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If you know credit cards, then you know Capital One. The big bank is one of the better known credit card issuers in the United States. Aside from offering cards to residents of the U.S., Capital One also has offers in Canada and the United Kingdom. If you look at the size of the company, you will see that they rank in at number 8 in the top largest banking companies in the United States. This says a lot about their reputation. Capital One have been in business for nearly 30 years, and it offers some of the best cards that you can find. If you’re in the market for a no annual fee credit card, then you may consider is the Capital One Platinum Credit Card. Let’s look and see how it compares.
Benefits & Rewards
The Capital One Platinum Credit Card offers a wide variety of benefits for cardholders. All Capital One cards include 24/7 account monitoring, which helps by informing you of any suspicious activity on your account. You can also personalize your payment due date each month, and they offer multiple ways to pay your account – in the local branch, online, or by check through the mail.
They also offer a 24/7 customer service team that you can reach online, over the phone, or on your mobile device. The card is also compatible with Apple Pay, allowing you to make purchases on the go for convenience. You can also apply for a credit limit increase once you have made your first five payments on time, giving you access to larger purchases.
Other card benefits that come along with the Platinum card include extended warranty services on all of the items that you purchase with your card, auto rental insurance, travel accident insurance, 24-hour roadside assistance and 24-hour travel assistance. They also offer price protection, meaning if you find it cheaper somewhere else, you can price match as long as you use your card for the purchase. For your security, you also get fraud coverage with their $0 Fraud Liability. On top of it all, they also offer CreditWise from Capital One access that gives you unlimited access to your credit profile (although this is available to anyone, even non-cardholders.)
Rates & Fees
- Min APR: 24.99% variable
- Max APR: 24.99% variable
- Balance Transfer: N/A
- Cash Advance: N/A
- Annual: $0
- Late Payment: $35
- Balance Transfer: None
- Foreign Transaction: None
Now that we have covered most of the Capital One Platinum Credit Card benefits, let’s take a closer look into the rates and fees. The good news is that there is no annual fee with this card. There are transaction fees, however, associated with cash advances that you get with your card. Any time you get a cash advance, the transaction fee will be either 3 percent or $10, whichever happens to be more.
There are also penalty fees with any late payment that is made to your account. This fee can be up to $35, depending on which state you live in. The fees with this card are pretty cut and dry. There are no additional penalty fees, transaction fees or foreign transaction fees for you to worry about.
As far as rates go, the rate for this card is a variable rate that varies based on the market prime rates. As of today, the rate is 24.99 percent. This is the rate for all purchases and transfers. It is also the rate for all cash advances.
While it is a bit higher of an interest rate than most of the other cards you find on the market, there is a 25-day grace period from the close of your billing cycle. If you pay your balance in full before the grace period is over, you will not be charged any interest on your account. This is a great way to avoid paying extra for your purchases while still having the freedom to pay over time if you need the extra cash flow one month.
The Bottom Line
So, could the Capital One Platinum Credit Card be the right card for you? It seems that this card not only offers limited rewards and benefits, but also has a bit higher of an interest rate. The biggest perk with this card is that it is targeted toward people that have average credit. That means that you don’t have to have the best credit in order to be approved.
With less than perfect credit, it can be quite difficult to get the approval that you are looking for in a card. With this card, however, you have a better chance of getting approved. That means that if you have had difficulties getting approved with other cards, this one may be more suited for you. Apply today to see if you can be approved for the Capital One Platinum Credit Card.
Not satisfied? Check out some of the best Capital One credit cards that we have reviewed.
Author: Jeff Gitlen, CEPF®
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