Capital One Platinum Credit Card First Credit Card Review
Capital Ane Platinum Credit Card Review
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When you have lilliputian credit history or are in the process of building your credit, your rewards credit card options are limited. One option you may have come across is the Capital One Platinum Credit Card. This carte doesn't have an annual fee and caters to those with "average credit." This review will assistance you decide if this card is worth it.
Editor'south Note: Some of the offers beneath may have expired or are no longer available on our site.
Credit Score Needed
The Upper-case letter One Platinum Credit Card is a different type credit card that you may not be familiar with – an unsecured credit menu. This means you don't demand to make a refundable security deposit to use the card. Nonetheless, you will need a college credit score.
You will have the all-time blessing odds if your credit score is at to the lowest degree 580. Although, information technology is possible to authorize with a score in the low 500s. Loveitttttt reports having an initial 524 credit score that is now 665.
Capital One only recommends having "average credit" to have the best blessing odds. They recommend applying if you meet ane of these two situations:
- Not defaulted on a loan in the past 5 years
- Have had your own credit card or other credit for less than 3 years
For instance, you lot might consider applying if yous currently accept one of the best travel credit cards for students and are getting ready to graduate. Or perhaps you want to upgrade from a secured credit card for a higher credit limit and avoid security deposits.
If you practise not qualify for the Capital 1 Platinum Credit Bill of fare, you may be recommended the Secured Mastercard® from Capital I instead. This card doesn't accuse an annual fee but you will need access to an authorized banking concern to make your $49, $99, or $200 refundable security eolith. You lot will qualify for an initial $200 credit limit if you lot can make the minimum required security deposit.
In as little as 6 months of on-time payments, you may qualify for an automatic credit line increase with no additional deposit needed. All payment action reports to the three credit bureaus.
If you want a higher initial limit, yous can make a larger deposit before your business relationship opens. In fourth dimension, Capital One may offering to upgrade to the unsecured Platinum Card when your credit score qualifies.
Annual Fee
The Uppercase One Platinum Credit Card doesn't take an annual fee or foreign transaction fee. Every bit long as you pay your residue in full every month, this is a complimentary manner to build credit.
No almanac fee is one advantage of the Capital One Platinum. Other cards that cater to people with relatively low scores charge an almanac fee for similar products and offer like benefits.
Because this is anunsecured credit card, you won't have to pay a refundable security eolith to receive your bill of fare.
Credit Limit
One potential downside of this card is that you won't have a high starting credit limit like you might wait from an unsecured bill of fare.
Most users with a credit score in the 500s study receiving an initial $300 credit limit. Applicants with scores in the 600s take reported a $500 starting limit.
Upper-case letter I will consider raising your limit subsequently your commencement 6 months of on-time payments. This won't be a big increment, but it helps meliorate your credit score. For example, your limit might increase from $300 to $500 during this review.
Although your credit limit is pocket-sized, like a secured card, the Majuscule One Platinum Credit Carte du jour doesn't require a security deposit. A secured credit card might offer a $300 credit limit too, only the bank likewise holds your $300 security deposit until yous shut that business relationship.
Earning Credit Card Points
The Capital 1 Platinum is not ane of the best credit cards for travel purchases, merely considering it doesn't award any rewards points on purchases.
This card is strictly for building credit so y'all can eventually authorize for i of the best rewards credit cards 2019 requiring a minimum 670 credit score. On a positive note, non having to pay an annual fee or security deposit tin still be a nice improvement from your electric current credit card.
But if earning points is important to you, you may want to consider some other card. If it helps, notation that the Capital One Platinum Card is one of the best instant blessing credit cards.
Other Carte du jour Benefits
The largest perk of owning the Majuscule One Platinum is that it doesn't have an annual fee or crave a security eolith.
You might also appreciate a few other perks that come with the all-time Majuscule I credit cards. Some of the benefits include:
- Complimentary credit score monitoring with CreditWise
- See monthly recurring charges on the Capital I website
- Schedule monthly autopay for statement balance
- Lock your menu from the Capital letter One app if information technology'south lost, stolen, or misplaced
- Extended warranty protection on select purchases
Travel protection benefits include secondary coverage for rental machine collision and impairment waiver. This coverage limits your out-of-pocket expenses if your rental machine is involved in an accident or vandalized.
For boosted bill of fare security, Capital Ane tin give you a virtual credit menu number you can utilize for online purchases. This makes information technology less likely for your business relationship data to be stolen equally these virtual numbers only piece of work in one case. If your fraudulent purchases are made, the $0 liability on unauthorized charges means you don't pay for purchases you didn't authorize.
Who Should Try for the Capital One Platinum Credit Card?
You might be a expert fit for the Majuscule One Platinum Credit Carte du jour if you share ane of these traits:
- Take a 580 credit score (at least)
- Don't want to pay a security deposit
- Don't want to pay an annual fee
- Can pay your balance in full every calendar month
This carte is a good option when your credit score is high plenty that you can finally authorize for an unsecured credit card. But your score may not be high enough to authorize for i of the all-time no almanac fee travel credit cards.
It tin can be a good best offset credit carte selection considering information technology'southward an annual-fee-gratis manner to build credit. As your credit grows, you can apply for a card with a higher credit limit that also offers purchase rewards.
Even after upgrading to one of the best credit cards for excellent credit, you lot may withal keep this business relationship open for several years to continue improving your credit score. Keeping the account open extends your credit history length and lets banks know you accept years of experience of treatment credit cards.
Summary
The Capital One Platinum Credit Card is one of the best cards for building credit. Having no annual fee and a low credit limit makes it easy to build credit and make on-time monthly payments. Because this card doesn't have any purchase rewards, it'due south a practiced idea to upgrade to a better card when y'all establish good credit.
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Editorial Note: The editorial content on this page is not provided by whatever bank, credit carte du jour issuer, airlines or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities.
Source: https://www.johnnyjet.com/capital-one-platinum-credit-card/
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