Capital One has a new credit card called the Capital One platinum preferred card, and we are going to review it. Capital One has sort of quietly added this new credit card onto their website, I haven't seen any big announcement on it at least not as of this point, but it is there, and they are showing it as a new card. We are going to talk about it.
Called the platen and preferred previously
It's called the Capital One platinum preferred now, this is a name at least that has been used a little bit in the past, but mostly on a private level. Capital One has offered a card called the platen and preferred, to some of the customers who have had their Capital One platinum card don't really know for how long they had done.
Or how many customers may have been offered something under that name, but I had seen it talked about here and there, but anyway it was sort of a private thing that they had used sometime in the past, don't know if the features were similar or not, but anyway it's public now.
New Capital One platinum preferred card offers
Let's talk about what the current and new Capital One platinum preferred card offers, no annual fee card, no rewards, similar to the Capital One Platinum Card, in that way its big selling point, is the fact that it offers a zero percent interest rate on both new purchases and balance transfers for 15 months.
If you have a balance sitting on another card at a high-interest rate you could transfer it here and get a 0% rate for up to 15 months, although there is a 3% balance transfer fee, meaning you will pay a one-time fee of 3% of the amount of the balance that you move on to this card.
Or if you get the card and you maybe have a big purchase to make you could make it with this card, and not have to pay any interest on it for 15 months while you get that paid off. If you have a big balance or you have a big purchase to make and you want to let it be able to sit at a 0% rate for a good chunk of time, this would obviously be an attractive card too.
After 15 months the card becomes less attractive
After that 15 months, the card becomes a little less attractive because then the regular interest rate kicks in and that could be anywhere from sixteen point four nine percent all the way up to twenty-five point four nine percent depending on what your credit history is.
After those 15 months, it is a pretty standard credit card, and if your credit is good it could be a decent interest rate because it's not so great it still could be a very high rate, and maybe this card will be a little less interesting.
However, you are someone that has had the capital one platinum card or at least is aware of it, this card is a step up, in terms of interest rate, in terms of that zero percent offer, and so it could be attractive to you. Of course, if you're coming in cold this is a card that competes what things like the chase slate card in particular, that offer 0% rates on both purchases and balance transfers.
Differences in how credit card companies make that decision
Bank of America has a card that does the same, so there are other ones out there on the market as well, so this obviously competes in that area as well. The obvious question then both for people that have had the Capital One Platinum Card or people that are coming in cold is who can be approved for this card, it obviously is a step above the capital one platinum card.
I'm always reticent to talk about actual credit scores that would be that you could use and be approved for this card because no one really knows and there are so many differences in terms of how credit card companies actually make that decision. However, I'm going to make a guess anyway, and so what I would probably say based on what I know of this card and how Capital One is talking about.
How the credit cards generally work
If you are someone who is sitting around a 650 or above this is probably a card that I would think that you could get approved for, if you're over 700 I would have to think that most people would be approved for it. Again I have no inside knowledge, Capital One has not told me anything.
And just going on what I understand sort of how the credit cards generally work with different credit scores. Now that said part of the piece of that puzzle is the fact that Capital One has sort of added a new category of cards, at least in terms of how they describe them on their website.
In the past Capital One has talked about things like they're Quicksilver or venture cards as being for excellent credit customers, and then for cards like the Platinum Card or the Quicksilver one that has the annual fee, those have been for average credit customers.
If you were an excellent credit customer, basically, meant that you had some credit history, you didn't have any defaults, all that sort of thing, an average credit customer was actually even either a new Custer, a new to credit customer or someone that maybe had some credit problems. You could even have it default in the past five years and be considered average credit now.
A new category calling good credit
For this card they have added a new category that they are calling good credit, so obviously good credit falls in between excellent and average. What good credit means to capital one, in this case, is you can have no bankruptcies or defaults in the last five years, and you should have at least one other card or loan that has not had a payment that was more than 30 days late in the last year.
If your somebody that falls into the bucket of both of those things is true then you are somebody that maybe could be approved for this card. Like I said, average credit, the Capital One platinum new to credit people that didn't have credit or very little of it or had even had a default in the past five years, this one does not want to see any bankruptcies or defaults and it wants your last year to be pretty spotless in terms of any kind of late payments.
It's a decent card and zero percent rate
Overall on the surface, it's a decent card, the zero percent rate is obviously something that will be attractive to certain people, after that first year not quite as good, but if you're someone that maybe has a Capital One platinum now you're somebody that is trying to continue to build your credit.
And you would like to then make that next step up. This is a card that maybe is interesting to you, otherwise not much really to say about it, since there are no rewards, and there's not a whole lot.
Else going on I would be interested to know what you think, especially if you are somebody that has the Capital One platinum card or you're in a certain stage of your rebuild. There's part of me that says if you had Capital One platinum Carter you're sort of in a rebuild, that this card even though it might be a little step up and seem somewhat attractive, maybe you get a little higher credit line.
I would think that a lot of people also are really kind of trying to rebuild to get to a point where they can qualify for some cards that offer some rewards, so I don't know if that 0% offer is enough to really get people excited unless they are really in a place where they want a 0% offer.
Other web page resource
Capital One Platinum Credit Card: https://creditcards.usnews.com/capital-one/capital-one-platinum-credit-card
Capital One Platinum Review: https://www.nerdwallet.com/reviews/credit-cards/capital-one-platinum