Consumer Payment Card News

Business MilesOne

Capital One has turned up the heat on the business card market with the introduction of a free VISA card that offers air miles, good for travel on any airline. Cap One is expanding its MilesOne program with a VISA Business Platinum Card version. The new business card offers free round-trip domestic coach tickets with redemption levels as low as 18,000 miles, depending on the zone. Cap One is offering a 0% intro interest rate on new purchases and a LIBOR +5.28% promo interest rate for balance transfers through the Apr 2001 billing period. The card has three product tiers Business Platinum I, Business Platinum II, and Business. The bottom tier, the non-platinum Business MilesOne VISA offers a $300 minimum credit line and LIBOR + 13.18% interest rate. The Business Platinum I MilesOne VISA offers a LIBOR +5.28% APR while the Business Platinum II MilesOne VISA offers a LIBOR +9.28% interest rate. The Business Platinum I offers a $20,000 maximum credit line. The Platinum cards carry no-annual-fee while the Business card version is $29 per year after the first year. Under the program, business users earn one mile for every dollar charged, up to a maximum of 10,000 miles per month. The miles expire after five years.

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