Capital One Platinum Credit Card Review: Strengthen Credit Score

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The Capital One® Platinum Credit Card is designed for individuals who need an additional opportunity to strengthen their credit score! Those with a lower credit score now have a chance to increase it! The Platinum credit card ensures that after paying the bill on time for 5 months after account opening, you will get a higher credit line.

The card is quite easy to handle as there are no annual fees to deal with, no balance transfer fees! Best of all, there are no foreign transaction fee if you need to use it when traveling. It’s essential for those wanting a better credit score without worrying about fees in their wallet.

*Check out Capital One’s sign up bonuses for their Checking & Savings accounts.

Capital One Platinum Credit Card Summary

With the Capital One® Platinum Credit Card: • Pay no annual fee • Get access to a higher credit line after making your first 5 monthly payments on time • Fraud coverage if your card is lost or stolen • Use online banking to access your account, even from your smartphone, with our mobile app • Pay by check, online or at a local branch, all with no fee - and pick the monthly due date that works best for you • Get access to your account 24 hours a day, 7 days a week • Help strengthen your credit for the future with responsible card use Learn More About This Card

Editor’s Alternate Card Pick

With the Capital One® Quicksilver® Cash Rewards Card: -One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening -Earn unlimited 1.5% cash back on every purchase, every day -No rotating categories or sign-ups needed to earn cash rewards; plus, cash back won't expire for the life of the account and there's no limit to how much you can earn -0% intro APR on purchases for 15 months; 16.24%-26.24% variable APR after that -0% intro APR on balance transfers for 15 months; 16.24%-26.24% variable APR after that; 3% fee on the amounts transferred within the first 15 months -Pay no annual fee or foreign transaction fees Learn More About This Card

No Fees On Capital One Platinum Credit Card

For those that don’t want to deal with frustrating fees then apply for this card! It’s the perfect card to strengthen your credit score with a worry-free mindset. You don’t have to deal with pesky annual fess, balance transfer fees, or even foreign transaction fees!

This card will offer you the ease of use and with peace of mind that you have credit if things arise. Apply for this card to build your credit, and slowly you’ll be able to apply for the best credit cards from Capital One that will work for you. This means, you’ll get an opportunity to earn cash back and reward points!

Why You Should Apply for This Card

• No Annual Fee: Use this as an incentive to pay off your balance in full and on time to help you build credit efficiently and effectively.
• Fair Credit Score Needed: Most credit cards need good to excellent credit to apply for. With the Platinum Credit Card, you just need an average credit score to apply for it.
• Opportunity for Credit Line Increase in 5 Months: If you make timely payments on this card, you’re eligible for a credit line increase in as little as 5 months. Many competing cards make you wait as long as 12 months to request an increase. If you’re planning to make a large, time-sensitive purchase, or simply want more spending flexibility, a year is a long time to wait.

Other Capital One Platinum Card Benefits

• No Deposit Required: You don’t need an upfront deposit to secure your account. That’s a big advantage relative to secured competitors. Some of them require a hefty minimum deposit before you can use your card. Most competitors also cap your spending at the deposited amount. That stalls the possibility of a credit line increase until you find more funds.
• No Balance Transfer Fee: Avoid the balance transfer fee when transferring balances from other cards.
• No Foreign Transaction Fee: Use this card when traveling abroad without paying a foreign transaction fee. That’s a rare perk for a credit-building card.
• No Penalty APR: This card doesn’t carry a penalty APR, which is an excellent benefit if you occasionally miss a payment.
• Free Credit Score and Credit-Building Tools: This card comes with a free credit score on-demand, as well as a bunch of useful credit-building and credit-tracking tools with Capital One CreditWise. Some cards, even those who charge an annual fee, don’t even have this benefit.

Bottom Line

If you’re looking for a simple credit card for a low credit score, the Capital One® Platinum Credit Card is it. It doesn’t have the bedazzle and glam like other card. However, this one will help strengthen your credit score and allow you fee-free credit.

Use this card and pay off your bill on time for 5 months and you’ll receive an increase on your credit line! It’s easy as that. See our full list of credit card bonuses for all your credit card needs!

(Visit Capital One for more details)

What’s The Competition?

As an alternative, the Capital One Quicksilver Cash Rewards Credit Card is great for those with average credit scores. It offers the advantage of having a bonus with no annual fee.

With the Capital One® Quicksilver® Cash Rewards Card: -One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening -Earn unlimited 1.5% cash back on every purchase, every day -No rotating categories or sign-ups needed to earn cash rewards; plus, cash back won't expire for the life of the account and there's no limit to how much you can earn -0% intro APR on purchases for 15 months; 16.24%-26.24% variable APR after that -0% intro APR on balance transfers for 15 months; 16.24%-26.24% variable APR after that; 3% fee on the amounts transferred within the first 15 months -Pay no annual fee or foreign transaction fees Learn More About This Card