The Capital One Platinum Credit Card is one of the best credit cards for people with average credit score or limited credit history in the U.S. It is a regular credit card (not a secured card) issued by Capital One Financial, and as a Platinum MasterCard, it comes with many MasterCard benefits. So if you have had your own credit cards for less than 3 years, or have never had one (for example, authorized users on someone else’s card or recent immigrants), are 18 years or older, have a valid Social Security number and are looking for a basic credit card, read on.
Here I’ll do a detailed review of Capital One Platinum Credit Card, one of the best credit cards for fair credit, and tell you how we rate this credit card.
Things We Like About This Card
No annual fee for the first year. This would give you a savings of $19 for the first year of having the card.
Low annual fee of only $19. Most credit cards for people with average credit charge an annual fee. In this case, you pay a low annual fee of only $19 after the first year, which means that by saving up a dollar and a half every month, you will have enough to pay for your annual fee.
Text message alerts to help you monitor your spending. This is a very convenient hassle-free way to monitor your spending, especially if you have signed up additional cardholders to your account, as this way you will be able to keep track of their spending as well.
You can personalize your card by choosing an image of your choice to be on the cover of this Capital One credit card, or simply choose a design of the hundreds they have. Now, who said that credit cards have to look boring?
No foreign transaction fee. If you travel often outside the U.S. or like to make purchases on the internet, you will like that this card has a 0% foreign transaction fee when you make purchases in another currency on your card, as this will save you quite a bit of money. Capital One is one of the very few card issuers in the U.S. that charges zero foreign transaction fee.
Free Extended Warranty. If you buy a new item with this Capital One card and it comes with an original manufacturer’s warranty of 12 months or less, Extended Warranty will double the original warranty time period to up to 12 months on most items that you purchase. This is a useful benefit to have as it saves you from having to purchase additional warranty from stores especially when you buy electronic goods.
Auto rental insurance, which would cover the costs of collision, loss or damage that might occur to the vehicle you were renting. Make sure you pay for the full auto rental cost with the Capital One Platinum Credit Card, and decline the rental company’s collision/damage waiver.
$100,000 travel accident insurance. If you pay for your or your family’s travel tickets with this card, you will automatically be covered under this travel accidence insurance plan in the event of death or dismemberment. This will give you a peace of mind when you are traveling.
24-hour travel and roadside assistance, along with emergency help needed to replace a lost card. Remember that if you ever have any trouble, you can call the emergency number on the back of your card.
$0 Fraud Liability. You will not have to pay for any fraudulent transactions made on your card if it is lost or stolen.
No balance transfer fee. This will benefit those who want to transfer balances from another card account to this card. Most card issuers in the U.S. charge a balance transfer fee of around 3% of the balance you’re transferring. However, you should only do a balance transfer if you are currently paying a higher interest rate than the interest charged on this card, which is a variable 24.9%.
Access a higher credit line after making your first 5 payments on time. Get rewarded for on-time payments by obtaining access to a higher credit line.
Access your account on-the-go with online banking.You can access your account with a computer, or even with your smartphone with Capital One’s mobile app. You will be able to access your account 24/7.
Pick the monthly payment due date that suits you best. This is a great advantage, because not everyone gets paid at the same time. By choosing the due date that works best for you, you can be sure to make your payments on time. You can pay however you prefer: online, by check, or at a local branch – with no fee.
Our Least Favorite Things About This Card
$19 annual fee after the first year. For the first year, you pay nothing as the fee is waived, but after the first year, you’ll have to pay an annual fee of $19. Almost all credit cards for average credit charge an annual fee, and $19 is a relatively low fee.
No 0% introductory APR on balance transfers and purchases. The lack of 0% intro APR on balance transfers won’t matter to you if you don’t have any existing card debts that you want to shift to a 0% balance transfer card. But if you do wish to consolidate your card debts, check out our 0% balance transfer cards. No 0% intro APR on purchases means that if you don’t repay your bills in full by the due date each month, you’ll have to pay a variable APR of 24.9%.
No rewards program. This is a basic card that doesn’t reward you on your everyday spending.
The Capital One Platinum Credit Card is a good choice of card for people with average credit score as it not only gives you a credit card, it offers many other special perks such as free extended warranty, travel insurance, auto rental insurance and many more.
This Capital One card is also suitable for people with limited credit history. If you are new to credit cards, don’t waste your time applying for other cards such as rewards credit cards as those are usually for people with good to excellent credit. This card is designed especially for people with fair credit, and thus has an annual fee, although the annual fee is a low $19, which is waived for the first year.
What we like about this card is that you can be informed and updated about your account through text messages sent directly to your mobile phone. It is a plus that not many other cards have. All in all, the Capital One Platinum Credit Card is a good choice of card to get if you have average credit.
Click here to go to Capital One’s official application to apply online for Capital One Platinum Credit Card now.
If you have good or excellent credit, you should consider getting a rewards card, which rewards you for your everyday spending! DailyMarkets.com has a comprehensive Rewards Credit Cards section offering rewards such as cash, gift cards, flights, hotels, and many others. We also have a Business Credit Cards section with special card offers for small business owners, many of which don’t charge any annual fee. Students can get one of the many Student Credit Cards to start building their credit. If you have bad or no credit, browse through our Credit Cards for Bad Credit and Credit Cards For Fair Credit. You can also check out the Best Credit Cards.