Platinum Credit Card from Capital One Review

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Platinum Credit Card from Capital One Review

Full Review of Platinum Credit Card from Capital One

Pros

  • No annual fee

  • No foreign transaction fee

  • Quick credit limit increases

Cons

  • No one-time offer

  • No rewards

  • High interest rate

Pros Explained

  • There is no annual fee for this card, which is an excellent value if you haven’t built stellar credit or are repairing your credit.
  • No Foreign Transaction Fee: Despite the fact that the Capital One Platinum credit card has no rewards component, it travels well. When you use the card outside of the United States, you may make purchases in either US dollars or the local currency without paying a charge.
  • Rapid Credit Limit Increases: Your credit limit might be increased after as little as six months of on-time payments. So, pay a few days ahead of time to guarantee that your payments are received on time. Also, maintain your balances low to improve your credit score over time.

Cons Explained

  • No One-Time Offer: If you have mediocre credit, you are unlikely to qualify for a bonus on any card that does not have an annual fee. So, although it is a disadvantage, it is comparable to other cards you could pick.
  • No Rewards Program: This is a basic credit card for establishing credit. It is, however, a low-frills card with no annual charge.
  • High Interest Rate: If your credit is strong or great, you may be able to apply for a card with a considerably lower interest rate. This card’s purchase APR is more than 26%, so if you plan to carry a monthly debt, you’ll pay a high premium.

The Capital One Platinum card is designed for those with mediocre credit who want to develop or repair their credit without paying an annual feeā€”and who don’t care about earning rewards. The possibility of having your credit limit raised in as short as six months is also a wonderful advantage.

However, if you already have strong or great credit, this is not the card for you. If you’re searching for a rewards card, it’s also incorrect. Through its QuicksilverOne by Capital One card, the same business provides a cash-back alternative for customers with comparable credit. This card offers 1.5% cash back and has a $39 annual fee.

Given the annual cost, the QuicksilverOne card is a better value, as long as you expect to charge at least $2,600 per year on it. The disadvantage is that you may wish to cancel it after a year if your credit improves and you qualify for a rewards card with no annual fee. You might, however, leave the Platinum card open after receiving a new card since it would cost you nothing and the length of the account will improve your credit score.

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Standard Benefits

  • Emergency card replacement
  • Tap to pay
  • Virtual card numbers
  • Access your account 24 hours a day, seven days a week with online banking, or from your PC or smartphone with Capital One’s mobile app.

Cardholder Experience

In the J.D. Power 2021 U.S. Credit Card Satisfaction Study, the firm that offers this card placed third out of 11 and achieved an above-average score.

CreditWise, which offers free VantageScore 3.0 credit ratings and credit fraud monitoring, is available to all Capital One cards (and even non-customers). CreditWise checks your record at TransUnion, one of the three main national credit agencies, and notifies you of any important changes, such as overdue accounts. Based on information from Experian, another of the three main agencies, it will also tell you if someone is possibly abusing your Social Security number.

The Capital One customer support phone number is 800-277-4825. In addition, via Capital One’s Eno service, cardholders may text for answers 24 hours a day, seven days a week.

Security Features

Capital One credit cards provide several security safeguards. Cardholders have $0 responsibility for fraudulent purchases, get quick text notifications of questionable activities, and may lock their cards through the mobile app, in addition to the possibility to establish virtual card numbers using Eno.

If you misplace your card, Capital One will replace it for free; normal delivery may take a few days.

Fees to Watch out For

The Capital One Platinum credit card has no annual fee and no hidden fees. Its costs, such as those for late payments and cash advances, are industry standard.

Our Verdict

The Capital One Platinum credit card is great for persons with ordinary credit who wish to build their credit history. It is not suitable for reward seekers since it does not provide any. However, since there is no annual charge, there is no danger in retaining it, and if you’ve built a good credit history, you may later switch to a card that does give rewards without an annual fee.

Investopedia Credit Card Rating Methodology

Investopedia is dedicated to providing the most accurate credit card advice in the business. We’ll tell you when a card is excellent, when it’s awful, and we’ll only declare a card the greatest if we’d suggest it to our friends or family.

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Overall Star Rating Explained

To rank credit cards, we objectively examine, score, and weight roughly 100 unique card characteristics, which are then categorized into five key feature sets: fees, interest, rewards, perks, and security/customer service. Here’s how we weighted those feature sets to get a card’s total star rating:

We have applied our patented grading approach to every widely recognized credit card in the domestic market of the United States, allowing users to make fully informed decisions. It’s crucial to understand that we make a lot of assumptions regarding how you’ll use your credit card when calculating our overall score:

  1. While we make no assumptions about whether or not balances are held on a certain card, we do apply differing weights to all credit cards’ promotional APR (if applicable), as well as the normal, long-term purchase and balance transfer interest rates.
  2. We use BLS (U.S. Bureau of Labor Statistics) income and average category spending data to calculate annual earnings rates for rewards cards that offer cash back, points, or miles rewards at a fixed rate on all spending or with bonus rewards for specific spending categories such as gasoline, groceries, restaurants, or travel.
  3. The maximum points value of a rewards card is calculated by dividing the number of points, cash back, or miles required to exchange for the retail price of the most valuable redemption option (for example, in the case of a card that offers a domestic roundtrip airline ticket as a redemption option vs. another redemption option of lesser value that requires the same amount of points or miles to acquire, we would base the rewards value on the airline ticket).
  • Cards that are chosen as the greatest overall in their respective categories often include the majority, if not all, of the following characteristics:
  • Fees that are low or reasonable Credit card fees may take numerous forms, but the most common are those for annual card membership and debt transfers. There are several reward and non-reward card alternatives with no annual fee, but the cost of the ones that do charge an annual fee is generally justified by their attractive recurring benefits and initial signup incentives. Balance transfer costs are often removed during introductory periods with certain cards, which is a feature that is highly and favorably weighted in our scoring model for cards that provide this advantage. Balance transfer costs, if paid, vary between 3% and 5%, and we evaluate them appropriately. Other regular costs, such as those for late payments or cash advances, may often be avoided, but we assess them compared to other cards in the market for reference, but with less weight allocated.
  • Competitive Motivation Many credit cards provide 0% introductory APR on purchases and debt transfers for varied periods of time before reverting to a permanent or normal APR (based on a variable rate related to the prime rate) that applies to any balances that are not paid in full. The introductory APR % and term (in months) are both rated, as is the midpoint of the variable regular APR interest rate range.
  • Excellent Benefits Credit card reward schemes might provide cash back, points, or travel benefits (which can be generic or travel partner-specific, as with airline and hotel co-brand card programs).For cards that give rewards, we calculate the value per dollar spent as well as typical redemption values and award higher ratings to cards that provide greater customer value. We also appreciate sign-up bonuses and their first spending criteria when they are available.
  • Excellent Advantages Concierge service, TSA Pre-check, vehicle rental coverage, travel accident insurance, lost baggage help, and free credit scores are all examples of credit card advantages. We grade cards based on the amount and quality of over a dozen standard and upscale advantages, with additional weighting given to travel-related perks that apply to premium travel cards where they are present.
  • Excellent security/customer service Security and customer service features like as lost or stolen card replacement, the ability to freeze one’s card through an issuer app, and 24 hour customer assistance are becoming increasingly common in the card industry, and we put a high value on them.
  • You can also read our comprehensive methodology for a more in-depth look at how we evaluate cards and reward the best in different categories.
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