If you have a fair credit score, you know how difficult it can be to get an unsecured credit card without an annual fee. If this sounds familiar, you’ll likely be interested in learning more about the Capital One Platinum credit card, which accepts a fair credit score, does not charge an annual fee and does not require a security deposit to use the card.
Although the Capital One Platinum card does not come with the most exciting cardholder benefits, it does have a solid set of perks that you can enjoy while making the most of this building credit card.
Advantages of the Capital One Platinum Card
Advantages of the Capital One Platinum Credit Card
- Rewards rate: Nobody
- welcome offer: Nobody
- Annual fee: 0 dollars
- Buy Introduction APR: Unavailable
- Introduction to APR Balance Transfer: Unavailable
- normal april: 26.99 percent APR is variable
The Capital One Platinum Card is an unsecured credit card that can be used to build your credit score. You must have a fair to good credit score (580 to 740) to qualify for a Capital One Platinum credit card, but if you use it responsibly, you can work towards a better credit score.
Since the purpose of this card is to build credit, it does not come with any flashy features or benefits. However, this unsecured credit card comes with some useful features that make managing and building credit easier, such as an automatic account review after six months to see if you qualify for a higher credit limit. The Capital One Platinum card also comes with credit monitoring via CreditWise and primary card protection.
Prices and fees
The good news is that you do not need to pay an annual fee to use the Capital One Platinum credit card. This credit card is one of the few unsecured and credit building cards with no annual fee available to those with a fair credit score.
Although there is no annual fee to be paid, this card does come with higher rates and fees. If you pay your bill after its due date, you risk paying a late fee of up to $40. And if you carry a balance, the card will have a variable interest rate of 26.99 percent. For this reason, when using this card, it is only important to make purchases that you can pay off immediately or else the interest fee will rise quickly.
In addition, one of the advantages of Capital One Platinum worth noting is that you can get a cash advance with this card. In general, cash advances are not recommended by financial experts unless you are in a real financial emergency, as credit card issuers tend to charge a high APR for cash advances. With the Capital One Platinum card, you will have a variable annual rate of 26.99 percent and you will have to pay a cash advance fee of either $10 or 3 percent of each cash advance amount, whichever is greater.
If you can pay your balance on time and in full each month, and avoid cash advances, you can use this credit card to boost your credit score for free.
You will not have to pay any foreign transaction fees when making out-of-state purchases, which can save you money while shopping abroad. Other useful travel benefits associated with this card include $0 fraud liability, emergency card replacement, security alerts and Eno virtual card numbers.
Another benefit of using a credit card to make purchases—aside from getting a better credit score when you pay your bills in full and on time—is that many credit card issuers, including Capital One, offer extended warranties on eligible items when you make a purchase with your card. fiduciary. The Capital One Platinum credit card offers this feature, which can come in handy.
CreditWise credit control
If your goal is to improve your credit score, you’ll appreciate that the Capital One Platinum credit card comes with unlimited access to CreditWise from Capital One. This feature provides you with your credit score and the tools to understand and track it over time. If you are committed to improving your credit score, this is a powerful tool to use in addition to practicing good credit habits.
Capital One Account Automated Review
If you practice good credit habits with the Capital One Platinum card, your credit score will likely increase over time, along with your credit limit. While you may be offered a lower credit limit when you first open your credit card account, Capital One will automatically review your account after six months to see if you qualify to receive a higher credit limit.
Is Capital One Platinum a good credit card for those with fair credit?
If you have a fair credit score and want to improve your credit score, the Capital One Platinum card may be right for you.
For those without a credit history or poor credit score, it is often necessary to start with a secured credit card. To be eligible for this card, you must have a FICO credit score of at least 580. Capital One Platinum is one of the only unsecured credit card options available with no annual fees available at this credit level. Since the card is unlocked, you don’t have to put money into a security deposit to use this credit card – which you do with a secured credit card.
Although your credit limit can improve over time, you should probably start with a low one. Capital One does not disclose the minimum starting credit for Capital One Platinum, so you will need to apply and get approved for this card to find out your credit limit. Similar unsecured credit building cards usually offer starting credit limits of at least $300. It’s not a guarantee that the Capital One Platinum card will come with this higher credit limit, but it does give you a general idea of your credit limit.
How to Maximize the Advantages of Capital One Platinum
To get the most out of your Capital One Platinum Card, you should only make purchases that you can pay off when your monthly bill comes due. Paying your credit card bill on time and in full each month is the best way to improve your credit score and avoid high interest and late fees. You should also take advantage of CreditWise’s unlimited credit monitoring tool that comes with this card to get more information on how to improve your credit score.
While the Capital One Platinum credit card does not come with any impressive benefits, if used responsibly, this card can help you build your credit score, which can help you qualify for a better card, such as a rewards credit card, in the future. Since this credit card does not charge an annual fee, you can take advantage of the credit building benefits and other services it offers you at no cost. If you have a fair credit score, this card is a solid option to consider as long as you maintain a low balance and always pay your bill in full and on time.