In this post, I'm going to review the Capital One Platinum MasterCard. I realized recently that I have talked about the Capital One platinum MasterCard in another post, but I've never actually done a post specific to this card.
This post is going to write that, we're going to take a little deeper dive, talk about who this card is good for, what is good about it, what is maybe not so good about it, what some other options might be instead of this card.
Masterard not related to platinum benefits
Now the first thing we're going to talk about is that name, the capital one that platinum MasterCard is about as far from what you would think of as platinum as you could possibly get, this is a no-frills card, no rewards, very few benefits actually.
So if you are seeing this card and thinking I might qualify for a platinum card, you should know that you're not really getting much in the way of what you would think of as platinum benefits. Now, what this card really is more of a starter card for people that are either building or maybe rebuilding their credit histories.
If you've had problems in the past or if you're fairly new to credit from that perspective it can be a great card, it could be your first unsecured credit card or your first unsecured credit card if you're coming off of having to rebuild your credit with secured cards.
It may be the easiest unsecured credit card to get from a major bank, so from that perspective not really knocking the card, it really does have its place. But in terms of that name calling it a platinum credit card is really a huge euphemism, there's really nothing platinum about it in terms of the features of the card. Let's look at those features and talk about it further.
The minimum credit line is low but can increase
First of all, as I said, this is an unsecured card which normally you would think is a no big deal, but if you are somebody that has had some credit problems in the past and you've had to put down a security deposit for other credit cards that could be an attractive thing.
If you're some of the building credit and you've used secured cards to get you to wherever you are now this card may be the next card for you an unsecured card and a card with no annual fee. So not only did not have to put a security deposit down for the card, you don't have to pay an annual fee for the card either.
In terms of credit lines for this card, for most people, if they're looking at this card they're probably not going to get a huge credit line. Capital One says the minimum credit line is $300, depending on where your credit history is you might get a little bit more than that to start.
The good news is the Capital One does go out of its way to tell you that if you make your first five payments on time after getting the card you will get a credit line increase, so you actually can get a bigger credit line in a fairly short period of time. If you get this card and you use it responsibly which is good news.
Possibilities for someone with average credit
Now this card in terms of approvals I've already said it's sort of a card that maybe you might use if you were rebuilding your credit or if you don't have a long credit history, Capital One actually classifies it as being for average credit customers, although what Capital One uses as their definition of average credit is. To me, really along the line of bad credit.
One of the possibilities for someone with average credit is if you can say yes to this statement which is I've defaulted on a loan in the last five years, so obviously if you defaulted on a loan in the last five years you probably don't have great credit.
So there is the possibility that you could get this card. Even if you have defaulted on a loan in the past five years which is not going to be true for most cards from any major banks, and they also say as part of their definition.
A limited credit history less than three years
If you are somewhere that has a limited credit history less than three years maybe this would be the credit card for you, at least in terms of cards that Capital One offers, but those are fairly low bars to acceptance there.
So if you are someone that is looking at this card and you're building or rebuilding your credit history this is a card that oftentimes, is one that is probably the most likely for you to be approved for at least from one of the major banks.
In terms of the interest rate here, it kind of moves around, in terms of how this offer is put out there in the market. The last time I saw it they were showing a twenty-six points nine nine percent interest rate, sometimes I see rates like I don't know if a range of twenty-two to twenty-seven or something in that area, no matter how you slice it you're going to be paying at least over twenty percent interest on this card. If you ever carry a balance which is a good reason not to carry a balance, because obviously that's a very high interest rate, like I said earlier there are no rewards on this card, there also is no bonus opportunity.
No foreign transaction fees
So if you're looking at this card you're not going to get some cash bonus for using it X amount of times in the first few months or anything of that nature. This is a no-frills card and its audience is real people that are trying to sort of move up the ladder, in terms of going from a place where they either didn't have much credit or very good credit, and increase that credit score, and get to a better place.
This card like all capital one card says no foreign transaction fees, so if you get it and you travel overseas you could use this card without having to pay any extra on your purchases, where many cards charge you three percent on your purchases. So that is a good thing that Capital One has on all of their cards, and good for Capital One as far as that is concerned.
Many people use as a stepping stone to better cards
Overall there's not really anything to recommend this card, but it is sort of a stepping stone card, like I have said for people that are trying to move up from a place where maybe you had secured cards, because you had not a very good credit history or you have a limited credit history.
This is a card that many people use as a stepping stone to better cards, and there are many people that have great fondness for this card, because they are thankful to Capital One for having approved them when they had a difficult time getting approved elsewhere.
If you have a little shaky credit or you have limited credit, this could be your shot at getting to the next level, especially if you want to avoid those kinds of bad shady cards in the middle that charge you super high fees and super high rates and everything else.
Here you can get a no annual fee card from a major credit card company, so obviously that is a good feature, even if it doesn't have the Platinum benefits that you might want now.
Quicksilver one card
If you are considering this card I would say that there are a couple of other cards that you might also want to think about as well. If you got this card a sort of solicitation in the mail or maybe you got an email about it or whatever it is, and you're just looking at this card.
And you're in that place where you're trying to build your credit or rebuild it. There are a couple of other places that I would consider well, one of them actually is Capital One.
Capital One also has a card called the Quicksilver one card that does have a thirty-nine dollar annual fee, but it gives you 1.5% in rewards cash back on everything that you buy with the cards, depending on how much you might use the card over the course of a year that card might be better for you, and it also has a fairly low bar in terms of acceptance.
Pre-approval things on their websites
You might end up getting a being a little bit ahead rewards wisely with that card. If you used it enough over the course of the year to make up for that thirty-nine dollars annual fee another place, I would consider going is looking at discovered discovers it card.
And some of its other cards are known to look at people who have a little bit lower credit scores that discover it might be a little higher than what we're talking about here with the capital one plant and a MasterCard, but it might be a place to look as well.
The good thing is at both capital one and then discover, they have pre-approval things on their websites, where you can go input your name, your social security numbers, some stuff about you, and they will spit back the cards that they think that they would approve you for if they actually went to a further application.
You always can go and check those out and see how it is looking with Capital One or with Discover. If you're in this place where you are considering the Capital One platinum MasterCard, by all means, go on their site and m see what that pre-approval tells you.
And I would also say go on to discover the site and check it out with them. That is a good place to start if you're trying to make that jump from either bad credit or limited credit, maybe secured cards up to the next level.
Other web page resource
Platinum Credit Card Reviews: https://www.capitalone.com/