Capital One Platinum Credit Card Review

When credit cards were introduced to the masses more than 25 years ago, they were used simply to provide a method of payment and nothing more.  Credit Card rewards didn’t exist and managing your finances while building credit wasn’t the concern of every credit card holder.  Consider the Capital One® Platinum Credit Card a return to those simpler times.

Overview

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The Capital One® Platinum Credit Card is as simple as it gets. It’s an unsecured credit card designed for those with average, fair or limited credit. It doesn’t come with any rewards. But it does make for an ideal first credit card with a minimum credit limit of $300 if you are approved.

Additional Benefits

While the Capital One® Platinum Credit Card doesn’t have rewards, it does come with a number of benefits. These benefits include the following:

  • Earn a higher credit limit after making your first 5 monthly payments on time.
  • $0 fraud liability if your card is ever lost or stolen.
  • Get free access to your credit score and tools to monitor your score through Capital One’s CreditWise program.
  • $0 annual fee.
  • Pick your own monthly due date and payment method.
  • Get an additional extended warranty on items purchased with the card.
  • Auto rental insurance when you rent a car with the card.
  • Get 24-hour roadside assistance.
  • Use the card with Apple Pay.
  • Get price protection on eligible items you find for a lower price within 60 days from the date of purchase when you pay with the card.

What We Like

Let’s start with the positives.  The Capital One® Platinum Credit Card allows consumers with average credit to obtain an unsecured line of credit. This means that a deposit is not required to make purchases with your card.  The purchase APR associated with this card is 24.99% variable.

Also on the plus side, the Capital One® Platinum Credit Card has no annual fee.  The card does not charge a foreign transaction fee.  Any purchases made on foreign soil (or online to foreign merchants) will not be charged additional fees.

What Could Be Better

You won’t find a rewards program associated with the Capital One® Platinum Credit Card and if you need a balance transfer, moving your balance to a 24.99% variable is not a wise idea.  This card offers the bare minimum in terms of perks, but the one thing you will find is an unsecured credit line for those with average credit.

How to Qualify for the Card

Credit card issuers generally don’t disclose details about who they approve for credit. Called underwriting, this process varies from one credit card to another. In the case of the Capital One® Platinum Credit Card, however, Capital One does offer some guidance.

Specifically, an applicant is not eligible for this card if:

  • My application is received after this offer expires, is incomplete, unreadable, inaccurate or cannot be verified.
  • My address is not in one of the following locations: the 50 United States, Washington, D.C., or a U.S. military location.
  • My address is a correctional institution.
  • My monthly income (my disclosed total annual income divided by 12) doesn’t exceed my monthly rent/mortgage payment by at least $425. Or, Capital One otherwise determines that I am unable to make my monthly payments.
  • I am under 18 or do not have a valid Social Security Number or Individual Taxpayer Identification Number.
  • I have applied for a Capital One credit card 2 or more times in the last 30 days.
  • I have 2 or more open credit card accounts with Capital One.
  • I have a past due Capital One credit card account.
  • I am over my credit line on a Capital One credit card.
  • I have had a Capital One credit card that charged off within the past year.
  • I have a non-discharged bankruptcy (one that is still unresolved).

Summary

The Capital One® Platinum Credit Card has everything a responsible personal finance consumer needs.  Remember to pay your credit on time, stay within your credit limit and soon enough, you’ll be able to move on to a Capital One product with a top-tier rewards program.  Anyone in need of building their credit should consider the Capital One® Platinum Credit Card.

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Topics: Credit Cards

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