The Platinum Card is an unsecured credit card designed to assist those with fair to average credit in building or rebuilding their scores without incurring annual fees or earning rewards. Furthermore, this card may offer the possibility for an increase in their credit limit after six months.
Though lacking many of the amenities associated with more generous cards, the Platinum Card is an excellent choice for individuals starting their credit journey or recovering from past mistakes.
1. No annual fee
Capital One Platinum Card (rates & fees) stands out as being one of the few cards for fair or average credit that does not charge an annual fee, plus doesn’t come with many hidden costs such as late payments and cash advances, which makes this card perfect for beginners looking to build credit while keeping spending and balance low while doing so.
Although it doesn’t offer rewards on purchases, this card remains a good way to build credit without an annual fee. Each month it reports to all three major credit bureaus which may help increase scores when used responsibly; other benefits include ATM-location services when traveling and emergency card replacement.
Capital One Platinum Card also doesn’t require a security deposit – an invaluable benefit for people trying to build or rebuild credit who may lack funds needed for larger deposits on secured credit cards.
Capital One credit cards typically begin with low limits, but regular payment can qualify for an increase in just six months if they make on-time payments. A higher credit limit doesn’t guarantee approval but serves as an incentive for responsible card use and boost to your score. If approved for an increase, use caution in keeping charges below your limit to prevent overspending and increasing credit utilization rates; then pay your balance off each month in full to avoid incurring interest charges. For those with good to excellent credit looking for rewards on purchases NerdWallet suggests checking out other Capital One cards available from them such as NerdWallet Card
2. No foreign transaction fee
Capital One Platinum Card not only does not charge an annual fee, but it also doesn’t levy foreign transaction fees – an invaluable feature for frequent travelers who will save a considerable sum over time.
Avoiding fees is key to keeping credit card balances under control and improving your score, and The Platinum Card makes this easier by not charging cash advance or late payment fees, which can add up quickly when carrying a balance. Plus, this card doesn’t encourage overspending with cash back rewards or travel incentives like cash back; rather it acts as an assist on your journey or rebuilding of history by helping avoid high interest charges.
Though Capital One card doesn’t provide rewards, there are still a number of helpful convenience features that make life simpler, including $0 fraud liability, free credit monitoring through Creditwise, security alerts, account management through Capital One mobile app account, virtual card numbers and auto pay capabilities. These features may especially come in handy for anyone struggling with budgeting or keeping track of spending.
Capital One Platinum Card has another significant benefit compared to traditional secured cards: no security deposit requirement. This makes the Capital One Platinum Card ideal for those just starting their credit journey or rebuilding scores, as upfront costs associated with getting new cards may be difficult for some individuals. Furthermore, making six on-time payments over six consecutive months allows users to qualify for higher credit limits by earning extra rewards points.
3. No annual fee on purchases
The Platinum Card is a credit-building card without an annual fee (rates & fees), designed specifically for people with fair or recovering credit who do not want to tie up money in security deposits, which is typical with secured cards designed for people with average or below-average credit. Furthermore, this unsecured card doesn’t charge penalty APR if payments are missed and does not charge foreign transaction fees, making it perfect for travelers.
Though there may not be many rewards with the card, its primary purpose should be building your credit profile and qualifying for more advantageous cards down the road. One benefit of Capital One’s card is that after six months of on-time payments they will automatically review it for a possible credit limit increase.
Another benefit of this card is its zero fraud liability protection against any unauthorized purchases made with it. Furthermore, its accompanying app makes managing and checking balance easy while offering 24/7 English customer service for any additional questions that arise.
Although this card doesn’t offer rewards or a welcome bonus, that shouldn’t matter when your main focus is rebuilding or building your credit profile. Its simplicity helps build scores, raise credit utilization ratios and improve payment history – while expanding length of credit and adding different types of credit types to your profile. Plus, you can even link it with Capital One accounts like checking and savings so that you have easy access to card info and payment bill management from anywhere!
4. No annual fee on balance transfers
Capital One Platinum Card’s primary focus is to help consumers with average credit build their scores, not provide rewards. It is an ideal solution for anyone struggling to raise their score or trying to recover after previous mistakes, and requires no security deposit or repayment agreement if bankruptcy has been filed within five years.
While this card doesn’t come equipped with many perks, it does provide basic protections like zero liability for unauthorized purchases and access to CreditWise, a free digital tool which displays your VantageScore 3.0 score as well as changes on either TransUnion or Experian credit reports. Making payments on time could even qualify you for an increase in credit limit after six months which would help lower credit utilization levels and positively influence your score.
This card doesn’t charge foreign transaction fees, which can save you money when traveling abroad, and reports your payment history to all three consumer credit reporting agencies – helping establish an on-time payments history that’s essential for building credit. Furthermore, there’s a low balance transfer interest rate so that debt can be paid down more quickly while getting back onto track with your score.
If it’s time to upgrade from your credit-building card, the Platinum Card could be an ideal replacement as it doesn’t charge an annual fee or penalty APR for late payments. Simply transfer existing balances using their convenient online form; payments will then automatically report to credit bureaus.
5. No annual fee on purchases
Even without sign-up bonuses or rewards, this card is an ideal choice for people rebuilding their credit. Aimed at those with fair credit who need basic protections such as $0 fraud liability liability coverage. Furthermore, no security deposit is required making this more attainable than other secured cards which often have higher requirements such as depositing $50-200 minimum to open one requiring at least six months of responsible card use and payments on time before upgrading to an unsecured Capital One Platinum Card account.
Also included with their service is a mobile app to track spending and set automatic monthly payments to avoid missing any due dates, as well as a digital wallet that captures receipts automatically for purchases and links them with purchases so you can easily keep tabs on what you’re spending. They offer account alerts via text messaging as well as autopay for even easier expense management.
Finally, it reports payments to major credit bureaus which can help build your score over time. CreditWise – the issuer’s free monitoring and education tool that helps understand and raise your score – allows you to track progress. Plus it has a credit simulator so that you can analyze different financial decisions before taking them.
This card is ideal for anyone starting or expanding their credit journey, and has received rave reviews according to independent consumer review site BazaarVoice. BazaarVoice reviewers gave it four stars on average; most gave five.
