The Capital One Platinum credit card is one of the best cards available to build and maintain a good credit score. It's a solid option because there is no annual fee and there is no foreign transaction fee.
However, the Capital One Platinum card comes with an interest rate that is higher than average. This makes the card unsuitable for people who are on a budget and need to pay down their debt. Capital One Secured Mastercard may be a better alternative. It comes with no annual fee and a non-refundable security deposit.
Although the Capital One Platinum credit card does not offer rewards it does include a few benefits that can help your credit. The Capital One CreditWise suite credit building tools will be available to you. Additionally, you'll have access to educational content.
Online payment is possible or in-person at your local branch. TransUnion, Equifax, Experian all report the payments. If you maintain your balance and pay on time, your credit score will increase. The Capital One Platinum credit credit card can be used to increase credit lines and reduce credit utilization.
You can also enjoy cool travel perks with the Capital One Platinum Card. There are no foreign transaction fees and you can use your card for travel outside the U.S.
These features are not the only ones offered by Capital One Platinum Card. After six months, you will receive an automatic credit increase. After you qualify, you'll receive a new credit limit based on your credit history.
To apply for the Capital One Platinum card you will need to fill out an Application. Your credit score, income and other factors will determine your eligibility. Most applicants can get a card if they have a FICO score of 580 or higher. Some companies have strict guidelines. A history of defaults, for instance, may mean that you won't be approved.
Another advantage of the Capital One Platinum card is that it has a lower than average credit utilization rate. You can improve your credit score by lowering credit utilization. The Capital One Platinum can help you establish credit history even if your credit score isn't high enough to qualify for a card.
The Capital One Platinum Credit Card has a high interest rate but is worth it for those with fair or average credit. This card is a good option for those just beginning to build their credit.
The Capital One Spark Miles Select card for business is another option. These cards will allow you to get cash back and redeem your rewardpoints for Amazon shopping.
Low annual fees, security alerts, fraud liability, and low annual fees are just a few of the other features you should look for when applying to Capital One. While some might be disappointed that the Capital One Platinum Card doesn't offer much, it's an excellent choice for anyone looking to rebuild their credit.