If you aim to build a positive credit history, you might want to get this credit card. In this Capital One Platinum Mastercard review, I’ll list all of its features, rewards, and requirements so you can decide if it is the right credit card for you.
The Capital One Platinum Mastercard is a no-annual-fee credit card ideal for consumers with average credit. It also doesn’t charge any foreign transaction fee and penalty APRs. This credit card typically starts with a low credit limit, but card members may eventually become eligible for an increased limit after a few months.
Read on to learn more about the Capital One Platinum Mastercard, its features, rewards, and pros and cons.
About the Capital One Platinum Mastercard
The Capital One Platinum Mastercard is a credit card ideal for consumers with average credit. It doesn’t charge an annual fee, a foreign transaction fee, and any penalty APRs. This credit card basically starts with a low credit limit, but cardholders may eventually become eligible for an increased limit after a few months.
Basically, this credit card allows cardholders to build or rebuild positive credit history. That’s why you don’t need a high credit score to get approved. Even if your credit score is as low as 350, your credit card application may still get approved.
Its regular annual percentage rate (APR) is variable at 26.99%. The interest rate it carries is relatively high. But cardholders may avoid it by making sure that they pay off balances every month.
This credit card is not designed to offer a rewards program.
Capital One Platinum Mastercard Target Market
The Capital One Platinum Mastercard is ideal for people with average credit. It is not a rewards credit card, but it allows you to create a positive credit history.
If you opt to get this credit card, you will initially be offered a low credit limit. However, if you use it responsibly, Capital One will most likely increase it. In fact, you may only have to wait for 6 months before you get to enjoy a credit limit increase. This is one of the best things about this card.
Once your credit improves, you can get a new credit card that offers a rewards program. You can, however, continue using your Capital One Platinum Mastercard even if you already have another credit card. Keeping it won’t be costly anyway. Besides, it can continue to help you build your credit score.
Capital One Platinum Mastercard Standard Benefits
The Capital One Platinum Mastercard has several standard benefits. These include emergency card replacement, generating virtual card numbers, and its Tap to Pay feature.
Its benefits are divided into 4 categories, namely:
- Account Management
- Apps and Digital Services
- Travel and Retail
Let’s briefly discuss each of these categories:
1. Account Management
Under the Account Management category, the benefits include:
- Account alerts,
- Balance transfer, and
You also get access to your monthly recurring transactions and its 24/7 Customer Service. This credit card also allows you to add an authorized user to your account. You also have the ability to track their spending behavior.
There are 6 benefits under the Protection category. Security alerts are in place in which you will be notified of suspicious transactions via email, text, or phone. You can pay using virtual card numbers, so you don’t have to present your physical credit card to merchants.
Account alerts from Eno are also in place so that you will be notified of unexpected charges or potential errors in your transactions.
Other benefits include a $0 Fraud Liability Guarantee, Card Lock, and CreditWise.
3. Apps and Digital Services
As a Capital One Platinum Mastercard credit cardholder, you gain access to the Capital One Mobile App. That way, you can pay your bills, view balances, and monitor your transaction history anywhere and anytime.
You can monitor your credit too using CreditWise. At the same time, you will get notifications through Eno, which is Capital One’s digital assistant.
4. Travel and Retail
If you use your Capital One Platinum Mastercard outside the United States, you don’t have to worry about foreign transaction fees. Capital One will not charge you at all.
This credit card features contactless technology to ensure secure and fast transactions. All you have to do is tap your credit card on a credit card reader during check out.
Other benefits under the Travel and Retail category are the Emergency Card Replacement benefit and the ATM Location Services.
Capital One Platinum Mastercard Security Features
One of the best security features of the Capital One Platinum Mastercard is that it allows you to generate virtual card numbers. Also, if it gets lost, Capital One will not charge you anything for credit card replacement. They will even conveniently deliver it to your place after a few days.
In case you encounter fraudulent purchases, you will not be liable for that. Capital One will also alert you if they detect suspicious transactions. If this happens, your card has a lock feature that you can manage using the mobile app.
Fees Charged to Capital One Platinum Mastercard Credit Cardholders
The Capital One Platinum Mastercard does not charge any annual fee to its cardholders. It does not have any hidden charges either.
There are, however, charges for cash advances and late payments. But the fees are industry standard.
Again, what does the Capital One Platinum Mastercard offer? If you have average credit, then you should consider the no-annual-fee Capital One Platinum Mastercard. It also doesn’t charge its customers for foreign transactions and penalty APRs. It has a low credit limit at the start, but it increases after a few months.
Capital One Platinum Mastercard Pros and Cons
What’s great about the Capital One Platinum Mastercard is that it does not charge cardholders an annual fee. It also does not charge foreign transaction fees. Aside from that, cardholders get to enjoy quick credit limit increases. This is, however, achieved if they use their card responsibly.
Suffice to say that if you pay off balances regularly and consistently, you will surely get a credit limit increase. At the same time, you also get to build a positive credit history.
But then, I have also observed several negative things about the Capital One Platinum Mastercard. It does not have any one-time offer and does not offer a rewards program. Unfortunately, it also charges a high-interest rate.
However, we can’t expect much from this type of credit card. The fact that it will help cardholders improve their credit is already a great deal for them.
Here’s a table consisting of Capital One Platinum Mastercard’s pros and cons for your easy reference:
|No annual fee||Does not have a one-time offer|
|Does not charge any foreign transaction fee||Offers no rewards|
|Offers credit limit increase within 6 months||Charges high-interest rate|
Capital One Platinum Mastercard – Pros
Let’s briefly discuss each of the advantages of owning a Capital One Platinum Mastercard:
1. No Annual Fee
The Capital One Platinum Mastercard will not charge cardholders an annual fee. This is a great deal since most, if not all, of its cardholders only have average credit. A credit card with no annual fee will help them build or rebuild their credit. From having an average credit, they get a chance to establish an excellent credit history.
2. Does Not Charge Any Foreign Transaction Fee
Cardholders can conveniently use their Capital One Platinum Mastercard outside the United States. You can use it to pay for products and services in U.S. dollars or other currencies. It will not charge you any foreign transaction fee.
So, even if this credit card does not have a rewards component, it still is undeniably advantageous to cardholders.
3. Offers Credit Limit Increase Within 6 Months
If you are determined to experience a credit limit increase immediately, it is possible with your Capital One Platinum Mastercard. All you have to do is to use it responsibly. Don’t be late in paying off your balance, and make sure to keep your balances low. If you do this consistently, you will surely boost your credit score.
Capital One Platinum Mastercard – Cons
Let’s also briefly discuss the cons of owning a Capital One Platinum Mastercard:
1. Does Not Have a One-time Offer
Other credit cards have a one-time offer, such as a 0% introductory annual percentage rate or an anniversary bonus. Unfortunately, you don’t get to enjoy these perks with your Capital One Platinum Mastercard.
This may seem like a disadvantage. But remember that this credit card is for consumers with average credit. Its features are nonetheless on par with the features of other credit cards.
2. Offers No Rewards
The Capital One Platinum Mastercard is such a simple credit card. It does not offer any rewards program at all. This credit card is merely designed to help consumers improve their credit history.
However, despite being a no-frills credit card, it allows cardholders to enjoy the benefit of not having to pay an annual fee.
3. Charges High Interest Rate
The Capital One Platinum Mastercard carries a comparatively high-interest rate. This is expected of a credit card that is designed for consumers with just fair credit.
Consumers with a good or excellent credit history will most likely qualify for credit cards that offer low-interest rates. Unfortunately, it does not work this way for consumers with poor or fair credit histories.
The regular APR for Capital One Platinum Mastercard is variable and is more than 26%. Cardholders can avoid this if they pay off balances on time all the time. Otherwise, they have to face the consequence of paying a steep price.
Conclusion – Capital One Platinum Mastercard
The Capital One Platinum Mastercard is a credit card perfect for consumers who have average credit. It doesn’t charge an annual fee, a foreign transaction fee, and any penalty APRs. It basically starts with a low credit limit, but cardholders may eventually become eligible for an increased limit after a few months.
If you are a rewards seeker, this credit card is not for you. But if you want to build a solid credit history, then the Capital One Platinum Mastercard is highly recommended for you.