All work and no play? Capital One Bank just might have the perfect solution for you. Meet the MTV Visa Credit Card. It’s the perfect credit card – and excuse – for you to enjoy MTV-produced events and buy affiliated merchandise.

What’s in it for you?

Everytime you use this card, you automatically get 5 points for every dollar on each purchase. Accumulate enough points, and you can redeem travel perks, cash, gift, cards, and MTV merchandise, which range from sporting equipment to electronic devices. But that’s not all. Earn even more points and you may just get yourself some tickets to see the Video Music Awards (VMA) live! And who knows – you might even get to visit the set of an MTV exclusive taping of your favorite artist.

Opening an account is very simple. In fact, you don’t even have to have a good credit history to open an account. As long as you have a fairly good to average credit history, you’re qualified. However, if you keep up a very good standing after three cycles of billing, you will get 25 Bonus points in each billing period thereafter. An account in excellent standing means that you regularly pay on time the minimum requirement. Keep this up, and you’ll be reaping those great rewards in no time.

What are the rates and fees?

The interest rates and interest charges are as follows:

APR for Purchases, APR for Transfers, and APR for Cash Advances – Rates for each service may vary, but are currently fixed at 24.9%.

Penalty APR – Typically based on the market Prime Rate, but is currently placed at 29.4%. This fee becomes applicable for issuance of late payments.

Paying Interest – You will be expected to pay within 25 days after billing. Interest will be charge upon cash advances if you fail to do so.

There are no annual fees to bother you with but Capital One does require transactions and penalty fees. You will be requested either 3% of a cash advance, or $10 – whichever greater. As for penalty fees, you will be deducted $35 for late payments, $29 for over-the-credit limits, and $35 for returned payment. Take note that the over-the-credit limit can be issued on your credit card or not, depending on your preference.

With all the rockin’ perks it offers, this is the ultimate credit card for the entertainment buffs. Rewarding yourself for spending doesn’t seem too bad now, does it?

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