Capital One Platinum Credit Card Review

Capital One has launched many credit card products, In this Article we will review the Capital One Platinum Credit Card Capital One Platinum Credit Card Review? How to Apply for Platinum Credit Card? Pros & Cons of Capital One Platinum Credit Card? Benefits of Capital One Platinum Credit Card? and so on

Capital One Platinum Credit Card is one of the best Credit building card, it is best for the customer who don’t want to pay annual fees or security deposit

Capital One Platinum card help you to manage your credit effectively also it will help you build credit in many ways possible. This card does not have other benefits apart from building credits.

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Capital One Platinum Credit Card Overview

If you are looking for secure credit card and want to build your credit history then Capital One Platinum card is the great choice for you to build credit without any distractions. Consumer don’t need to have excellent credit to get this card, consumer with fair credit also can apply for this card. This card does not offer other benefits as other cards do, also it doesn’t let you earn rewards. You might not be eligible for other best rewards card but you will be eligible for capital one platinum card if you have fair credit score.

Fair credit score is the score which falls from 580 to 669, if your score falls in this range then you can get approved for limited number of unsecured card. Capital One Platinum credit card gives an opportunity to consumer to prove there credit worthiness and improve the credit score, so that they can move on for better credit cards in future.

The card do not charge any annual fees or doesn’t required to have any money in a security deposit to get started. With low credit score entry barrier and no extra charges, there is no doubt that capital One platinum credit card is one of the best credit building card available in the market.

Pros of Capital One Platinum Credit Card

• No Annual Fees : This credit card does not charge an annual fees which can be a significant advantage if you are looking for credit card without any extra charges

• Credit Monitoring: The Capital One Platinum Credit Card provides credit monitoring using creditwise, this monitors the changes in your credit report along with tracking your credit score

• No balance Transfer Fees: Balance transfer fee is not charged if you transferred the balance from another company credit card to capital one platinum credit card. This saves good amount of money on interest charges.

• Fraud Protection: This card protect you from unauthorized purchases and any fraudulent activities

• No Foreign Transaction Fee : Foreign transaction fees are not charges by capital One platinum credit card if you travel internationally

• Access to Higher Credit Lines : If consumer used capital One platinum credit card responsibly then you will be eligible to access higher credit lines, through which you gets a more purchasing power.

Cons of Capital One Platinum Credit Card

• No Reward Program : The card does not offer any reward program, that means you will not earn any cashback or points on any purchases.

• High APR: The Capital One Platinum Credit Card has a high APR, this can be expensive if you carry balances from month to month. Means everytime you have to spend your monthly credit limit.

• No Introductory APR: The card does not offer any introductory APR for purchases and balance transfer

• Limited Benefits: Capital One Platinum Credit Card offers limited benefits compared to other cards available in the market.

• Limited Acceptance : Not all merchants accepts capital One platinum credit card in there store, some geographic locations are also not acceptable especially outside of United States of America

• No Cash Advance Feess : It is important to note that there is no cash advance fees. This could encourage consumers to take out the cash advances which comes with a high interest rate and fees.

Overall Capital One Platinum Credit Cars is the best for the consumers who are looking for a basic card without any frill or rewards. It offers various features including fraud protection, credit monitoring, no foreign transaction fees and so on

Benefits of Capital One Platinum Credit Card

• Credit Limit Improvement : If you make your credit card payment on time then you might be eligible to increase he credit limit, which can help you to improve your credit score over time

• Access to higher Credit Lines: The Capital One Platinum Credit Card may give you high credit limit, which can give you more purchasing power, if you used the card in proper way.

• No Foreign Transaction Fees: This credit card gives you an opportunity to save your money on any purchases, if you travels internationally.

• Free Online Banking: This card offers you free online banking which helps you to manage your account and make payment online

• 24/7 Customer Support : If you have any questions or concerns about Capital One Platinum Credit Card, then you can contact their customer support team for assistance which is available 24/7.

How Capital One Platinum Credit Card helps to build Credit

Capital One Platinum Credit Card helps to build credit score in many possible ways which are

• Payment History : Consumer payment history is one of the significant factor when it comes to credit score, so you must pay your bills on time. By paying all the bills on time, you can show the lenders that you are responsible with the credit card which can help to improve credit score over the time

• Credit Utilization: Credit Utilization means if you spend less amount compared to credit limit, also affect your credit score. Using a small percentage of your credit limit (ideally, 30% or less) can help show lenders that you are using credit responsibly. Lower the credit utilization ratio, better chance to improve credit score.

• Length of Credit History: If you are using the capital One platinum credit card for longer time, then it is better for your credit score. Using the credit card responsibly in long period of time, it shows lenders that you have long history with the company and card.

• Credit Mix: If you own mix of different type of credit such as loans, credit cards and mortgages, can also help consumer to improve credit score. You can show the lenders that your using different type credit cards (If you have any) responsibly along with the capital one platinum credit card.

• Credit Inquiries : If you are applying for new credit card or account, can temporarily lower your credit score. However, the Capital One Platinum credit card does not require any hard inquiry for approval, that means applying this card will not negatively affect your credit score.

If you follow all above point during the use of Capital One Platinum Credit Card can helps you to improve the credit score over the time.

Capital One Platinum Card vs Capital One QuicksilverOne Cash Reward Card

Platinum Credit Card and QuicksilverOne Cash Reward Card, both the cards are issued by Capital One but both has different features and benefits.

The Capital One Platinum Credit card is designed for the consumer with fair credit and wants to improve the credit score. It does not offer any annual fees and also increase the credit score, if you make first five bill payment on time. However it does not offer any reward program.

On the other hand, Capital One QuicksilverOne Cash Credit Card is designed for the consumer with Fair or Average credit who wants to earn cashback and rewards on there purchases. If offers 1.5% cashback on each purchase and no limit is set to the cashback you earns, but the card does have $39 annual fees.

If you have fair credit from range 580 to 669 and wants to improve your credit then you should go for Capital One Platinum Credit Card and If you have average credit and want to earn rewards and then you should get Capital One QuicksilverOne Cash Credit Card.

Capital One Platinum Card vs Petal 2 ‘Cash Back and No Fees’ Visa Credit Card

Petal 2 is the best for the consumer with limited credit history than past financial mistake to correct. Pedal 2 is the best credit card to build the credit history for the first time, especially for the consumer with financial history and solid income and still working to build their score up. Unlike Capital One platinum card, it also consider your credit score and Bill payment history in application evaluation.

Petal 2 customer earn 1% Cashback on purchases (1.5 % back with 12 on time monthly payments) on the other hand platinum card holder does not earn any rewards. Petal 2 has potentially lower APR (17.49 to 31.49 variable).

Is Capital One Platinum Credit Card worth it?

If you use the card responsibly ans wisely then it helps to improve your credit, it also has no annual fees. If you pay your bills on time then you are likely to get high credit in future

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