Capital One Platinum Credit Card Review

Capital One Platinum Mastercard Credit Card Review

With this no annual fee credit card, you can build credit for free and quickly raise your credit limit with responsible behavior.

The Capital One Platinum Mastercard Credit Card is ideal for people with average credit. It gives you a chance to earn a higher credit limit within just six month if you make timely payments.

Capital One Platinum: pros and cons

Rewards system in a nutshell

The Capital One Platinum Credit Card doesn’t have a rewards program. That means you won’t earn cash back when you pay with this credit card. However, that’s hardly surprising, since it is designed to help you build credit and such cards, generally speaking, don’t offer rewards.

Who can benefit from getting the Capital One Platinum Credit Card?

If you are new to credit and want to go quickly from no credit to good credit without paying hefty fees, the Capital One Platinum Credit Card could make sense for you.

The Capital One Platinum Credit Card does not have an annual fee, nor does it charge a foreign exchange fee when you shop outside of the U.S. Most importantly, it gives you a chance to qualify for a higher credit limit in as little as six months, provided you make payments on time.

The Capital One Platinum Credit Card is also a good option for those who want to build a positive credit history and boost their credit score over time. It reports to all three major credit bureaus: Equifax, Experian, and TransUnion.

Are there any other benefits?

Yes, there are quite a few of them:

• $0 fraud liability. If the Capital One Platinum Card is lost or stolen, you will not be liable for any unauthorized transactions.
• Car rental damage or theft coverage. Most Visa® cards and Mastercards® (if not all) offer rental car insurance that covers you if your rental car gets damaged or stolen — and the Capital One Platinum Card is no different. However, keep in mind this coverage is secondary, meaning it will only pay the amount not covered by your primary policy.
• Credit Wise. This free service sends you alerts if your TransUnion or Experian credit reports change.
• Balance Transfer. Transfer your existing higher-rate balance to the Capital One Platinum card to save money.
• Capital One Mobile App. Complete transactions, manage your account, and view your balance anywhere, anytime.
• AutoPay. It allows you to get your credit card bill paid on time each time. No wonder, then, it is the most preferred mode of payment for many.
• Capital One Eno. A multi-layered virtual assistant, Eno keeps you aware of your account activity and comes equipped with a sturdy fraud alert system.

Conclusion

The Capital One Platinum Credit Card could be a good option for people with no or average credit.

The Capital One Platinum Credit Card gives you an opportunity to raise your credit limit after just six months without asking for a cash deposit or placing limitations regarding where the credit card can be used. Plus, its travel-friendly features — no foreign transaction fees coupled with Platinum Mastercard benefits — ensure you save money when you go abroad.

However, you won’t earn rewards with the Capital One Platinum Credit Card, and a fairly high APR makes carrying balance from one billing period to the next a very expensive proposition. But to be fair, the Capital One Platinum Credit Card is not built for financing. Instead, it is designed to help you improve credit and, consequently, become eligible for a card with a lower interest rate — and that’s something it does exceedingly well.

For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply