The Capital One Platinum credit cards are one of the best available for building and maintaining a strong credit score. The card is a solid choice because it has no annual fees and $0 foreign transaction fees.
However, the Capital One Platinum Card has an average interest rate. The card is not suitable for those who have a tight budget or need to reduce their debt. Capital One Secured Mastercard is a better option. You get a Zero Annual Fee and a Refundable Security Deposit.
Although the Capital One Platinum credit card does not offer rewards it does include a few benefits that can help your credit. Specifically, you'll have access to the Capital One CreditWise suite of credit building tools. You will also get educational content and a credit score for free.
The bill can be paid online, or at a branch. TransUnion, Equifax and Experian will report your payments. If you maintain your balance and pay on time, your credit score will increase. You can increase your credit limit and decrease your credit utilization by continuing to use the Capital One Platinum credit cards.
Additional perks include travel benefits with the Capital One Platinum credit card. Your card can be used abroad without any foreign transaction fees.
The Capital One Platinum Card also offers an automatic credit line growth after six months. After you qualify, you'll receive a new credit limit based on your credit history.
An application is required to apply for Capital One Platinum. Your income and credit score will determine your eligibility. In general, applicants with a FICO score below 580 are eligible for a credit card. Some companies have strict guidelines. If you have a history of delinquencies, for example, you may not be approved.
Capital One Platinum has a lower average credit utilization rate. Your credit utilization rate can be lowered, which is a great way of improving your credit score. The Capital One Platinum is a great way to build credit history, even if you aren't eligible for a card.
The Capital One Platinum Credit Card, despite its high interest rates, is a good option for people with average to fair credit. Since it doesn't require an up-front deposit, it's a good choice for those who are just starting to build their credit.
You might also consider the Capital One Spark Miles Select For Business card. These cards can earn you cash back or redeem your reward points to shop at Amazon.
Other features that you'll want to look for when applying for a Capital One card are low annual fees, security alerts, and fraud liability. While some might be disappointed that the Capital One Platinum Card doesn't offer much, it's an excellent choice for anyone looking to rebuild their credit.