Capital One Platinum Mastercard Credit Card [Details and Review]

Building your credit is easy with this credit card. It also provides lots of valuable perks. In this Capital One Platinum Mastercard Credit Card, I’ll list all its features and specs so that you can see if it’s the right one for you.

Mastercard, the world’s most popular credit card network, issues the Capital One Platinum credit card. This card is accepted in approximately 10.7 million locations in the United States and over 210 countries worldwide. It is safe to assume that you can use it anywhere where they accept credit cards.

This card is an unsecured credit card. It is ideal for people who have fair, average, or limited credit. They are the ones who need to build credit or repair them. In that regard, for approval, you may need to have a minimum FICO score of 580.

Read on to learn more about the Platinum Mastercard of Capital One, its features and benefits, and things you need to know to determine if it will satisfy your financial needs.

About the Capital One Platinum Mastercard Credit Card

Capital One Platinum Mastercard Credit Card

Issued by the World’s Most Popular Credit Card Network

The Capital One Platinum Mastercard Credit Card is issued by the world’s most popular credit card network. It is safe to assume that you can use a Mastercard anywhere in the world where they accept credit cards.

Usable in Around 10.7 Million Locations in the U.S

You can use this credit card in approximately 10.7 million locations in the United States and over 210 countries worldwide. It fits people with average, fair, or limited credit. This means if you have a FICO score of at least 580, you will get approval if you apply.

Can Help Build Your Credit

With responsible use, this credit card can help you build credit. Your credit limit will increase after just six months of responsible spending. The issuer of this card does not charge any annual fee or any foreign transaction fee. It also offers many other perks that other credit cards provide.

Does Not Have Any Rewards Program

However, this credit card does not have any rewards program. It does not also offer other credit cards perks, although they may not be necessary if your primary aim is to build your credit.

Ideal for People Who Needs a Basic Unsecured Credit Card

Overall, the Capital One Platinum Mastercard Credit Card is ideal for anyone needing a basic unsecured credit card. You don’t have to pay an annual fee to use it. It gives you access to a higher credit limit in just a matter of six months. This card is a good alternative to standard or secured credit cards.

Highlights of the Capital One Platinum Mastercard Credit Card

Here’s an overview of the Capital One Platinum Mastercard Credit Card highlights:

  • No annual fee
  • Build your credit
  • Credit line will increase automatically in just six months
  • Online banking to access and monitor your account through your mobile with the use of their app
  • Accessible account 24/7
  • Gives protection from fraud for lost or stolen card
  • Pay by check, at a local branch, or online, without paying any fee.
  • You can choose your due date per month that works best for you
  • Quick and secure check out via a contactless card. No need to give your card to a cashier or touch any terminal. Hover your card over a contactless reader, wait for the confirmation, then you’re done.

Key Features of the Capital One Platinum Mastercard Credit Card

Know the features of a credit card to see what it offers. Also, its key features will tell you if it will add value to your life financially.

Here are some of the key features of the Capital One Platinum Mastercard Credit Card:

1. Zero Annual Fee

By not charging an annual fee, it seems that this credit card is not expensive to maintain. So, you will be able to save money. That’s great since you are still building your credit, and the less expensive, the better.

2. Automatic Credit Line Increase

In as short as six months, you can increase your credit line with this credit card. Just be sure that you are using the card very responsibly. While you are using this credit card for your purchases, Capital One reviews your transactions.

So, if you are using this card for your purchases responsibly, the record of your transactions will bear this out. Capital One will review your record and, after six months, will inform you about the increase in your credit line.

This is done automatically, so you are not required to do anything but to spend within your current credit limit and keep up to date with your payments.

3. CreditWise

This is a feature that gives you unlimited access to your credit score. It’s a tool that you can use to monitor your credit profile. With this tool, you can find the key elements affecting your Experian credit report and TransUnion VantageScore. This tool will alert you if a meaningful change in these reports could adversely affect your credit score.

4. Flex Your Payment Dates

If your planned monthly budget restricts your payment schedule, you can request Capital One to flex your payment dates. This company allows you to pick a payment date that is most convenient for you.

5. Instant Purchase Notification

This feature will help you monitor your real-time spending. It will give you alerts after Capital One approves your credit card for a new purchase. You can also set up alerts that’ll inform you about your recurring payments and your account balance.

6. Tap to Pay

This card makes it easy for you to pay for your purchases. It is also safe and secure. If the checkout counter has a contactless card reader, hold or tap your credit card on it, and you are done.

Again, what does the Capital One Platinum Mastercard Credit Card offer? Mastercard issues the Capital One Platinum Mastercard Credit Card. This card issuer is accepted in around 10.7 million U.S locations and over 210 countries worldwide. So, you can use this card anywhere.

Benefits of the Capital One Platinum Mastercard Credit Card

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The issuer of this credit card claims that aside from helping you build your credit, it offers other benefits that will help improve your financial situation. What are these other benefits?

1. Easy Account Management

This credit card provides an easier way for you to manage your credit card account. You don’t have to spend too much time monitoring, checking, paying your dues, and other things related to your account. This will save you time and effort. Among the benefits, you can enjoy in this regard are the following:

Autopay

Set this up in your account, and your payments will be automatically processed each month.

Account Alerts

Set up your personal texts or email reminders to be notified every time a change happens in your account.

Monitor Recurring Transactions

You’ll be provided with a list of merchants 24/7 who charge your credit card monthly, such as utility bills, subscriptions, and so forth.

Authorize Other Users and Track Their Spending

This card allows you to add other users to your account. You can then monitor their use of this credit card since this card alerts you of their transactions.

2. Fraud Coverage

This credit card gives you coverage against unauthorized use. Its zero fraud liability covers you. This is important because you may lose your card, or it may be stolen. Other people may use your card without your knowledge. Whatever the case may be, Capital One will not hold you responsible for any fraudulent charges.

3. Security and Protection

Your Capital One Platinum Mastercard Credit Card is secure and protected. When you lose your card or someone stole it, you can lock it in the Capital One Mobile app. Once Capital One locked it, they couldn’t use it for transactions.

4. Capital One Mobile App

Apart from protecting your account, this app can be very useful in managing your account. With this app, you can quickly pay your bills and monitor your account balance and your transactions. 

Fees of the Capital One Platinum Mastercard Credit Card

While the Capital One Platinum Mastercard Credit Card does not charge any annual fee, it requires you to pay other fees for its use. These fees are as follows:

  • Annual Fee – $0
  • Transfer Fee – 3% of the transferred amount and $0 for balance transfers at the Transfer APR
  • Cash Advance Fee – either $10 or 3% of the amount, whichever is higher
  • Late Payment Fee – a penalty fee will be charged for late payments which can be up to $40

Charges of the Capital One Platinum Mastercard Credit Card

capital one platinum mastercard review

The Capital One Platinum Mastercard Credit Card also implements certain interest charges and interest rates. The details regarding these are as follows:

  • APR – 24.99%
  • Purchase and Transfer APR – varies with the market depending on the Prime Rate
  • Cash Advance APR – 24.99%, also varies with the market according to the Prime Rate

Note:

In paying interest, the due date usually is 25 days after the close of every billing cycle. No new interest will be charged on your new purchases if you have fully paid your previous balance by the due date of every month. Interest will be charged starting on the day of the transfer or the day you get your cash advance.

Requirements of the Capital One Platinum Mastercard Credit Card

There are only a few requirements that Capital One wants you to satisfy if you’re going to apply for this credit card. They are the following:

  • Your credit score should at least be 580 to 740
  • You must satisfy the monthly income requirement of Capitol One
  • Must only have two open credit card accounts with Capital One
  • You must at least be 18 years old and a citizen of the United States

Pros and Cons of the Capital One Platinum Mastercard Credit Card

To round off my review of the Capital One Platinum Mastercard Credit Card, I will briefly discuss its pros and cons:

Pros

  • Ideal for those with limited or fair credit
  • No annual fee and foreign transaction fee
  • Your credit line will be increased automatically based on your credit performance

Cons

  • There is no rewards program
  • APR is relatively high at 24.99%

Conclusion: Capital One Platinum Mastercard Credit Card

Mastercard issues the Capital One Platinum credit card. This is a reliable credit card because Mastercard is the most popular credit card network in the world. It is also reputable because it is accepted in approximately 10.7 million locations in the United States and over 210 countries around the globe.

Its popularity is so wide that you can safely use it anywhere where they accept credit cards. It is an unsecured credit card. So, this card is ideal for those who have average, fair, or limited credit. So, you can consider this card if you are building your credit record.