Author: Carlton Gate
A credit card can be a valuable addition to any consumer’s wallet. However, the application process can be tedious and demeaning, especially if you struggle to meet the eligibility requirements. Fortunately, regardless of your financial situation, there are options that you can explore. Today we will review the Capital One Platinum Credit Card, which is primarily targeted towards customers with a lower credit score or a limited credit history.
Features at a Glance
Although the Capital One Platinum Credit Card has lower eligibility requirements, it still boasts impressive features. These features include:
- No annual fees
- No foreign transaction fees
- Fraud coverage if your card is lost or stolen
- Online banking with 24/7 access to your account
- Contactless payment with your card
Key Benefits
Lower Eligibility Requirements
As mentioned above, this card supports customers who have a limited credit history and may be seeking to build their credit score. It allows potential customers to perform a “no risk pre-approval.” This enables you to determine your eligibility for this card without negatively impacting your credit score.
Save More with Fewer Fees
In addition, this card has no opening fees and no annual fees, making it more accessible to those with a lower budget. This is quite an unusual feature for such a card, as cards with lower eligibility requirements generally have higher fees.
As an added benefit, this card also has no foreign transaction fees. This is a particularly attractive feature if you regularly travel abroad. It allows you to make purchases without worrying about excessive fees while also benefiting from the fraud coverage.
Boost Your Credit Limit
The Capital One Platinum Credit Card generally offers a lower initial credit limit (starting from $300). However, if you use your credit card responsibly, you can qualify for an automatic credit limit increase in as little as 6 months. Once your credit limit increases, you can lower your credit utilization and, thus, positively influence your credit scores.
Choose When and How to Pay
If you opt to become a user of this credit card, you will be allowed to select the monthly due date of your payment. This enables you to pick a date that aligns with your paycheck, ensuring that you can consistently pay on time and promoting responsible use of your card. Payment is accepted online, at a local branch, or by check.
Potential Drawbacks
High Variable APR
While the Capital One Platinum Credit Card has an attractive range of features, it is not without its drawbacks. With an ongoing APR of 26.99%, irresponsible use of this card can result in hefty expenses. Fortunately, you can avoid this issue by consistently paying your monthly balance.
In addition, this APR penalty is not applicable for late payments. If you forget a monthly payment, you will have to pay a late fee of up to $40, but Capital One will not increase your APR.
Lack of Rewards
Unfortunately, Capital One does not offer a rewards program with this credit card. However, the Capital One QuicksilverOne Cash Rewards Credit Card offers 1.5% cashback on all your purchases when spending $2,600 or more annually. This card maintains many of the benefits of the Capital One Platinum Credit Card, but it does have a $39 annual fee.
Is the Capital One Platinum Credit Card the Best One For You?
As outlined above, Capital One Platinum Credit Card is an ideal choice for those with a lower credit score or a limited credit history. It has many attractive perks and features, and through responsible use, you can avoid any excess charges while increasing your credit limit and establishing an improved credit score.