You don’t have that much of a choice if you have an average credit score, ranging from 630 to 689. Typically, you will have to settle with a card that includes no benefits whatsoever. That’s not the case with the Capital One® Platinum Credit Card. While it doesn’t offer any kind of rewards for daily use — like cash back or points — it does include Platinum MasterCard benefits that will make your shopping and travel experiences that much better. Also, it has no annual fee, no balance transfer fee and no foreign transaction fee. Here are the details…
- Ability to increase credit limit after five months of responsible account management.
- Shopping and travel benefits that come included as part of the Platinum MasterCard program.
- Variable APR of 24.99%
- No annual fee, no balance transfer fee, and no foreign transaction fee.
How It Works?
The Capital One® Platinum Credit Card is a basic credit card made for folks with average credit rating. It doesn’t offer any kind of rewards, but it does have some things working to its favor.
Credit limit increase: After you make your first 5 payments on time.
Platinum MasterCard benefits: Including extended warranty, car rental and travel accident insurance, 24-hour travel assistance service, and price protection that allows you to receive a reimbursement of the price difference if you find your purchase for a lower price within 60 days.
APR: 24.99% Variable. You are best off paying your balance in full and on time.
No fees: No annual fee, no balance transfer fee, and no foreign transaction fee. This is the card designed to get you “back in shape.” Personal finance-wise.
Costs
- 24.99% variable APR
- 0% Balance Transfer Fee
- 0% Foreign Transaction Fee
- $0 Annual Fee
At Capital One’s secure website
Pros
- No fees of any sort should make this card appealing to those with an average credit score.
- The fact that it has no foreign transaction fee makes Platinum Credit Card from Capital One great both for use in the U.S. and while traveling abroad.
- Credit increase after five months – if you’re making your payments on time.
Cons
- High APR forces users to be even more responsible. You don’t want to carry a balance with APR of 24.99%.
- No introductory APR – related to the previous point, if there is a such high APR, we would expect it to be accompanied with a few months of lower, or 0% APR. Alas, that’s not the case.
Is This The Card For You?
If you have good or excellent credit score, you’ll want something better. However, if you have an average credit score, you have a more limited choice. That’s when you should consider the Capital One Platinum MasterCard. It does include some perks, and most importantly — it doesn’t require any upfront payments. It has no annual fee, no balance transfer fee and no foreign transaction fee. The APR may be high, but something’s gotta give. If you go for this card, make sure to pay your balances in full and on time. That way you will not only avoid paying 24.99% on interest, but also increase your credit limit.