14 Reasons to Choose the Capital One Platinum Credit Card

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The Capital One Platinum Credit Card offers a way to build credit with no annual fees, pre-approval in seconds, and features like $0 fraud liability and free credit score monitoring. Manage your account 24/7 with the mobile app and enjoy the convenience of contactless payments.

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Capital One Platinum Credit Card Review

The Capital One Platinum Credit Card offers a broad approach to financial freedom with no annual or hidden fees. Enjoy peace of mind knowing you’re protected from unauthorized charges with $0 fraud liability. Keep an eye on your credit score with free access to CreditWise from Capital One. Plus, manage your account 24/7 with the convenient mobile app. It’s the perfect card for anyone looking to control their finances and unlock a brighter financial future.

Card Highlights

  • No annual fees
  • Potential credit line increase in 6 months
  • Build credit with responsible use
  • $0 fraud liability for unauthorized charges
  • Free credit score monitoring with CreditWise
  • 24/7 access to accounts with online & mobile banking
  • Contactless payments for fast and secure checkout
  • Flexible payment options (check, online, branch) with no fees
  • Choose your preferred monthly due date

Rewards: Capital One Platinum Credit Card

  • There are no rewards/welcome bonuses offered by the card.

Benefits: Capital One Platinum Credit Card

Capital One Platinum Credit Card Review

The card provides the following benefits to its users:

  • No annual fee: This saves you money compared to other cards with a yearly fee.
  • Builds credit: Responsible use of the card and on-time payments can help improve your credit score over time.
  • No foreign transaction fees: Unlike many other cards with a foreign transaction fee of around 3%, you won’t be charged extra for using your card internationally.
  • Security features: The card has various security features, including a $0 fraud liability. You won’t be responsible for unauthorized charges and card lock functionality to disable your card if you lose it.
  • Credit monitoring: Capital One provides access to CreditWise, a tool that allows you to monitor your credit score for free.

Rates and Fees

Here’s a list of rates and fees for the Capital One Platinum credit card:

  • Foreign transaction fee: 0%
  • Late payment fee: Up to $40
  • Annual Fee: $0
  • Cash advance APR: 30.74% (Variable)
  • Cash Advance Fees: 5% or $5 of the amount of the cash advance, whichever is greater
  • Penalty APR: None
  • Returned payment fee: None

14 Reasons to Choose the Capital One Platinum Credit Card

Here’s a list of features the Platinum credit card from Capital One provides:

1. Automatic Credit Line Reviews

Be considered for a higher credit line with automatic reviews in as little as 6 months.

2. CreditWise with Unlimited Access

Enjoy complete access to your credit score and helpful tools to monitor your credit profile with CreditWise from Capital One. It’s accessible and available to everyone, regardless of whether you have a Capital One product.

3. Zero Fraud Liability

Rest assured, you’re covered by $0 fraud liability if your card is lost or stolen. This means you won’t be responsible for any unauthorized purchases.

4. Tap to Pay for Faster Checkouts

Experience faster and more secure purchases with your contactless card. Hold or tap your card near a contactless reader, and you’re ready.

5. No Foreign Transaction Fees

Enjoy international travel without the burden of extra fees. When you use your Capital One card abroad, you won’t incur any foreign transaction charges.

6. Emergency Card Replacement

Travel with peace of mind knowing Capital One offers emergency card replacement if your card is lost or stolen.

7. ATM Location Services

Never get lost finding an ATM again. Capital One provides convenient ATM location services while you’re on the go.

8. Tap to Pay

Experience the ease and security of contactless payments. Simply tap your Capital One card on any contactless reader to pay quickly and securely.

9. Exclusive Café Discount

Capital One cardholders Savor 50% off handcrafted beverages every day at participating Capital One Cafés nationwide. Find your nearest Café to enjoy this delicious perk!

10. Capital One Mobile App

Manage your finances effortlessly with the Capital One Mobile app at your fingertips. Pay bills, check your balance and transactions, and even monitor your credit for free with CreditWise, all in one place. Download the app today and experience the convenience of mobile banking.

11. Eno, your Capital One assistant

Your Capital One assistant, watching over your accounts 24/7. Receive timely alerts for essential transactions and get answers to your questions on the go, empowering you to stay on top of your finances wherever you are. Learn more about Eno and discover how it can simplify your banking experience.

12. CreditWise from Capital One

CreditWise from Capital One is a free service, available to everyone regardless of your bank, that empowers you to monitor your credit score and understand your credit report. With CreditWise, you can stay informed about your financial health without any impact on your credit score.

13. Security and Protection

  • Real-time Alerts: Get notified via text, email, or phone if Capital One detects potential suspicious activity on your account. React quickly and prevent unauthorized charges.
  • $0 Fraud Liability: Enjoy peace of mind knowing you’re not responsible anymore for unauthorized charges.
  • Account Alerts: Get notified of potential mistakes or unexpected charges, like duplicate purchases or unusual bill increases.
  • Virtual Card Numbers: Generate unique, one-time numbers for online purchases without ever revealing your actual card number.
  • Card Lock: Misplaced your card? No sweat! Easily lock it in the Capital One Mobile App to prevent unauthorized use.
  • CreditWise: Stay informed about changes to your TransUnion® or Experian® credit report with free CreditWise monitoring.

14. Account Management

Capital One Platinum allows you to manage your account

  • Account Alerts in any inconvenience: Set up your personal email and text reminders to stay on top of your account activity, like low-balance notifications and upcoming payments.
  • Autopay: Schedule automatic payments for your account to avoid late fees and ensure timely payments.
  • See Monthly Recurring Transactions: Access a list of merchants with recurring monthly charges on your Capital One card, helping you manage subscriptions and bills.
  • Authorized User: You can add an authorized person/user to your account to track spending by individual users, promoting financial responsibility and building credit.
  • Balance Transfer: Transfer high-interest balances from other cards to your Capital One card with lower interest rates, potentially saving you money.
  • 24/7 Customer Service: Our helpful customer service representatives can answer any questions.

Why You Might Want the Capital One Platinum Credit Card

The Capital One Platinum Credit Card stands out for individuals looking to build their credit without getting bogged down by high fees. Unlike many unsecured credit cards designed for credit-building, it doesn’t impose heavy costs. By avoiding these extra charges, you can focus on improving your credit score through responsible usage.

  1. Affordable and Low-Cost Ownership

The Capital One Platinum Credit Card is lighter on fees than many alternatives. Notably, it charges no annual fee, which is a big advantage. Many unsecured credit cards aimed at those with fair or poor credit often come with annual fees ranging from $70 to over $100 in the second year. The Capital One Platinum card eliminates that burden, offering an affordable way to improve your credit profile for free, as long as you manage payments responsibly.

Another significant benefit is that it’s an unsecured credit card, meaning you don’t need to lock up money in a security deposit, which is often required with secured cards.

Moreover, the card avoids a penalty APR if you miss a payment (though there is a late payment fee). It also has no foreign transaction fee, making it a great option for frequent travelers.

  1. Clear Path to Credit Limit Increases

One of the standout features of the Capital One Platinum card is its clear credit limit increase process. After just six on-time payments, you may automatically qualify for a higher credit limit. This approach helps you lower your credit utilization ratio, a major factor in improving your credit score. Many other credit-building cards don’t offer such a straightforward increase process.

  1. Monitor Your Credit with CreditWise and Simplify Account Management

Capital One offers CreditWise credit monitoring to further assist in credit-building, a free tool that tracks your credit score and profile. You can use it to ensure your credit is improving over time.

Managing the card is simple through Capital One’s mobile app management. You can set up autopay, customize due dates, and receive payment alerts, making it easier to stay on top of your finances. Plus, 24/7 live customer service is available if you need assistance.

  1. Easily Approved with Fair Credit

This card is an excellent choice for individuals with fair credit (580+ FICO score). Even if you’ve had a loan default or have a limited credit history, you may still be eligible for approval. With no security deposit required and no annual fee, the Capital One Platinum Credit Card offers flexibility and an accessible path to improving your credit profile.

In summary, this card’s low fees, simple credit limit increase process, and useful credit monitoring tools make it a solid choice for anyone looking to build or rebuild their credit.

Why You Might Want to Consider Alternatives to the Capital One Platinum Credit Card

The Capital One Platinum Credit Card is a strong option if your goal is to save money while building your credit. It offers no annual fee and can help establish or improve your credit profile. However, if you tend to carry a balance or want more rewards, you may want to explore other options.

  1. Low Initial Credit Limit

    One key downside to the Capital One Platinum Credit Card is its low initial credit limit. Unsecured credit cards in this category usually start with a limit of around $300 to $500. While this might be sufficient for some, a low credit limit can make it challenging to keep your credit utilization ratio low, which is crucial for credit-building. This could slow down your credit improvement efforts.

    In contrast, secured credit cards like the Discover it® Secured Credit Card allow you to secure a much higher limit, up to $2,500, by matching your deposit. A higher limit allows you to keep your credit utilization in check and build credit faster.

  2. High APR

    Another significant drawback of the Capital One Platinum Credit Card is its high APR (29.74% variable). This is considerably higher than the average credit card interest rate and can lead to steep interest charges if you carry a balance. If you’re looking for an alternative with a lower APR, the OpenSky® Secured Visa® Credit Card offers a 24.89% Variable APR, which is more manageable.

    Additionally, the Petal® 2 “Cash Back, No Fees” Visa® Credit Card offers a chance to qualify for a lower APR, potentially as low as 18.24% variable, based on your financial profile.

  3. No Rewards Program and Limited Perks

    The Capital One Platinum Credit Card does not offer a rewards program, which may be disappointing for those who prefer earning cashback on purchases. While some credit cards are designed for consumers with average credit and offer at least 1% cashback on every purchase, this card doesn’t provide any rewards or cashback.

    The card also has limited cardholder perks, such as basic fraud liability protection and identity theft assistance. If you’re looking for more comprehensive benefits, you may explore other cards offering better perks alongside credit-building features.

In summary, the Capital One Platinum Credit Card is a solid option for credit-building with no annual fee, its low initial credit limit, high APR, and lack of rewards might not be ideal for everyone. If you’re looking for a card with a lower APR, more credit-building potential, or rewards, consider alternatives like the OpenSky® Secured Visa® Credit Card or the Petal® 2 “Cash Back, No Fees” Visa® Credit Card.

How Does the Capital One Platinum Card Compare to Other Credit-Building Cards?

The Capital One Platinum Credit Card is a popular choice for individuals with fair or average credit who are looking to build or improve their credit score. One of its main attractions is the low cost of ownership, especially since it has no annual fee and no foreign transaction fees. However, there are other options in the market with similar features and additional perks, making it important to compare these cards before making a decision.

Capital One Platinum vs. Capital One Platinum Secured.xlsx

Card NameAnnual FeeCredit LimitAPRRewards RateKey Features
Capital One Platinum$0Variable (Based on Credit)29.74% Variable APRNoneNo annual fee, automatic credit limit increase after 6 months, no foreign fees
Capital One Platinum Secured$0$200 (min) to $1,000+29.74% Variable APRNoneRequires a refundable security deposit, potential to graduate to unsecured
Capital One QuicksilverOne$39Variable (Based on Credit)29.74% Variable APR1.5% Cash Back on all purchasesNo foreign transaction fees, earns rewards, automatic credit limit increase
Petal 1 "No Annual Fee" Visa$0$300 - $5,00025.99% Variable APRNoneNo security deposit, alternative credit scoring for approval

Capital One Platinum vs. Other Credit-Building Cards

The Capital One Platinum Secured is a secured card, meaning it requires a refundable deposit. The deposit amount determines the credit limit, typically between $200 and $1,000. Unlike the Platinum card, the secured version can give you more control over your credit utilization but at the cost of tying up your deposit.

Capital One Platinum vs. Capital One QuicksilverOne

The Capital One QuicksilverOne Cash Rewards Credit Card offers 1.5% cash back on all purchases, making it a better choice for those looking for rewards. However, it comes with a $39 annual fee. Both cards allow for automatic credit limit increases after six months of on-time payments.

Capital One Platinum vs. Petal 1 Visa Card

The Petal 1 Visa card has no annual fee and does not require a security deposit, making it ideal for those who want to avoid upfront costs. It also offers the potential for a high credit limit based on your financial profile. However, it doesn’t offer rewards, unlike the QuicksilverOne.

In summary, the Capital One Platinum Credit Card is a great option for someone who wants to build credit without the added cost of an annual fee or security deposit. However, if you are interested in rewards or higher credit limits, the Capital One QuicksilverOne or Petal 1 Visa might be better suited for your needs. Consider your financial goals and habits before making a final decision.

How to Apply for a Capital One Platinum Credit Card?

How to Apply for Capital One Credit Card

You can apply for the card in 6 simple steps:

  1. Locate their website’s Capital One Platinum Credit Card page.
  2. Carefully review the card’s features, including the annual fee (if any), interest rate, rewards program (if applicable), and benefits.
  3. Complete the application form by clicking the “Apply Now” button.
  4. Correctly fill out the application form, providing details like your name, contact information, employment information, and annual income.
  5. You may be required to verify your identity by providing your SSN (Social Security number) or Individual Taxpayer Identification Number (ITIN).
  6. Once you’ve reviewed and confirmed all the information, submit your application electronically.

Conclusion

The Capital One Platinum Credit Card is a secured one and serves individuals building or rebuilding their credit. It offers a $0 annual fee, no foreign transaction fees, and the potential for a credit limit increase in as little as six months with responsible use. While it doesn’t offer rewards on everyday purchases, it does provide essential benefits like fraud protection and mobile wallet compatibility. Overall, it’s a decent option for those looking for a no-frills credit card to build or improve their credit score.

Customer Service

  • Customer Care: 1-877-383-4802
  • Official website: Capital One

  • No annual fee
  • Potential for credit limit increase with on-time payments
  • No foreign transaction fees
  • $0 fraud liability
  • Free credit score monitoring with CreditWise from Capital One
  • 24/7 online access and mobile app for account management
  • Contactless payment option

  • High APR
  • Potentially low starting credit limit
  • No rewards program

You can visit the Capital One website https://www.capitalone.com/credit-cards/platinum/ for more information and to apply for the card.

5.6Expert Score
Credit Building
The Capital One Platinum Credit Card offers a way to build credit with no annual fees, pre-approval in seconds, and features like $0 fraud liability and free credit score monitoring. Manage your account 24/7 with the mobile app and enjoy the convenience of contactless payments.
Credit Building Rating
8
Cost of Membership
7.6
Ease of Building Credit
8
Rewards Flexibility
2
Features
2.5
PROS
  • No annual fee: Unlike many cards for those building credit, this card has no annual fee.
  • Potential credit limit increase: On-time payments for the first six months can lead to a higher credit limit.
  • Security deposit not required: No upfront deposit is necessary to use the card.
  • Limited fees: The card avoids common fees like annual fees, foreign transaction fees, and penalty APR for missed payments.
CONS
  • High APR: Regardless of credit history, all cardholders face a high annual percentage rate (APR), making carrying a balance expensive.
  • Low starting credit limit: As an unsecured card, the starting credit limit may be low, potentially hindering credit-building efforts.
  • No rewards program: The card lacks a rewards program, which reduces its long-term value compared to cards offering cashback or points.

Specification: 14 Reasons to Choose the Capital One Platinum Credit Card

Best For:

Credit Building

Intro Offer:

No Current Offer

Rewards

This card doesn't offer cash back, miles, or points

Annual Fee:

No Annual Fee

Regular APR:

30.74% variable

Intro Balance Transfers APR:

N/A

Intro Purchase APR:

N/A

Intro Purchase APR Period:

N/A

Balance Transfers Fee:

4% of the amount of each transferred balance

Foreign Transaction Fee

No Foreign Transaction Fee

Cash Advance Fee

Either $5 or 5% of the amount of each cash advance, whichever is greater.

Late Payment Fee:

Up to $40

Cash Equivalent Fee

N/A

Convenience Check Fee

N/A

Returned Payment Fee:

N/A

Over Limit Fee:

No Over Limit Fee

ExtendPay Fee

N/A

Credit Card Limit:

up to $3,000.

Credit Card Type

credit building

Credit Card Features

$0 fraud liability, Emergency card services

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