PROS / The MTV® Visa® Card from Capital One® can get you backstage passes to MTV concerts.
CONS / The points-redemption conversion ratios are not all published so you must call to learn the exchange rates on any particular day.
VERDICT / This student credit card is not the most affordable even though it is designed for students with excellent credit.
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The MTV® Visa® Card from Capital One® is a credit card for students who have already established an excellent credit history. It provides a good rewards points program but charges a slightly above-average annual percentage rate. There is no annual fee and no charge for using the card outside of the United States.
Annual Percentage Rate
The long introductory period of 12 months with zero annual percentage rate (APR) is certainly enticing. However, when the regular APR kicks in, it is not competitive in comparison with other student credit cards. Students will pay 13.9% - 19.9% (V) APR for purchases and balance transfers. Any cash advances charged to the card will cost 24.9% (V) APR. Even though the legally required minimum for a grace period is 21 days, this bank (Capital One) gives you a 25-day grace period.
Rewards & Redemptions
Purchases that involve entertainment earn five points per dollar spent while card transactions at restaurants earn two points per dollar. Everything else returns one point per dollar. If you pay on time, you get 25 bonus points. Point redemption includes turning points into cash, merchandise, travel or gift cards. The rate of exchange for redemptions depends on what you select. Five thousand points will yield $25 in cash. A $50 gift card is worth 7,750 points. If you choose merchandise from the approved list, 20,000 points will buy $100 worth of gifts. Fifteen thousand points cover travel costs up to $150.
If you want to build your karma, you can donate your points to charity. Or if you would prefer to brush up on fun – this is, after all, the MTV® Visa® Card from Capital One® – you have access to MTV merchandise and tickets to MTV events. You can also redeem points for DVDs. Or if you want to create your own MTV experience, you can get backstage access to concerts and meet the MTV star of your choosing.
Fees, Fines & Features
There is no charge for balance transfers or transactions that happen outside of the United States. Cash advances cost 3% and late or returned payments cost up to $35. If you go over your credit limit, it costs $29. If anyone takes your card and uses it without your permission, you do not have to pay. If you lose your card or it is stolen, you can get a cash advance and an emergency card replacement. Things that you buy with this card receive extended warranties at no extra charge. If you use the card to purchase travel fare, you get automatic travel insurance at no charge. When you rent an automobile using this card, you are insured by the bank for collision, damage and loss.
The MTV® Visa® Card from Capital One® doesn’t have the most competitive APR but it does have an interesting rewards points program. If you play this college student credit card right, you can redeem points for backstage passes at MTV events and meet MTV artists.