Economic invincibility is back, and today it is all about the money that is the capital one platinum MasterCard. I have no idea why they call it platinum, if I was in charge of marketing, it would be aluminum, tin, copper or tarnish. And obviously, I would sell a lot more because it sounds more elite right. This is one of the cards that you’ve more than likely to receive through a solicitation thrown, because they send them out like hotcakes over the Internet by snail mail. And it’s for a good reason that they’re trying to appeal to people who don’t have much of a credit score.
So there are both an upside and a downside. If you are looking forward to getting a credit card, the positive is that it’s easy to get; the negative is that there aren’t as many perks as other cards would provide you. But Capital One, they have a reputation of being the Wal-Mart advance and it’s a little bit unfair. They’re very aggressive at undercutting their competitors, and that’s why they grow so much for the past 20 or so years.
But this is a decent entry-level card, so if you don’t have much of a credit score, I would recommend giving it a look to go, it’s the baseline, so you have no annual fee, and it is always a positive thing. I don’t recommend people to get cards that have annual fees, because you probably don’t spend enough to justify it.
And for the first 10 to 12 months, Annual Percentage Rate is zero, and then it goes to twenty three point, twenty four percent again, it’s not a big issue. The only reason why you should be concerned about APR is that if you are planning to carry a balance from month to month, and if you’re doing that, you shouldn’t have a credit card. And I’m going to do the whole pilot thing and wash my hands because I don’t want any part in that, I don’t recommend it at all.
That’s how credit card companies get rich, that’s how they screw you over, do not carry about, and pay it off every month. Beyond that, in terms of finance, if you pay on time for five or six months, they raise your credit line. And then they have the best part of it, the real staple is that they give you a free credit sports service and they call it a credit track or service, which I’m guessing is better than that.
One offered by Experian, which is basically really good. You just check out my other videos on Experian, you’ll see what I’m talking about. This is a nice program, because if you’ve just started, you don’t have a credit score, it gives you a foundation upon which to build and see where you can go and what factors are affecting from month to month.The fact that you have a particular score is good.
I definitely commend them for including something of that sort in terms of aesthetics. As you can see, the card is drab gray, and I don’t know what it is with MasterCard, same thing with the hunting tin voice. It’s drab gray, not swaggy gray.
So that’s the way to market your car, that’s the way of the designing. But going beyond that, the website is actually decent and streamlined, and it’s easy to get to things a little bit glitch sometimes. But they seem to have a decent IT team over at Capital One, so it is always a good thing. It’s not like these other clunky big sites where you have to go through layers to find what you’re looking for.
So all you know is that you give them a brownie point for that at the end of the day, this isn’t the card. I would go to where I am right now, but obviously I have a different set of interests at stake. If you don’t have a credit score, you would definitely look at picking this up. If you do have an established credit score, however, you can probably do better with a car that has cash back or some reward bonus because this is going to give the real credit score.
But if you are new to credit, bear in mind that if you can get approved for this, it’s highly more desirable than getting like a secured card. Because you have to put down your own money upfront for a secured card and what happens is that they usually charge you an annual fee. In this case, you wouldn’t be charged an annual fee, so that’s something to look into.
If you enjoy this video, you want to see more videos like it or you have specific questions of your own, I have already got a couple of requests which I’m working on. But if you have any questions, let me know and I’ll accede to try to address them, in that way we will educate more people and it will help people avoid the big quagmire of financial decisions.