Ben Todd | Jun 2, 2017 | 1
Capital One Platinum Credit Card Review (Updated 2016)
The Capital One Platinum credit card is primarily a credit card for those with average or limited credit history. This is not a secured Mastercard, and is a Platinum card meaning it comes with many additional benefits. The following review will tell you everything you need to know about the Capital One Platinum credit card.
Our Favorite Things About The Capital One Platinum Credit Card
- No annual fee: This card does not have an annual fee, which is great as many cards for individuals with bad to average credit have an annual fee.
- No foreign transaction fee: This card does not charge you a fee when you use this card in a foreign country, or when you purchase an item with this card in a foreign currency. This allows you to use this card while travelling with no added fees.
- No balance transfer fee: Many cards charge the user a 3% fee for transferring a balance from another card to their current credit card. However, you should only transfer a balance to this card if you are currently paying a higher interest rate then this card, which is 24.99%.
- Increase credit limit: If you continually make all your payments on time for the first 5 months, you will get an increase on your credit limit. This also means you are improving your credit score by making your payments on time.
- Text message alerts: A neat feature this card offers is, you will receive text message alerts notifying you of your balances, allowing you to monitor your spending.
- Vehicle rental insurance: This card allows you to receive auto rental insurance that will insure you for any accidents or damages that occur while you are renting the vehicle.
- Extended warranty: If you buy an item with this card that has an extended warranty of 12 months or less, the extended warranty feature will double your warranty period up to 12 months. For example if you purchase product that has a warranty of 6 months, this card’s extended warranty program will cover you for an additional 6 months.
Thing We Do Not Like About The Capital One Platinum Credit Card
- No rewards program: Although many cards designed for individuals with average credit do not have a rewards program, it still would have been nice to see some sort of rewards program on this card.
- No introductory offer: This card does not have any sort of 0% intro A.P.R. intro offer on purchases and balance transfers that you see on many cards. The variable A.P.R. of 24.99% applies immediately.
Who The Capital One Platinum Card Best Suits
- Those with average credit looking to improve their credit score.
- Those who do not have credit established
How The Capital One Platinum Card Compares To Similar Cards
Credit One Bank Platinum Visa Rewards Card
This is a great credit card, as it has cash back rewards that allow the user to qualify with even a fair credit score. You will receive 1% cash back on all gas and grocery purchases. The card has the same interest rate as the Capital One Platinum card at 24.99%. This card will also allow you to receive an increase on your credit limit if you continually make your payments on time. You can also pre qualify for this card with out it affecting your credit score. This card also allows you to monitor you credit score online, so you know where you stand. One major downside to this card is the fees. You will be charged an annual fee up to $95 depending on your credit score. Furthermore, this card does have a foreign transaction fee and a cash advance fee. This card does not have the vehicle rental insurance, as well as no extended warranty features. Overall this card does offer value with the rewards, however it is not kind in regards to fees. If you are really interested in the cash back, then this card could be good for you, however you will have to spend high amounts to make up for the fees.
Chase Slate Credit Card
The Chase Slate credit card is primality a balance transfer credit card that allows you to qualify if you have fair credit. This card features a 0% intro A.P.R. on all purchases and balance transfer for the first 15 months of card opening. After the intro period, a variable A.P.R. ranges from 13% to 23%, which is a lower interest rate then eh Capital One Platinum card. This card also does not have an annual fee, however this card does have a foreign transaction fee of 3%. Both cards do not have any sort of rewards program. This card does not have a balance transfer fee for transfers make in the first 60 days of card opening, after the first 60 days a balance transfer fee of 3% applies. If you are making a balance transfer with this card, make sure you do it in the first 60 days to avoid the fee. Overall the Chase Slate card gets the edge as it has the 0% offer and the lower interest rate. However, it will be harder to qualify for the Chase card over this card.
Should You Or Shouldn’t You, Our Final Verdict
This is a quality card that has very little fees associated with it. This card offers many additional features such as the auto rental insurance and extended warranty, as well as no foreign transaction fee.This card is not designed for those looking for rewards and cash back, as it is primarily for those with average credit looking to improve their credit score.
If you are simply looking for a basic card to improve your credit then you should look into getting this credit card. Also if you are looking to first establish your credit score then this would be a great card to apply for, as it would be difficult to qualify for most other cards. On the other hand, if you have good or excellent credit, then there are definitely better options available that offer rewards and cash back. To sum things up if you are looking to improve/establish your credit score, then the Capital One Platinum Card is a good choice.