The Capital One Platinum credit card is one of the best cards available to build and maintain a good credit score. Its no annual fee and $0 foreign transaction fee make it a solid choice.
The Capital One Platinum card has an interest rate that is much higher than the average. This makes the card unsuitable for people who are on a budget and need to pay down their debt. Capital One Secured Mastercard would be a better choice. It comes with 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'll also have access to educational content and a free credit score.
The bill can be paid online or in person at the local branch. Payments will be reported to the major credit bureaus, TransUnion, Equifax, and Experian. You can improve your credit score by maintaining your balance and paying on time. Continue to use Capital One Platinum creditcard and you'll be able to increase your credit line while lowering your credit utilization.
Additionally, the Capital One Platinum card has some cool travel perks. With no foreign transaction fees, you can use your card when traveling outside of the U.S. You can also enjoy emergency card replacement services.
The Capital One Platinum Card also offers an automatic credit line growth after six months. Based on your credit history, you will receive a new credit limit once you are approved.
When applying for a Capital One Platinum card, you'll need to fill out an application. Your eligibility is determined by your credit score and income. Card applicants typically have to have a FICO score at least 580. But keep in mind that some companies have strict guidelines. For example, if you have a history with delinquencies you might not be approved.
Capital One Platinum card also has a lower than average credit utilization ratio. A great way to improve your credit score is to lower your credit utilization rate. Even if the Capital One Platinum card is not for you, it can help you build your credit history.
Despite its high interest rate, the Capital One Platinum Credit Card is a worthwhile option for those with average or fair credit. The card doesn't require any upfront deposit and is therefore a good choice for anyone just beginning to build their credit.
You might also consider the Capital One Spark Miles Select For Business card. These cards let you earn cash back as well as redeem your reward point for Amazon shopping.
Additional features to be aware of when applying for Capital One cards are the low annual fee, security alerts, as well as fraud liability. Some people might complain that there isn't much to do with the Capital One Platinum card, but it's a good choice for anyone who needs a little help rebuilding their credit.