate of 5.65% for a three-year term. After that, it’ll go to prime plus 0.9% and the card has no annual fees – that’s a BIG bonus!

As credit cards go, that’s about the best there is. Now it’s not for everyone, because they’ll be looking for an above-average credit score. I’m guessing 720 or higher. It’s not available on-line so you need to have the junk mailer or a reservation and access code if you are on the internet, or you can call their customer service 800 number and see if they’ll let you apply. On-line you’ll get an approval back in three to five seconds. It’s purely based on your credit score.

Customer Service number to call: 800 481 3239
Ask for the Prime plus 0.9% Platinum Card
If you’re on-line: go to: www.getmycard.ca and try using:
Reservation Number: 0010396010736445
Access code: 010603

Part of the reason for this great deal is that Capital One as well as MBNA and JP Morgan Chase aren’t part of the “big five no-service banks” and so they don’t have the access to millions of bank customers to market to. They have to get customers the hard way – one at a time. OK, other than JP Morgan Chase who handles the Sears Cards.

And one more thing: Don’t think Capital One is just a little player. They’re the ones with the endless commercials on U.S. channels: “What’s in your wallet.” And their CEO, Richard Fairbanks two years ago made – are you ready: $280 million in pay for a year.

Yes, there’s big money in credit cards. Unfortunately – it’s your money.