Capital One® Platinum Credit Card Review In (2020)

Capital One® Platinum Credit Card is a card designed on a purpose for the people who are looking to build or rebuild credit. It accompanies with no annual fee, foreign transaction fee, or balance transfer fee. It additionally comes up short on a cashback or reward program, notwithstanding, restricting its scope of utilization. Go ahead to know about the Capital One platinum review.

Quick Facts

  • It charges you $0 annual fee.
  • On making your payments on time in the first 5 months you will get access to a higher credit line.
  • In case, your card is lost or stolen you will get a fraud coverage.
ProsCons
It has no foreign transaction fees.The rate of Variable APR is very high.
You need fair credit to get yourself approved.It does not offer any rewards program.
On making your payments on time in the first 5 months you will get an increased credit line.There is no Introductory APR offer or any welcome bonus offered.
The cash advance fee is 3% that is min $10.

Introduction

The Capital One® Platinum Credit Card is an alternative to consider for the people who are looking for a no-frills starter credit card. This card is primarily designed for clients with limited credit history; likewise, it works well as a credit rebuilder card. Commonly, items with these constraints charge you an annual fee or might be secured. There is no such downside for this card. 

 To check for pre-qualified offers, The Capital One permits likely customers. It tends to be a helpful method as this won’t sway your credit score whether you are probably going to be approved.

When considering new applicants this might be significant as Capital One is known for consulting all the three credit bureaus.

With a low credit limit, the card will begin, maybe as low as $300. Moreover, this might be expanded in six months by making on-time payments with responsible credit usage. Note, every month to pay the balance in full makes it crucial as the card has a high APR.

At a Glance

  • The Annual Fee charged is $0
  • There is no foreign transaction fee
  • The balance transfer fee is None
  • For late payments there is no penalty APR but the late fee is still applicable
  • If your card is lost or stolen there is no fraud liability
  • The reliable customer service is available to you 24/7
  • Can use this card wherever the MasterCard is accepted
  • The recommended credit score is 580+
  • There is no rewards program or welcome bonus 

Other Card Benefits

Capital One offers an extra layer of security for web-based purchases: For online shopping, Virtual card numbers issues Separate card number. Other card benefits include:

  • Capital One App: Including balance and payment history this application takes into consideration fast and simple access to your account for free.
  • Card Lock: If your card is lost, misplaced, or stolen lock your card through Capital One application.
  • Proactive Account Alerts: You will be notified through text, phone, or email, likely misstep or surprising charge is distinguished.
  • 24-Hour Travel Assistance: You can receive an emergency replacement and cash advance if your card is lost or stolen.
  • Credit Wise: When the credit report of your TransUnion or Experian changes you will get alerts. This free service proceeds with whether you keep your Capital One card.
  • Other Travel Benefits: In secondary auto rental insurance and travel accident insurance, you will get up to $100,000. Emergency aides are likewise accessible.
  • Pick Your Due Date: Select a date and payment method that is suitable for you. The options available for payment include in-branch, check, online and mobile app.
  • Extended Warranty: On eligible purchases, it will double the warranty of the manufacturer, which will provide you the original warranty, which is 12 months or less.
  • Smart Chip (EMV) Technology

Interest Rates

  • On purchases and balance transfers, the Variable APR is 25.99%
  • The penalty APR is none
  • On cash advances the Variable APR charged is 26.99% 
  • The Grace period is of at least 25 days

Fees

  • The Annual Fee is $0
  • The Late Penalty Fee is up to $39
  • The Balance Transfer Fee is $0
  • The Returned Payment Fee is up to $39
  • The cash advance is 3% of the amount of each cash advance or $10 whatever is greater

How The Card Stacks Up

Capital One Platinum vs. Credit One Bank® Platinum Visa® for Rebuilding Credit*

The Credit One Bank Platinum Visa Card is a possible other option for someone who wants to rebuild credit. It charges you an annual fee based on creditworthiness that is $0 to $99 and a low initial credit limit. On all purchases, it offers you 1% cashback and slightly lower APR. based on creditworthiness. Numerous clients will discover the expense structure hard to look past even in the wake of considering the ability to earn cashback.

Capital One Platinum vs. Capital One® Quicksilver One® Cash Rewards Credit Card*

The Quicksilver One is another Capital One item to consider. The rate and advantages are like that of the Platinum; however, on all the purchases the QuicksilverOne offers 1.5% cashback.

It would in this way take just $2,600 in spending to counterbalance the $39 annual fee. The Quicksilver One is the better alternative if you meet that expense threshold. Additionally, the cashback advantage is flexible: you may redeem it as a statement credit or a check or cover an ongoing buy.

Capital One Platinum vs. Discover it® Student Cash Back*

The Discover it Student Cash Back card may contrast well with the Capital One Platinum, in case you are moderately new to credit cards. When activated quarterly on a rotating list of categories it offers you a cashback of 5% and carries no annual fee. On all the other purchases it offers you 1% cashback.

Also, on all the cashback earned Discover will provide a dollar-for-dollar match at the end of the first year. Keep in mind, the Capital One Platinum doesn’t give any cashback.

Capital One® Platinum Credit Card

For all the people having an average credit, The Capital One® Platinum Credit Card is a good option. There is no annual fee and no foreign transaction fee on this card, but one of the most outstanding offers for many is that if you will make on-time payments for the first five months you will get a chance to earn a higher credit limit.

For the ones with average credit, the credit limit will in general be lower, so the access to a higher credit limit could be gainful.

If your target is to build credit or increase your credit limit then the Capital One® Platinum Credit Card can make an effective addition to your wallet.

Is The Card For You?

The Capital One Platinum card is at the front of the line of reasonable choices for the people with an average credit i.e. 580+. On establishing a new history of responsible credit usage, you may get a reward as the Capital One reports to all the three major credit bureaus. You will get an additional extension in credit, which is an advantage for you. As this card has no balance transfer, it does not offer a promotional rate on balance transfers. With no foreign transaction fees, this card makes spending internationally more affordable. 

All things considered, If you admire to carry a balance month-to-month then the high APR on this card could be a definitive factor. Likewise, to maintain a low credit utilization percentage the initial low limit may make it difficult, which is not a good point to improve someone’s credit score. Moreover, the other important thing to consider is the average age of credit and no annual fee, which will make this card easy to carry.

Generally, in the short term, while this card may meet your credit-specific needs, it is presumably best seen as a venturing stone to cards with better highlights.