Capital One® Platinum Credit Card
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The Capital One® Platinum Credit Card is just one step up from having a secured credit card. You don’t have to put any collateral down, but it really doesn’t offer much else. In other words, don’t get this card unless you have few other choices in front of you.
The Capital One® Platinum Credit Card can help those with just fair credit make lemonade out of lemons. If you make your first five payments on-time, you can get access to a higher credit limit, which in turn can help improve your credit score if you continue to pay your bill on time.
But if your primary goal is to build up your credit, you may be better off opening a secured card that offers some benefits, using that card until you’ve improved your credit and then moving on to a standard credit card with better terms.
The good news, if there’s any to be had, is if you make a late payment, this card carries no penalty APR. The bad news: The standard APR isn’t far off from the penalty APR most cards charge.
Who should get this card
This plain-vanilla credit card could be a good choice for those with thin credit files or fair credit history who don’t qualify for other cards. Although the standard APR is high, that won’t be an issue if you intend to pay off your balance every month.
Fees and APR
- This card charges no annual fee.
- There are no foreign transaction fees for purchases made outside the United States.
- There’s no balance transfer fee, but balances transferred carry the same interest rate as the purchase APR.
- Purchase APR is a variable 24.99%.
Extras and perks
The biggest benefit of this card is the ability to get a higher credit limit if you make your first five on-time payments in a row.
This card also comes with Mastercard Platinum benefits including car rental and travel protections.
Capital One’s free Credit Wise tool can be helpful in teaching consumers how spending affects your credit score and to monitor potential fraud.
How this card compares
As a rewards credit card, the Capital One QuicksilverOne Cash Rewards Credit Card just doesn’t stand up to the competition. As a rewards card for a consumer trying to rebuild (or build for the first time) their credit, this card is worth a look.
There are numerous options other there if you have good credit to earn rewards at this level or higher without having to pay for the privilege. But there are few cards available to someone with fair credit that also offer a nice payday.
If you have a bank account but limited or poor credit history, the Discover it® Secured is a terrific choice to help build your credit and earn cash-back rewards, too.
We also like that you can quickly graduate to an unsecured Discover card with just eight months of good payment behavior.
If you or a loved one will be deployed soon, the USAA Secured Card American Express could prove a real help. Think about applying for this card before you head overseas so you can take advantage of the generous benefit offered active-duty military personnel.
The card has a special low APR for deployed members of the U.S. armed forces — much lower than standard credit card interest rates — and, unlike most other unsecured cards, offers travel and auto protections and extended warranty coverage.