Today we’re going to be reviewing the Capital One Platinum Card. Now although this card has platinum in the name, do not think it is anywhere near the League of the American Express Platinum Card or you will have a high class credit card like that. This is a credit building card, it’s a very entry-level credit card and it really shouldn’t be called platinum. Let’s get started on the review.
This is a credit building card and it’s a very easy card for someone with low or non-existent credit school to get. No matter you’re a new immigrant to the United States or a kid fresh out of college, as long as you have a U.S. Social Security number, you should be able to get this card now.
When you first get it, if you have a really low credit score, they’ll probably give you the basic credit limit, which is three hundred dollars. And after five months worth of on-time payments, they’ll raise your credit limit to five hundred. So there’s a set plan of how they’re going to increase your credit from the start.
This is a credit building card, which is the idea of this card. It does not accumulate any sorts of air miles points, cash back or anything like that, it’s just for building credit. Once you’ve had this card for a while and you have built your credit, you’re able to get other cards, you probably won’t use this card anymore.
I keep it and I take it out once a month, buy a cup of coffee with it and put it back in a drawer at home. But it is a great card with the APR of 24.99 percent which is on the high side of average, a little bit high. There’s no annual fee on this card and there’s also no transfer fee, although you will still be charged interest on bounced transfers at twenty four point nine percent.
So if you’re doing that, if you want to transfer a balance, this probably isn’t the card for you. You’d go for something like a chase slate and there’s one more feature, which is worth mentioning. There are no foreign transaction fees on this card and it’s kind of strange, because this is an entry level card.
It’s not aimed at people who are traveling or globe-trotting. It doesn’t give you lounge access or air miles, like the American Express Platinum or the Chase Sapphire Reserve. These are cards aimed at people who travel, and this is just an entry-level credit card. So the fact is that it has no foreign transaction fees. It is very welcome because you can use it abroad without paying extra, but it is also weird.
So that’s my review of the Capital One Platinum Card, I would say this is a great card to get if you’re just starting out. In fact, this would be my recommended credit card for all those who have a U.S. social security number, but do not have a credit score. They probably get approved for this card and once you have it, your credit score will build very quickly with this card.
So these are my reviews, let me know what you think in the comments. Have you used the Capital One platinum card, what’s your experience with it, how fast did your credit score grow? Please subscribe to the credit circle for new credit card related tips and tricks every week.