Provided is a catalyst composition comprising an intermetallic phase comprising Pt and a metal selected from either Nb or Ta, and a dioxide of the metal. Also provided is a low temperature method for making such compositions that results in the formation of intermetallic phase with small crystallite size and thus greater mass activity. In particular, a Pt3Nb—NbO2 catalyst composition can be prepared that is useful as a fuel cell catalyst and offers a very stable chemical substrate along with good electrode activity and remarkable durability. The use of Pt3Nb—NbO2 can considerably prolong fuel cell lifetime by reducing Pt dissolution levels and subsequent voltage losses. The Pt3Nb—NbO2 can be used in the cathode and/or anode of a fuel cell.