- 1 Capital One Platinum Credit Card
- 2 Capital One Platinum Credit Card review
- 2.1 Other Fees And Fees
- 2.2 Features
- 2.3 Features to help you create credit
- 2.4 Low starting limit
- 2.5 Mobile application and easy online account management
- 2.6 Low cost of ownership
- 2.7 High APR
- 2.8 No prizes
- 2.9 Low rates
- 2.10 Capital One Platinum card advantages
- 2.11 Approval rates
- 2.12 Why would he buy the Capital One Platinum card?
- 2.13 How to use the Capital One Platinum card
Capital One Platinum Credit Card
If you want to make a credit without a secure credit card, the Capital One Platinum credit card is worth bringing together the valuable benefits and features that simplify your building credit.
- Do not pay annual fee
- Reach a higher credit limit after making your first 5-month payments on time
- Scam if your card is lost or stolen
- With your mobile app, use online banking to access your account even from your smartphone.
- Pay at no charge, online or at a local branch with a check and choose the best monthly term for you
- Access your account 24 hours a day, 7 days a week
- Help strengthen your credit for your future with responsible card use
Capital One Platinum Credit Card review
- Annual Average Membership Cost ($ 3,600 annual spend) $ 0
- Security Deposit $ 0 required
- First Credit Limit $ 300 minimum
- Access to Higher Credit Limit? Account review if the first 5 payments are made on time
- APR (variable)
- Yearly Fee $ 0
Other Fees And Fees
- Foreign Transaction Fee: 0%
- Cash advance APR: 24.99% (variable)
- Cash advance fee: $ 10 or 3% (whichever is greater)
- Late check-in fee: up to $ 38
- Penalty APR: None
- Returned payment fee: None
$ 0 fraud liability, mobile application, extended warranties, auto rental coverage, travel accident insurance, 24 hour travel assistance services, 24 hour roadside assistance, price protection, no external processing fee, annual fee
If your credit isn’t as good, or you don’t have a lot of credit history, it might make sense for you to register on a credit card for consumers like you. Because the Capital One Platinum card is for people with an average credit, if you have made mistakes in the past, you have a very high chance of qualifying for this card.
We love the fact that this card doesn’t have annual fees, but its advantages really stand out. Although the interest rate is high, we think it is a solid card option if you intend to use credit for small purchases and never think that you will have a balance.
Features to help you create credit
From the very beginning, the Capital One Platinum card brings you to success with a number of credit creation tools. Everything starts with their CreditWise feature – a free credit tracking portal that you can access to view your credit score and track your credit profile. This can be used free of charge by anyone, regardless of whether it has a Capital One card. However, monitoring your credit is the best way to make sure you improve over time.
Low starting limit
Unfortunately, the Capital One Platinum card is likely to launch you with a relatively small credit limit. The standard credit limit of the card is $ 300 (and may be upwards depending on your score). $ 300 is a fairly standard limit for a consumer-oriented card with low credit scores, but you can have better options if you can afford to deposit money on a secure card.
The Discover the Secureed card, for example, allows you to trust up to $ 2,500 credit. A larger credit limit can help you build your loan more quickly, because it helps lower your loan utilization rate – a key factor in your credit score.
On the plus side, the Capital One Platinum card places you on a quick route to make you fit into a larger credit limit – you can qualify for more open credits after only five months’ pay.
Mobile application and easy online account management
Another reason to think of this card is how simple it is to use. Capital One’s mobile app makes it easy to manage your account, open an online bank, and pay your bill from your mobile device.
You also have the option to set up account alerts when you make a purchase or notify you when the payment is due. Finally, you can set your account at autopay so you will never forget your monthly bill.
Capital One is also highly respected for 24/7 live customer service to help you with problems you can’t solve online.
Low cost of ownership
Please also note that the Capital One Platinum card does not charge an annual fee. This is a big plus, as many cards sold to consumers with a weak or fair credit require a membership fee or a large security guarantee. If you pay your balance every month and never pay the credit card interest, you have the potential to create your credit profile for free with the Capital One Platinum card.
Speaking of interest, the Capital One Platinum card is not a card you want to balance on. This high variable APR is 24.99 percent. Considering the average credit card interest rate is about 20 percent, we can find a similar card with a lower APR for easy reference.
If you sign up for this card to create credit and take advantage of the cardholder, you must create a plan to fill your balance each month. Just charge small purchases that you need to pay and consider signing your account for autopay.
Another important disadvantage to consider with this card is that it does not offer a reward program. Since they offer the opportunity of earning a handful of credit cards aimed at consumers with an average loan back to cash, this is disappointing.
If you’re hoping to win prizes in your spending, you can pay to compare credit cards in terms of consumer benefits and reward programs. Cards with at least the minimum, award-winning programs offer a refund of at least 1 percent.
The Capital One Platinum card receives more fees and penalties than similar cards. If you miss the payment (even if it receives a late payment fee), it does not charge for the returned fees, and most importantly, if it does not charge a foreign transaction fee, the card does not hit an APR penalty. This means that the card can be used for purchases outside the US without having to pay extra for privilege.
You want to avoid using the card to make cash advances, but since the cash advance APR is high, you won’t tell me if you pay a 3 percent charge (or $ 10, whichever is bigger) at each stand.
Capital One Platinum card advantages
While the Capital One Platinum card is mostly aimed at consumers who need help with creating their credits, it offers a surprising number of advantages:
Benefit from cardholder benefits such as consumer protection – Travel accident insurance, automatic rental coverage, extended warranties, price protection, 24-hour roadside assistance and 24-hour travel assistance services.
Credit generation tools – Capital One’s CreditWise service makes it easy to control your credit score and track your credit over time.
Scam – You can be sure that you will not be liable for fraudulent transactions if your credit card is lost or stolen.
Mobile app – Use Capital One’s mobile app to easily track your credit card account or pay your bill from anywhere.
According to Capital One, this card is intended for consumers with average credit or better. This typically refers to a FICO score of 580 or higher. Capital One also notes that if you qualify for a loan in the last five years or if you have a credit history of less than three years, you may be eligible to receive this card.
To apply for this card, you must be at least 18 years old and have sufficient monthly income to qualify for a credit limit. Capital One can access your credit report and your business history and contact you if you need additional information.
Why would he buy the Capital One Platinum card?
- You want the opportunity to create a loan without annual fee.
- You do not want to create a credit with a secure credit card that requires prepayment.
- You want valuable consumer benefits such as extended warranties, price protection and travel accident insurance.
- Your credit is average, but not great.
- You want a card that will increase your credit line over time with responsible use.
- You want to use credit to build your credit history, but you’re not interested in winning prizes.
How to use the Capital One Platinum card
- Use the card for regular purchases that you need to pay each month. Never carry a balance if you do not need to pay a high APR.
- Don’t miss a payment. Capital One can charge a late payment fee of up to $ 38.
- Keep your credit usage low when your credit limit is low. If you only have a $ 500 credit limit and pay immediately, your credit usage will increase and potentially lead to a hit on your credit score. Try to use your card only for small purchases that you can pay immediately.
- Use your card for large purchases that can take advantage of extended warranties and price protection.