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Navigating the world of credit cards can be daunting, especially when working to build or improve your credit profile. This comprehensive 2023 review dives deep into the Platinum Mastercard® from Capital One, examining its features, benefits, and potential drawbacks.
This guide will compare it with other cards on the market and guide you through its eligibility and application process.
This credit card review aims to give you a well-rounded perspective on this popular card, from its acceptance of average credit to no annual fee and high APR to its lack of a rewards program.
Related: How Many Credit Cards Should I Have? | Entrepreneur
Quick facts about the Platinum Mastercard® from Capital One
Here are the basics of the Platinum Mastercard® from Capital One:
- The Platinum Card is a secured credit card designed to help cardholders improve their credit score.
- The card comes with a $0 annual fee and offers cardholders access to a higher credit limit after making the first five monthly payments on time.
- The Platinum Mastercard® from Capital One has a variable APR of 30.49% on purchases and balance transfers.
- Card benefits include $0 fraud liability, free access to CreditWise from Capital One for credit monitoring, and automatic account reviews for credit limit increases.
- The card also has additional perks like extended warranty, auto rental insurance, and travel accident insurance.
- The credit card issuer Capital One also offers a mobile app for easy account management, including checking your balance and making payments.
Related: Best Pre-Approved Credit Cards of 2023 | Entrepreneur Guide
What are the pros of the Platinum Mastercard® from Capital One?
The Platinum Mastercard® from Capital One has a range of excellent benefits. Here’s the rundown.
Qualify with average credit.
One of the most significant advantages of the Platinum Mastercard® from Capital One is that you can qualify even with average credit. Unlike many other cards on the market, you don’t need an excellent credit score to get approved, making it a great tool for credit growth.
This form of accessibility is what makes it one of the best credit cards for people who are looking to build or improve their credit score. The trade-off is that you must make a security deposit to open the account.
Related: What Is a Good Credit Score and How Do I Get One? | Entrepreneur
No annual fee.
Another massive pro of the Platinum Mastercard® from Capital One is no annual fee. This feature is a notable advantage, especially for those new to credit cards or working to improve their credit score.
It allows cardholders to focus on responsible use, like making on-time payments (preferably well before the due date), without worrying about an additional yearly cost.
No foreign transaction fee.
The Platinum Mastercard® from Capital One also comes without foreign transaction fees. This is a valuable feature for those who travel internationally.
Many cards charge around 3% for transactions abroad, but with the Platinum Mastercard® from Capital One, you won’t have to worry about these extra costs. Remember that this card carries balance transfer fees and cash advance fees.
Related: 4 Credit Card Tips to Make Business Travel Easier | Entrepreneur
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Get the credit you need with no annual fee.
What are the cons of the Platinum Mastercard® from Capital One?
Like any card, the Platinum Mastercard® from Capital One can have some downsides.
High APR.
One notable disadvantage of the Platinum card is its relatively high APR of 30.49%. The interest rates for this card can be steep compared to other cards in the market, especially if you end up carrying a balance from month to month.
Paying your entire balance each month is essential to avoid paying a penalty APR and late fees. If you plan to carry a balance, you might want to consider credit card offers with lower interest rates or cards that offer an intro APR period.
No rewards.
Another significant issue is the Platinum Mastercard® from Capital One does not offer a rewards program. This lack of cash back, points, or travel rewards is a downside if you want to earn while you spend.
If rewards are essential, consider looking at other cards like the Capital One Quicksilver Cash Rewards Credit Card, which offers cash back on all purchases.
Related: The Best Rewards Credit Cards of 2023 | Entrepreneur Guide
How does the Platinum Mastercard® from Capital One compare to other cards?
Let’s dive into how this card measures up against other options.
Platinum Mastercard® from Capital One vs. Chase Sapphire Preferred
While the Platinum Mastercard® from Capital One is aimed at those with fair to good credit, the Chase Sapphire Preferred® is a rewards credit card geared toward those with good to excellent credit.
The Sapphire Preferred® offers a robust rewards program, including a high rewards rate on travel and dining, along with a sizable sign-up bonus. It does, however, come with an annual fee, unlike the Platinum card.
If you’re primarily interested in building credit, the Capital One Platinum may be more suitable. If rewards and travel perks are your focus, consider the Chase Sapphire Preferred®.
Related: Chase Sapphire Preferred® Review 2023: A Traveler’s Best-Friend | Entrepreneur Guide
Platinum Mastercard® from Capital One vs. Capital One Quicksilver
Platinum Mastercard® from Capital One and Capital One Quicksilver cards cater to different audiences.
The Platinum card is a Visa designed for those who are looking to build or rebuild credit, while the Quicksilver card is a Mastercard featuring cash-back rewards and is best suited for those with good credit.
Also, the Quicksilver card offers 1.5% cash back on all purchases and comes with a $0 annual fee.
If cash-back is a priority for you and you have a good credit score, the Quicksilver card could be the better choice. However, if building credit is your primary goal, the Platinum card would be more fitting.
Related: Capital One Quicksilver Review 2023: 7 Things to Know | Entrepreneur Guide
Platinum Mastercard® from Capital One vs. Citi Premier®
The Citi Premier® Card is a rewards card aimed at those with good to excellent credit. It offers rewards on travel, dining, and entertainment and comes with a substantial sign-up bonus. However, unlike the Platinum Mastercard® from Capital One, the card does come with an annual fee.
Conversely, the Platinum card is targeted at those with fair to good credit and those looking to improve their credit score. If building credit is your aim, the Platinum Mastercard® from Capital One card would be a better choice.
The Citi Premier® Card could be worth considering if you’re after rewards and have a strong credit profile.
What is the eligibility and application process for the Platinum Mastercard® from Capital One?
Anyone with fair credit to good credit can apply for this card. You could be eligible if you’ve been responsible with your credit card use and have a credit history reflecting this.
It’s crucial to note that the card issuer, Capital One, will thoroughly review your credit report from the three major credit bureaus: TransUnion, Experian, and Equifax.
This assessment helps the issuer understand your creditworthiness, which is significant in your application’s outcome.
How do you apply for the Platinum Mastercard® from Capital One?
The application process for this card is straightforward. You can apply online and fill out an application form with details like your Social Security number, income, and employment status.
Once your application is submitted, you’ll typically receive a decision from the card issuer within a few minutes. However, additional time might be needed to review the application in some cases. In such cases, the issuer will notify you about the expected timeframe for the decision.
What are the credit score recommendations for the Platinum Mastercard® from Capital One?
The Platinum Mastercard® is designed for individuals with fair to good credit. This typically means a FICO score ranging from 580 to 669. However, your credit score isn’t the only factor Capital One considers.
They also look at your income, debt, and credit history. Remember, each application is unique, so these ranges are just guidelines.
Related: Credit Score Ranges: What Are They? | Entrepreneur
Platinum Mastercard® from Capital One FAQs
What are the rewards offers for the Platinum Mastercard® from Capital One?
The Platinum Mastercard® from Capital One is primarily a tool for building credit rather than a rewards credit card. It doesn’t offer perks like cash back or travel rewards.
However, cardholders can take advantage of benefits like fraud liability protection, emergency card replacement, and access to CreditWise — Capital One’s credit monitoring tool.
Is this card suitable for beginners?
Yes, the Platinum Mastercard® from Capital One suits beginners or those with limited credit history.
It’s an excellent choice for those looking to build or improve their credit profile as long as it’s used responsibly to make on-time monthly payments. The penalties for late payments can be severe, so it’s best to avoid them at all costs.
What is the credit limit for Capital One Platinum Cards?
The credit limit for this card varies, depending on your creditworthiness and income. Initially, you may start with a lower limit, but Capital One reviews user accounts for a credit line increase after as little as six months of on-time payments.
This feature makes it an attractive option for those hoping to receive a higher credit line. Maintaining a low credit utilization ratio can also help improve your credit score.
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Get the credit you need with no annual fee.
Is the Capital One Platinum Card right for you?
Whether the Platinum Mastercard® is right for you depends on your financial goals and credit status. This card could be a great fit if you want to build or improve your credit. With its acceptance of average credit, no annual fee, and automatic credit line review after six months of on-time payments, it offers a practical way to improve your credit score responsibly.
However, this card comes with a high APR of 30.49%, meaning carrying a balance from month to month could lead to substantial interest charges.
It’s best suited for individuals who plan to pay their balance in full each month. If you expect to carry a balance, consider looking for cards with lower interest rates, introductory APR offers, or balance transfer options.
Also, this card does not offer a rewards program, which might be a deciding factor if you’re looking for a card that offers cash back or travel rewards. If earning rewards is your priority, you might want to explore other credit card offers.
Related: 9 Different Types of Credit Cards | Entrepreneur
It’s important to remember that while this card offers several benefits, especially for those building credit, it may not be the best fit for everyone.
Your financial situation, spending habits, and credit goals should guide your decision. Always read the terms and conditions thoroughly and consider seeking financial advice if you’re unsure.
If you’re looking for more reviews of other credit cards or more information about improving your credit score, check out some of the other articles at Entrepreneur.