Capital One® Platinum Credit Card is a credit card you may want to consider if you have average or fair credit at the moment, or if you have limited credit history in the United States. It can help you strengthen your credit for the future with responsible card use. While it comes with no annual fee, this card offers you an assortment of useful perks, such as extended warranty, travel accident insurance, fraud coverage, unlimited access to your credit score 24/7 and more. It even lets you select your monthly due date and method of payment.
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Capital One® Platinum Credit Card
Average, Fair, Limited
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Here, GET.com provides answers to key questions about how Capital One® Platinum Credit Card works and what it has to offer.
Questions And Answers For Capital One® Platinum Credit Card
Answer: Although this credit card does not reward you on your spending unlike some of the best rewards credit cards on the market, this card comes with a host of benefits such as access to a higher credit line when you make your first 5 monthly payments on time; unlimited access to your credit score as well as tools to help you monitor your credit profile with CreditWise from Capital One®; fraud coverage; automatic security and account alerts; and easy management of your account thanks to fast and easy online banking on the mobile app.
Answer: Yes. This credit card lets you enjoy an array of Platinum Mastercard® benefits such as extended warranty; auto rental insurance; travel accident insurance; 24-hour roadside assistance; 24-hour travel assistance services and price protection.
Additionally, you get to pick your own monthly payment due date and payment method at no extra charge. Being able to select your own monthly payment due date is certainly a great advantage since it allows you to pick a due date that works best for you. Also, you can choose to pay by check, at a local branch, or online, whichever way you prefer. Here's a real time-saver: EnoSM from Capital One lets you keep tabs on your accounts simply by texting. This intelligent digital assistant from Capital One lets you pay your bill, check your balance, review recent transactions and more.
Answer: No, you do not need to pay to use this credit card as it has no annual fee.
Answer: Absolutely, you can save on foreign transaction fees when you use your Capital One® Platinum Credit Card to pay for purchases outside of the United States. The avoidance of foreign transaction fees is significant in itself because this fee can easily add up if you travel abroad frequently. This perk definitely helps you cut down on your travel costs considering that a foreign transaction fee as high as 3% is often tacked onto your bill when you use a card that charges this fee when your transaction is made in a currency other than the U.S. dollar.
Answer: Not really. This credit card does not offer a low introductory APR on purchases. In fact, it has a 26.46% variable APR for purchases and balance transfers. If you pay your balance by the due date (which you should always strive to do for the sake of your credit score and to save money on interest rates and fees) then it won't be a problem since you won't be paying interest rates on your spending.
Answer: Unfortunately, no. This credit card is not the one you should use to get cash from the ATM. It has a 26.46% variable cash advance APR. A cash advance fee of either $10 or 3% of the amount of each cash advance, whichever is greater, will apply as well.
Answer: Yes, you will be penalized if you do not make your payment on time: You will be slapped with a late payment fee of up to $38.
Answer: You may consider getting this credit card if you have an average or fair credit score or if you have limited credit history in the United States. While its features and perks are not as exciting as those provided by credit cards reserved for people with excellent credit, Capital One® Platinum Credit Card is a great card for those who have an average credit score.
Answer: Yes, you will enjoy unlimited access to your credit score in addition to tools that help you track and monitor your credit profile with CreditWise from Capital One®.
Answer: No, this card does not come with a welcome bonus.
Answer: Capital One® Platinum Credit Card is a credit card that people with an average credit score can get their hands on. This credit card is also suitable for people with limited credit history. One noteworthy feature of this card is that you can pick your own monthly payment due that that works for you; Capital One understands that not everyone receives their salary at the same time.
Although Capital One® Platinum Credit Card does not reward you on your spending like rewards credit cards and cash back credit cards reserved for those with excellent/good credit, this card offers you an array of special perks such as $0 fraud liability, free access to your credit score 24/7, free extended warranty, travel accident insurance, auto rental insurance and more. Plus, you don't even have to pay to use the card as it has no annual fee.
This credit card also lets you save on foreign transaction fees - a great perk if you travel overseas frequently or if you tend to shop from international stores online in currencies other than the U.S. dollar.