Capital One Platinum Credit Card
The Capital One Rewards Mastercard allows frequent shoppers to stock up on reward points from purchases made at the retail giant.
Card Summary
If you are a new or existing cardholder with limited credit, the Capital One Platinum Credit Card is able to help you establish credit through responsible usage.
In as little as six month, eligible cardholders can be considered for a greater credit limit. There is no annual or foreign transaction fee. It also provides fraud protection, emergency card replacement and alerts via Eno, Capital One's assistant.
The card does not offer rewards programs, but the Capital One QuicksilverOne Rewards Credit Card offers one. This is for consumers with the same credit score. If your primary goal is credit building, you may not find the perks as significant.
Tap-to-Pay technology is available for purchases in stores. Autopay automatically makes your monthly credit card payments.
Capital One Platinum Credit Card Review:
The card may be suitable for those who are not afraid to pay fees but still want to improve their credit score and build credit, while also earning rewards.
Pros:
For people with poor credit, this option is available. In as short as six months, eligible cardholders can be considered automatically for a greater credit limit.
There is no foreign transaction or annual fee.
Card Summary - Cons
No rewards program.
Annual percentage rate at 26.99% (Variable).
It's great for:
Customers with limited or fair credit.
People who don't want a secured card.
Users who are not afraid of paying fees for credit cards.
This is not the place for:
Customers who use their cards to get rewards.
Bad credit consumers.
Balance carriers.
Rates and fees
Highlights
Pay no annual fee. In as little as six months, you can automatically be considered for a greater credit line. If your card is stolen or lost, fraud coverage.
You can access your account online using our mobile app.
You can quickly check out securely and efficiently with your contactless card without having to touch a terminal, or even hand it over to cashiers. Simply hover your card above a contactless reader and wait for confirmation.
You can pay by check online, at your local branch or in person.
There is no charge and you choose the month that suits you best.
Access your account 24/7, seven days a week.
Responsible use of credit cards like this can help you build your credit.
Comparative Analysis with Other Cards
Capital One QuicksilverOne Cash Rewards Credit Card vs. Capital One Platinum Credit Card
Annual fee: Capital One Platinum Credit Card does not have an annual fee. Capital One QuicksilverOne Rewards Credit Card charges $39 annually.
Rewards: The Capital One Platinum Credit Card doesn't earn any rewards. Cardholders with enough reward points to cover the annual fees of Capital One QuicksilverOne cash rewards credit card will be able to earn an unlimited 1.5%% on all purchases.
The benefits of both cards include Eno, Capital One's assistant and $0 in fraud liability. You can also be reviewed within six months for higher credit lines.
Capital One Platinum Credit Card Vs. Capital One Platinum Credit Card vs.
Qualification: The cards are only available to those with fair credit or low credit. However, Journey Student Rewards by Capital One is intended for college students.
Annual Fee: None of the Capital One cards have an annual fee.
Rewards: The Capital One Platinum Credit Card doesn't earn rewards. Capital One's Journey Student Rewards program offers unlimited cashback of 1% on all purchases. The cardholder who pays their bills on time can get an additional 1.25% cash back.
The benefits of both cards include Eno, Capital One's assistant and $0 fraud liability. You can also be eligible for an increase in credit lines within six months. Capital One Cardholders with Journey Student Rewards can get $5 per month on selected streaming subscriptions if they pay on-time.
What is the Capital One Platinum Credit Card APR?
This card has a variable APR of 26.99% and no introductory rate of 0%. This APR is not uncommon for those with limited or fair credit. However, the 26.99% Variable APR is higher than average according to U.S. News research.
How much does the Capital One Platinum credit card cost?
Annual fee: There is no annual fee for the card.The cash advance fee is 3%. There's a minimum of $10.
According to U.S. News, most cards have a cash advance fee between 2% and 4%. The Capital One Platinum Credit Card ranks among the majority. The minimum fees range from $5 to $10.
Foreign transaction fees: The Capital One Platinum Credit Card doesn't have any foreign transaction fees.
Transfer APR fee fee: Balance transfers at this transfer APR are free. It's just 3% for each balance transferred at the transfer APR. Capital One might offer a promotional APR.
Late payment fees: Capital One Platinum Credit Card charges a $40 late payment fee.
Conclusion
Do you need the Capital One Platinum credit card?
If you are:
You have limited credit or no credit, and you want to raise your credit score through responsible usage. Do not worry about earning rewards. You want to reduce as many fees as possible.
Questions about the Capital One Platinum Credit Card
Is the Capital One Platinum Credit Card eligible for rewards?
Capital One Platinum Credit Card doesn't offer any rewards programs.
Does the Capital One Platinum Credit Card offer a great credit card?
The Capital One Platinum Credit card is available to consumers who are looking for a simple unsecured credit card that has no annual fees. This card is an excellent alternative to secured credit cards. It offers more options and allows for the granting of higher credit lines to those who are eligible in just six months. It lacks rewards programs and has an extremely high APR.
Which credit score is required for Capital One Platinum Credit Card
Capital One Platinum Credit Card requires fair credit. You may be required to have a minimum FICO score of 580 in order to apply. It is possible that you will be approved even if your score is lower.
Which other qualifications are required to apply for Capital One Platinum Credit Card?
The applicant must have at least two Capital One credit cards and meet income guidelines.
Is there a way to increase your credit limit with Capital One Platinum Credit Cards?
Card Holders are automatically eligible for higher credit lines as soon as they open an account. This can happen as fast as six months.
Note: Credit Card summary is for informational purposes only and is not an endorsement of the product. Products and services described are offered by third parties and not Bright Money or its partner banks. Bright Money strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider, or specific product’s site and the information has not been reviewed or provided by the issuer of the product before publication.
