Capital One Platinum MasterCard Review
Let’s be honest. Applying for a credit card can sometimes be a bit overwhelming, especially for new cardholders. The sheer volume of choices available is intimidating. There are now thirteen different Capital One credit cards, not to mention the multiple cards offered by other companies. It can be hard to break down which card is the best Capital One MasterCard option for your needs. In this review, I’ll help decipher the fine print and share the most important pros and cons of the Capital One Platinum MasterCard.
Capital One® Platinum Credit Card Pros:
The Capital One Platinum MasterCard is an excellent tool for building credit.
This MasterCard is for those who need applications for fair to average credit. In fact, some people with virtually no credit report being approved. You may be approved for the Capital One MasterCard even if other credit card companies have rejected you.
The Capital One Platinum credit card has no annual fee, no foreign transaction fees, and no balance transfer fees.
Obviously, free is a good thing. It’s especially significant since most cards for those with low credit scores carry annual fees of $39 or more. This Capital One credit card is good for travelers. There is no foreign transaction fee with the Capital One Platinum. There’s also no penalty APR if you miss a payment. Of course, you’re probably not planning on missing a payment, but no one does.
After your first five months as a responsible Capital One Platinum MasterCard customer, the company will consider a credit line increase.
You must make the minimum payment by the due date each month. While there’s no guarantee that Capital One will raise your limit, this is another great feature for those looking to build their credit using their Capital One MasterCard.
As with any Capital One credit card, the Capital One Platinum Card comes with access to CreditWise.
This set of free credit monitoring tools helps you track your FICO score. It also monitors your total debt, open and closed accounts, and inquiries. The best feature of CreditWise, however, is the credit simulator. The simulator predicts how behaviors like opening a new account will impact your credit score. CreditWise is an incredibly helpful tool for those trying to build their credit–the Capital One Platinum target market. Again, the CreditWise tool is available to all Capital One MasterCard holders.
Every Capital One MasterCard comes with outstanding customer service.
Wait times are reasonable when you need to call Capital One customer service. You can speak to a real person quickly. You can also manage your Capital One credit card account from their sleek, intuitive iOS app.
Capital One® Platinum Credit Card Cons:
The Capital One Platinum MasterCard has an interest rate of 24.99%.
This credit card interest rate is significantly higher than the overall average. It’s even greater than the rates for several of the Capital One MasterCard products available to those with good credit. However, if you’re using the Capital One Platinum for credit-building, you’ll want to pay off your balance each month. When you do that, you’ll avoid interest charges entirely.
No introductory interest with the Capital One Platinum MasterCard.
Your APR will be 24.99% from your first day as a card member. This interest rate is somewhat reasonable since first-time credit card users can be approved for the Capital One Platinum card.
The Capital One Platinum MasterCard doesn’t offer a rewards program.
Often it’s tough to find a rewards credit card if you have fair credit. Many times if you do the fair reward credit card will have an annual fee. If this is a dealbreaker for you, the Quicksilver card might be a better Capital One credit product to consider.
Capital One® Platinum Credit Card Verdict:
The Capital One Platinum MasterCard is a great option for those with average, limited, or no credit. People who have been rejected for other cards have a good chance of getting approved because of the low credit score requirement. The fact that there’s no penalty APR or annual fee should make this an appealing first credit card. Capital One’s willingness to increase your credit limit after five months will help build your credit fast. Free credit monitoring tools will let you watch as your FICO score climbs each month.
However, with the 24.99% interest rate, the Capital One Platinum isn’t a card you’ll want to carry a balance on. If you pay the full balance on time each month, you’ll build your credit fast and inexpensively. Note that I specified that it’s a good option for those with lower credit scores. If your credit is above average, you may want to consider a card with lower interest rates and better rewards. The Venture or Quicksilver Capital One MasterCard alternatives might be a better fit for you. If you have no credit or bad credit you might want to consider the Capital One® Secured MasterCard®. Another credit card to consider if you have less than average credit is the Discover it® Secured Credit Card.
Personal experience as a Capital One Platinum MasterCard customer
Overall, I’ve had an excellent personal experience as a Capital One Platinum MasterCard user. The customer service has been outstanding. I started with a $300 credit limit. Capital One has raised my credit limit as my credit score has improved. I am loyal to Capital One; they gave me a fair deal when my credit score was not the best. Later they turned my Capital One Platinum MasterCard into a Quicksilver Capital One MasterCard. My Capital One MasterCard account is now a cash back reward card earning 1.5% cash back. This Capital One Platinum card is a good start and an excellent credit card for people with fair credit.
It is important to compare the Platinum Credit Card from Capital One® with other fair credit card offers. The Capital One Platinum MasterCard truly is a great credit card. However, it is important to understand if this card is the best credit card for you. You can do a comparison of the fees required by other issues to truly see the value and savings you get from this card.