The Capital One Platinum Credit Card is a great option for individuals with fair credit who are looking for a card that allows automatic payments. With this card, you will automatically receive an increase in your credit limit after six months, and you can add other authorized users.
If you are thinking about getting a new credit card, figuring out which one is best for you can be tricky. We analyzed the Capital One Platinum Credit Card to help you evaluate if it meets your needs. This card allows for automatic credit limit increases and has no annual fees, balance transfer fees as well as foreign transaction fees. However, it does have a high APR, so you will want to be careful about using this card if you don’t pay off your balance in full each billing cycle.
Beyond having no annual fee, this card has other perks that make it worth considering. If you need a card that offers $0 fraud liability, becoming a Capital One Platinum Credit Card customer could be the solution. You will not be held responsible for any unauthorized payments. Additionally, since the card utilizes virtual numbers for online payments, there is less likelihood of fraud.
A great card for fair credit with no annual fees
Before applying for this card, it’s important to understand the Capital One Platinum Credit Card benefits and downsides.
MoneyGeek analyzed its credit card database to determine the best cards across various categories. While the Capital One Platinum Credit Card does not rank among the top across the rest of the categories despite having benefits like zero annual and foreign transaction fees, it is one of the recommendations for individuals with average credit.
The Capital One Platinum Credit Card has various key benefits and features, which include:
If you’re looking to build your credit quickly with the Capital One Platinum Credit Card, start by automating your monthly payment. You’ll always be on time and your credit score will rise quickly. -Alene Laney, Credit Card Journalist
There are several fees associated with the Capital One Platinum Credit Card, as indicated below. The card has no annual fee, balance transfer fee or foreign transaction fee. However, it has a variable regular purchases APR, cash advance APR and balance transfer APR of 26.99%. That means you should not carry any payment to the following month as this will attract high interest amounts.
Regular APR
The Capital One Platinum Credit Card comes with a considerably high but variable APR, at 26.99%. This interest applies to balance transfers, cash advances and purchases. Therefore, it is crucial that cardholders do not carry any balances on this card and instead pay off the full balance before the due date.
Cash Advance Fees
With this card, you will pay a cash advance fee of $10 or 3% of the amount, depending on which is greater. For instance, if you take a cash advance of $1000, 3% of this is $30, which is what you will pay instead of the $10.
Late Payment Fees
Cardholders pay a late fee of up to $40 with this card. However, the APR will not be increased due to late payment. The due date for each payment will be 25 days after the end of the previous billing cycle.
Balance Transfer APR
The same variable APR of 26.99% used for purchases also applies to balance transfers. However, you will not pay any transfer fees except for transfers that post to the account at a promotional APR offered by Capital One.
Some of the factors to consider while comparing credit cards are the fees and APR. If you wish to compare other cards with your Capital One Platinum card, you can get the information from your billing statement, online account or check the mobile app. You may also find information from the credit card agreement database, which is continually updated and maintained by the Consumer Financial Protection Bureau.
If you are getting the Capital One Platinum Credit Card as your first card, you will need to consider its high APR since you will be required to pay considerably high interest rates (26.99%) any time your payment rolls over to the next month. If you intend to use it as your first or only card, be sure to pay off your balances by the end of each cycle to avoid high interest rates.
Aside from zero annual fees, balance transfer and foreign transaction fees, this card is also significantly secure when it comes to making online purchases due to the use of virtual numbers. However, not having cashback on your purchases can be limiting. If you need an option with the cashback feature, you might need to get an extra card.
You will also need to consider the high APR, especially if you are likely to make late monthly payments or make balance transfers from other cards. Any delays will incur an interest charge of 26.99%.
MoneyGeek follows a thorough process that’s based on several factors when reviewing credit cards. The procedure involves collecting credit card information from the Consumer Finance Protection Bureau, standardizing data points and potential spend profiles, assessing annual and introduction bonuses as well as reviewing monthly data and re-ranking.
The Capital One Platinum Card credit limit increase every six months is one of the factors that makes the card exceptional. Individuals with fair credit can easily grow their credit line within six months depending on how good their credit profile is. However, how relevant the card would be for your needs depends on the set of features every customer is typically looking for.
Capital One Platinum Credit Card
Capital One QuickSilverOne Rewards
Below are some of the commonly asked questions about the Capital One Platinum Credit Card with answers. You can use these to find the additional information you might be looking for about the card.
If this card does not meet your needs, you might want to consider various other options across different categories. For instance, you might be interested in getting the best balance transfer card or looking for a student card. MoneyGeek has a list of the best cards across all these categories.
Chase Aer Lingus Visa Signature
Citi Rewards+ Card
Citi Diamond Preferred Card
Deserve EDU Mastercard for Students
Credit One Bank Platinum Visa
Chase Sapphire Preferred
Capital One Spark Cash Select
Chase British Airways Visa Signature
Citi American Airlines AAdvantage MileUp Mastercard
Chase Freedom Unlimited
Citi Costco Anywhere Visa Card
