Capital One Platinum Benefits Guide

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If you have a fair credit history, you know how difficult it can be to get your hands on an unsecured credit card with no annual fee. If this sounds familiar, then you’ll probably be interested in learning more about the Capital One Platinum credit card, which accepts fair credit, has no annual fee, and requires no deposit to use the card.

While the Capital One Platinum card doesn’t come with the most exciting cardholder benefits, it does offer a solid set of perks to enjoy while making the most of this credit-building card.

Benefits of the Capital One Platinum card

Highlights of the Capital One Platinum credit card

  • reward rate: None
  • welcome offer: None
  • Annual fee: $0
  • Buy introductory APR: N / A
  • Balance transfer intro APR: N / A
  • Regular APR: 26.99 percent variable APR

The Capital One Platinum card is an unsecured credit card that you can use to build your credit score. You must have fair to good credit (580 to 740) to qualify for the Capital One Platinum credit card, but if you use it responsibly, you can work toward better credit.

Since the purpose of this card is to build credit, it offers no flashy perks or benefits. However, this unsecured credit card has some helpful features that make it easier to manage and build credit, such as: B. An automatic account review after six months to determine if you are eligible for a higher credit limit. The Capital One Platinum card also offers credit monitoring via CreditWise and basic card protection.

Prices and Fees

The good news is that you don’t have to pay an annual fee to use the Capital One Platinum credit card. This credit card is one of the few unsecured, credit-building, and no-fee cards available for those with a fair credit history.

As great as paying no annual fee is, this card comes with higher rates and fees. If you pay your bill after the due date, you run the risk of paying a late payment fee of up to $40. And if you have a balance, the card comes with a variable APR of 26.99 percent. That’s why it’s important when using this card to only make purchases that you can afford to pay off immediately, otherwise your interest costs will quickly skyrocket.

Additionally, one of the notable benefits of Capital One Platinum is that you can take out a cash advance with this card. In general, financial experts do not recommend taking out cash advances unless you are in genuine financial distress, as credit card issuers tend to charge high APRs for cash advances. With the Capital One Platinum card, you have a variable APR of 26.99 percent and are required to pay a cash advance fee of either $10 or 3 percent of the amount of each cash advance, whichever is greater.

If you pay your balance on time and in full every month and can’t take cash advances, you can use this credit card to improve your credit score for free.

Travel Benefits

When shopping abroad, you do not have to pay any foreign transaction fees, which means you can save money when shopping abroad. Other helpful travel benefits associated with this card include $0 fraud liability, emergency card replacement, security alerts, and Eno virtual card numbers.

Purchase Protection

Another benefit of using a credit card for purchases — aside from getting better credit if you pay your bills in full and on time — is that many credit card issuers, including Capital One, offer extended warranties on eligible items when you use one pay purchase with your credit card. The Capital One Platinum credit card offers this benefit, which can come in handy.

CreditWise credit monitoring

If your goal is to improve your credit score, you’ll appreciate that the Capital One Platinum credit card offers unlimited access to Capital One’s CreditWise. This feature gives you your credit score and the tools to understand and track it over time. If you’re committed to improving your credit score, this is a powerful tool to use in addition to practicing good credit habits.

Automated account verification by Capital One

If you practice good credit habits with the Capital One Platinum card, your credit score will likely increase over time along with your credit limit. While you may be offered a lower credit limit when you open your credit card account, Capital One will automatically review your account after six months to determine if you are eligible for a higher credit limit.

Is Capital One Platinum a good credit card for people with a fair credit rating?

If you have fair credit and want to improve your credit score, the Capital One Platinum card might be a good choice for you.

For those who have no credit history or poor credit, it is often necessary to start with a secured credit card. To qualify for this card, you must have a minimum FICO credit score of 580. The Capital One Platinum is one of the few unsecured credit card options with no annual fee available at this credit level. Because the card is unsecured, you don’t have to deposit money to use this credit card – which would be the case with a secured credit card.

Although your credit limit may improve over time, you’ll probably start with a low limit. Capital One does not disclose the minimum seed credit limit for the Capital One Platinum. So you need to apply for this card and get approved to find out what your credit limit would be. Similar unsecured credit cards for building credit usually offer starting credit limits of at least $300. It’s no guarantee that the Capital One Platinum card comes with such a high credit limit, but it does give you a general idea of ​​how high your credit limit might be.

How to maximize the benefits of Capital One Platinum

To get the most out of the Capital One Platinum card, you should only make purchases that you can afford to pay for by the time your monthly bill is due. Paying your credit card bills on time and monthly is the best way to improve your credit score and avoid paying high interest and late fees. You should also take advantage of CreditWise’s unlimited credit monitoring tool that comes with this card to learn more about improving your credit score.

The final result

While the Capital One Platinum credit card doesn’t offer any noticeable benefits, if used responsibly, this card can help you build your credit score, which can help you qualify for a better card, like a rewards credit card. Because this credit card has no annual fee, you can enjoy the credit-building benefits and other services it offers for free. If you have fair credit, this card is a solid option to consider as long as you’re on a low balance and always pay your bill in full and on time.

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