Are you looking for a card with a high line of credit, but your credit score doesn’t meet the criteria? The best way to increase your chances of approval is by starting with a credit card that supports average credit ratings.
We did some research and found the Capital One Platinum Credit Card to hold great potential. Highlighted by a $0 annual fee and no APR penalty fees, it is a good choice for people looking to consolidate their debt.
To help you understand this Platinum credit card better, we prepared a thorough review of the fees and charges, as well as this card’s advantages and the simple application process. Let’s get started!
Fees and Charges
The most crucial point when choosing a credit card is the costs. First comes the annual percentage rate, which is set at 26.99% for purchases, transfers, and cash advances. The main disadvantage of the Capital One Platinum card is that the interest rate is higher than that of similar credit cards.
Surprisingly, there aren’t any hidden fees, and it is excellent to know that you won’t have to pay anything for balance transfers. Along with that and the $0 annual fee, there is no foreign transaction fee, either, making it a good choice if you travel a lot. You will pay $10 or 3% for cash advances depending on which sum is more significant.
Although there aren’t any APR penalty fees, there is a late payment fee of up to $40, depending on how much you owe. Unfortunately, there isn’t an interest-free introductory period.
How to Apply
There is nothing complicated about the application process, but there are a few requirements that you need to meet to be approved. The first one is to have a credit score higher than 580. Luckily, this isn’t too high and makes the Capital One Platinum card perfect for people with an average credit score.
You should be 18 years old and a US citizen or permanent resident. Additionally, you need some history with managing your credit and proof that you haven’t declared bankruptcy in the last 12 months.
As mentioned above, there is no hassle when it comes to the application process. To get started, you should go to Capital One’s official website. Once you have done that, fill out the online form, where you will provide proof of residence, income, and other required information.
From our experience, it takes a couple of minutes to get approved or denied. If approved, the credit card should be at your address within 3-5 business days.
Features and Benefits
The most significant advantage of using the Capital One Platinum Credit Card is that you can enjoy a higher credit limit in as little as five monthly payments.
Also, we enjoyed the tap payment option and the intuitive mobile app that allows for faster and more secure transactions. Furthermore, the Capital One Assistant is a great security addition that will inform you of suspicious account activity and potential fraud.
Most importantly, zero fraud liability means that, if someone makes unauthorized charges, you can request a refund. No, there is not a rewards program or travel perks, but we consider this credit card to be a fine choice for building and rebuilding your credit score.
Bank Contact Details
Much like with any other product, efficient customer support increases reliability. Whether the question you have refers to account opening, ongoing promotions, or “hidden fees”, Capital One offers a few different forms of contact.
Amid the pandemic, reaching their team via a phone call may take a longer time than normal, so it is vital to know about the online customer support options, as well.
They are physically located at 1680 Capital One Dr., McLean, VA 22102, USA. You can call them on 1-877-383-4802; 7 days a week, from 8:00 am to 8:00 pm. Online Support can be found on their website.
In the end, it all comes down to what type of credit card you are looking for. For those who want to enjoy hefty cashback, the Capital One Platinum card isn’t a suitable choice. On the other hand, if you are looking to increase your credit score and raise your spending limit, it is worth trying out!
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.