The CapitalOne Platinum credit card is a great option if you have a medium balance and need a credit card. And, if used responsibly, it can be a useful stepping stone to improve your credit score and help you qualify for a wider variety of cards. If you don’t have a long credit history or your credit history shows some bad grades and you’re ready to improve your credit, check our Capital One Platinum credit card to see if this card can help.
Capital One Platinum Features
The Platinum credit card does not give you any significant rewards or cardholder benefits, but it is available to fair credit consumers who may not qualify for the best rewards cards on the market today. Remember that a fair credit score is any FICO score between 580 and 669, which puts consumers in a range where they can be approved for a limited number of unsecured credit cards. Platinum gives those looking for a fair credit card the ability to improve and prove their creditworthiness so they can upgrade to a better credit card later.
CapitalOne Platinum Benefits
This credit card is a great choice for: Fair credit card holders who want to focus on building their credibility without paying unnecessary fees. No annual fee: As this card is intended for credit formation, the fact that it has no annual fee is a great benefit. After you update your balance and qualify for cards with more benefits, you can still keep your Platinum card instead of canceling it. This is important because canceling a card and losing your credit rating can affect your credit score.
Credit Limit Increase: Capital One can increase your card’s credit limit if you make your first five monthly payments on time. Most cards require you to wait at least six months to apply for a credit limit increase. No foreign transaction fees: You can use this card around the world without inconvenient foreign transaction fees. Many non-annuity cards have an international transaction fee, so this is a solid benefit for Platinum.
Consumer Protection: When paying by credit card, you also receive extended warranties on eligible items that come with a manufacturer’s warranty.
Other Benefits CapitalOne Platinum
Get a report from all three major credit bureaus: A card that reports payments to the three major credit bureaus – TransUnion, Experian and Equifax – can help you boost your credit. These companies record the information that is used to calculate your creditworthiness, which is a critical step in creditworthiness.
Select your monthly due date and payment method: Capital One gives you the opportunity to choose the best maturity date for you. That way you can set a date that suits your preferred salary. You can also choose to pay by check, online or at a local branch.
Rewards: The Capital One QuicksilverOne Cash Rewards Medium Loan credit card offers many of the same benefits as the Capital One Platinum credit card. This card receives an unlimited 1.5% cash value on every purchase, but comes with an annual fee of $39. The refund you receive may offset these costs as you spend $2,600 or more on the card annually. If you’re on a tight budget, Platinum is your best bet.
Capital One additional Resources:
No late payment APR penalty, but a late payment fee; Fraud Protection; Unlimited access to CreditWise, an app that monitors your credit profile; Reporting to all three credit bureaus.
CAPITAL ONE PLATINUMCredit Limit Increase No foreign transaction fees No annual Fee Consumer Protection
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