The Capital One Platinum Credit Card is for those looking to strengthen their credit through responsible card usage. As such, there are no fancy rewards earning benefits or sign-up bonuses with it.
Consistently pay on time to gain access to a higher credit line. Once eligible you can upgrade to a more rewarding card from Capital One.
This card has no annual fee.
*Check out Capital One bonuses for Checking & Savings accounts.
|Bonus available||No introductory offer.|
|Ongoing rewards/benefits||Access a higher credit line when you make your first 5 monthly payments on time.|
|Foreign transaction fees?||No|
- No annual fee
- Designed for Average credit
- Access a higher credit line
- No foreign transaction fees
- No welcome bonus
- No rewards
- High APR
Capital One Platinum Card Lack of Fees
You won’t have to pay an annual fee, nor any foreign transaction fees when you make purchases abroad. It also doesn’t cost anything to transfer your credit card debt. But I would advise against making any balance transfers, because the APR on the Capital One Platinum card is very high. Unless, of course, you’re currently paying a penalty APR which is higher than the Platinum card’s.
Capital One Platinum Card Credit Line
Credit cards designed for people with average credit often come with low limits. With Capital One Platinum, you’ll be rewarded with a higher credit line if you make your first five monthly payments on time.
If you’re having a hard time getting approved for other cards, the Platinum Credit Card from Capital One is a good option. You can build your credit history without having to pay an annual fee. Eventually, you might graduate to a better Capital One card, like the Capital One Quicksilver Cash Rewards Credit Card.
Make sure to pay your balance in full and on time. Otherwise, the Capital One Platinum card will end up hurting you, rather than helping.
What’s The Competition?
As an alternative, the Capital One QuicksilverOne Cash Rewards Credit Card also is marketed to those with Average credit. It offers the advantage of cash back on all purchases, with the downside of an annual fee.
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