Capital One Platinum Credit score Card overview
Should you’re in want of a no-frills starter bank card, the Capital One Platinum Credit score Card suits the invoice. Nevertheless, it is “Platinum” by identify solely — do not count on any perks, privileges or significant rewards. Nonetheless, with no annual charge, it may very well be a superb match for some inexperienced persons. Card ranking*: ⭐⭐
*Card ranking relies on the opinion of TPG’s editors and isn’t influenced by the cardboard issuer.
Some bank cards are supposed for true newcomers, and the Capital One Platinum Credit score Card suits proper into the fold. You probably have a restricted credit score historical past, you would possibly solely be in search of two issues from a card: excessive approval odds and no annual charge. On this respect, the Capital One Platinum hits the nail on the pinnacle.
Nevertheless, this card has downsides, so it actually pays to take a look at your different newbie card choices. TPG recommends candidates have a good credit score rating of 630 or larger.
Let’s study the Capital One Platinum Credit score Card extra intently to see if it meets your wants.
Associated: The very best Capital One bank cards
Capital One Platinum execs and cons
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Capital One Platinum welcome supply
Sadly, no welcome bonus is offered on the Capital One Platinum.
Nevertheless, the cardboard has no annual charge. Many playing cards supposed for these with restricted credit score usually both cost an annual charge or require a safety deposit, so it’s good that this card does not have both.
Associated: The very best bank card welcome bonuses this month
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Capital One Platinum advantages
The Capital One Platinum comes with some tangible advantages that can assist you handle and shield your account. These aren’t groundbreaking by any means, however it’s reassuring to know that there’s a normal suite of protection on this card.
There are a number of account administration options:
- Automated credit score line critiques: Possible the primary purpose why you are getting this card is to increase your credit score rating. Capital One will mechanically monitor your credit score line and doubtlessly improve it after six months. A better credit score restrict — if not used — might decrease your total credit score utilization and, thus, enhance your credit score rating.
- CreditWise from Capital One: You may entry your credit score rating and monitor your credit score profile instantly by means of this Capital One platform.
- Fraud protection: You’ve got obtained fraud protection, which means you are not liable in case your card is used for unauthorized transactions.
- Cell apps: You may handle your on-line banking wants proper out of your cellphone.
The Capital One Platinum is a Mastercard, so you should use it wherever Mastercard is accepted and revel in a bunch of normal journey and buy advantages.
Associated: 3 issues to do to spice up your probabilities of getting an computerized credit score restrict improve
Incomes and redeeming rewards on the Capital One Platinum
There are not any class bonus earnings with the Capital One Platinum and, due to this fact, no redemption of rewards both.
Regardless of not with the ability to earn and redeem rewards, this card is for these trying to construct their credit score and work their manner as much as extra premium bank cards that supply such advantages.
In case your credit score historical past and rating are trying good, this card is not for you, and also you’re higher off opening a card that you may earn rewards with.
Associated: The very best starter bank cards
Which playing cards compete with the Capital One Platinum?
The Capital One Platinum is finest for many who should not have one of the best credit score or need to construct their credit score. There are a number of opponents to this card:
- Should you favor Capital One rewards: The Capital One QuicksilverOne Money Rewards Credit score Card is a superb addition to any pockets. Whereas the cardboard has a $39 annual charge, it provides you 1.5% money again on each buy and is instantly supposed for these with common credit score. To be taught extra, try our full evaluation of the Capital One QuicksilverOne Money Rewards card.
- Should you favor Citi: The Citi® Secured Mastercard® is an effective solution to construct credit score for these trying to set up or rebuild their credit score. The cardboard has no annual charge and your credit score line relies on the safety deposit positioned to safe the cardboard. Along with your alternative of fee dates and 0 legal responsibility safety, the Citi Secured card helps set up credit score simply.
- Should you favor higher rewards: The Chase Freedom Limitless® is a superb solution to earn money again rewards, with the flexibility to redeem your rewards for journey in case you additionally maintain a extra premium Chase card. This no-annual-fee bank card earns 5% money again on journey booked by means of Chase Journey℠, 3% on eating (together with eating places, takeout and eligible supply) and drugstore purchases and 1.5% money again on all different purchases. To be taught extra, try our full evaluation of the Chase Freedom Limitless.
The data for the Citi Secured Mastercard has been collected independently by The Factors Man. The cardboard particulars on this web page haven’t been reviewed or supplied by the cardboard issuer.
For extra choices, try our picks for the finest secured and finest cash-back bank cards.
Associated: The newbie’s information to bank cards
Is the Capital One Platinum value it?
This Capital One Platinum is designed for each bank card novices and people who need to construct up their credit score. This can be a respectable choice if in case you have a median credit score rating or restricted credit score historical past, however it lacks the advantages and incomes potential that another secured playing cards have. Many trying to construct credit score will favor a special secured bank card as a substitute.
Associated: Greatest bank cards for glorious credit score
Backside line
The Capital One Platinum is not breaking new floor as a starter card, however it’s a stable, middle-of-the-road choice for inexperienced persons. Should you’re making use of for this card, use it as a instrument to enhance your credit score so you’ll be able to ultimately apply for one thing extra rewarding. With accountable bank card use, you may have taken the primary of many steps in your credit score journey.
Study extra: Capital One Platinum
For Capital One merchandise listed on this web page, among the advantages could also be supplied by Visa® or Mastercard® and will fluctuate by product. See the respective Information to Advantages for particulars, as phrases and exclusions apply.
