CapitalOne Platinum Card REVIEW

By Gavin | December 07, 2017

CapitalOne Platinum Card REVIEW

Hey guys, credit shifu here and 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 and you have a high class credit card like that. It's this is a credit building card. It's a very entry-level credit card and it really shouldn't be called platinum anyway.

Let's get started on the review, so like I said this is a credit building card and it's a very easy card for someone with low or non-existent credit school to get. So if you're a new immigrant to the United States. So you're 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 just 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 already from the start. Okay, because like I said, this is a credit building card that's, that's the idea of this card. It does not accumulate any sorts of airmiles points, cashback anything like that. It's just for building credit and so to be honest later, on you know, once you've had this card for a while and you you you, build your credit and you're able to get other cards, you probably won't use this card anymore to be honest. 

I keep it, I take it out, maybe 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 for those building credit, the APR on it is twenty four point, nine,nine percent which is sort of 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. I'd go for something like a chase slate and there's one more feature that's worth mentioning and it's certainly very welcome. 

But, a little bit strange that this card has this, it's that 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 who are globe-trotting. You know, doesn't give you lounge access or air miles. Like you know, the American Express Platinum or the Chase Sapphire Reserve, these are cards aimed at people who travel, this is just an entry-level credit card. So, the fact that it has no foreign transaction fees is of course very welcome. Because, you can use it abroad without paying extra. But it is a little bit 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 and most probably get approved for this card and your credit score will build very quickly with this card.

So, guys that is my review, 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 as always please subscribe to the credit circle for new credit card related tips and tricks every week. We'll see you next time, bye bye.