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Platinum Capital One® Credit Card Review: Build Your Credit

Lisa Baker

The Capital One® Platinum Credit Card is a no-charge, no-annual-fee credit card designed for consumers who want to build their credit. Although it is not a secured credit card and therefore does not require an upfront deposit, it has a fairly high annual percentage rate and has a low initial credit limit. However, when used responsibly, Capital One Platinum is a useful bridge to higher spending limits and more generous rewards credit cards Capital One is comparable to other unsecured credit cards for consumers with average credit, including Capital One’s QuicksilverOne Cash Rewards. It also competes with a number of secured credit cards designed to build and enhance credit, including Capital One Secured MasterCard card and BankAmericard secured credit card.

It is important to note that this card is outdated and devoid of many of the benefits that more generous credit cards offer, such as cash back or travel rewards and prepayment bonuses. However, that does not mean that it is not a potentially innovative card for people who need to improve their credit situation.

Main features

Credit line increase

If you make your first 5 monthly payments on time, you will automatically be considered an increase in your line of credit. It is possible to increase the line of credit with continuous payments on time.

Important fees

This card has no annual fee, balance transfer fee, or foreign transaction fee. The cash advance fee is the greater of $ 10 or 3%, and the late fee can go up to $ 38.

Capital One CreditWise

Thanks to Capital One’s CreditWise package, you are entitled to a free credit score with your paper or online statement each month. You can also access your score at any time in your online account dashboard. Additionally, CreditWise includes a number of credit building tools and educational content.

Credit required

The Platinum card is for consumers with fair credit and is actively marketed as a tool to build credit. Even if your credit history is checkered or spotty, you can still apply.

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Advantage

  1. No Deposit Required The Capital One Platinum Card does not require an advance deposit to secure your account. That’s a huge advantage over safe competitors, some of which require minimum deposits of $ 200 (or more) before you can use your card. Most also limit their spending to the amount deposited, avoiding the possibility of an increase in the line of credit until more funds are obtained.
  2. No annual fee . This card has no annual fee. Many of its closest competitors, including the BankAmericard secured card ($ 39) and the Citi-insured MasterCard ($ 25), do have annual fees.
  3. No balance transfer fee or foreign transaction fee . Capital One Platinum does not charge balance transfer fees or foreign transaction fees, rare perks in the credit building category. This is great news for cardholders who want to transfer balances from other cards or use their Platinum cards outside of the United States.
  4. No APR penalty . This card does not have a penalty Annual Percentage Rate (APR), which is an excellent benefit if you occasionally miss a payment. Both the OpenSky Open Visa and the Citi Secured Credit Card have an annual percentage rate penalty.
  5. Opportunity to increase the credit line in 5 months .
    If you make one-time payments on this card, you are eligible for a credit line increase in as little as 5 months. Many competing cards make you wait up to 12 months to request a raise. If you plan to make a large, urgent purchase or just want more flexibility in monthly spending, a year is a long time to wait.
  6. Useful tools for credit control and credit development . The free credit score from other Capital One CreditWise tools is super helpful for cardholders committed to building and understanding their credit. Some competing cards, including the BankAmericard secured card, do not include free credit scores.

Disadvantages

  1. No Rewards Capital One Platinum does not have a cash back or travel rewards program. If you want a card designed to build credit and earn rewards, consider Capital One’s QuicksilverOne Cash Rewards Card ($ 39 annual fee) or Navy’s Credit Union n Rewards Guaranteed Rewards Card (no annual fee).
  2. High APR . Even by credit card standards, this card comes with a regular high APR. If you intend to carry a balance month-to-month, consider lower-cost options like Navy Federal Credit Union n Rewards or DCU Visa Platinum Secured, which have lower APRs.
  3. Prior credit check required . The Capital One Platinum app requires a credit check. While substantial credit deficiencies likely won’t disqualify you, you probably won’t be approved for this card with a recent bankruptcy, foreclosure, or pattern of delinquency on your record. Some competing cards, such as Merrick Bank Secured Visa ($ 36 annual fee) and OpenSky Secured Visa ($ 35 annual fee), do not execute your credit during the application process.

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