New Credit Card: Capital One Platinum Preferred Rewards Review

By Gavin | April 09, 2019

I'm going to talk about the new Capital One platinum preferred rewards card, the second in the platinum preferred new tier. The Capital One is rolling out here, but earlier in the week we talked about the Capital One platinum preferred card, a new card that its sort of showing up on the Capitol One website but without any fanfare, no big announcement about it, and talked about how it was, this new card that was sort of in this new tier in terms of credit scores.

It wasn't an average credit card like the Capital One platinum card for people with sort of lower credit scores, but it wasn't for people that had excellent credit either, in terms of like the Quicksilver or the venture cards, it seemed to be a new tier that Capital One was creating. Somebody said he got this card, but it doesn't have the features you're talking about it, and it has these rewards and that doesn't make any sense.

What I realized after looking into it further is that there are actually two cards, and Capital One must be running some sort of test because one or the other of the cards will show up on their website, and then it will disappear and then the other one will show up, and then it will disappear sometimes neither what is on the website.

I'm not sure what Capital One is doing right now, I don't know if they're testing to see which one has more interest or what's going on, but anyway I'm going to review that second card, which is called the Capital One platinum preferred rewards card, which suggests that it has rewards, unlikely platinum preferred that does not have rewards.

Like the planet preferred, like I said to step up from the capital One platinum, it's in this sort of good tier  between average credit and excellent credit, maybe Capital One didn't think that people that had the Capital One platinum card and maybe had been doing with that, maybe they didn't feel like they were quite ready to credit score wise to jump to those excellent credit cards, like the Quicksilver and the venture card. Maybe that's why they have created this.

Second tier here of cards to offer people that are still kind of building up toward that excellent credit, not quite sure why these cards have suddenly come out and why they're being somewhat silent about them, but anyway the Capital One platinum preferred rewards card is a no annual fee cash back credit card.

It gives two percent cash back on gas and grocery store purchases, 1% cash back on everything else, obviously within the rewards sphere those are not cash back percentages that we would normally get to excited about, at least if you're someone that has excellent credit, however, if you are someone that is still building your credit and wants to move up from cards that have not had any rewards, while you're kind of  climbing the ladder, this may be that card that is sort of in the middle there where you are going to get some nominal rewards.

While you're still making your way up there's no bonus on this card, so that is not part of the equation either you do get a 0% interest rate on new purchases and balance transfers for the first nine months that you have the card, and there's a three percent bounce transfer fee if you move any balances onto the card after that you have an interest rate that could be sixteen point four nine, twenty one point four nine, or twenty-five point four nine depending on your credit history.

Now you can contrast this card with the Capital One platinum preferred that I talked about, and there's also showing up here and there on the capital one website, that card has no rewards, but it offers a zero percent interest rate on purchases and balance transfers for 15 months.

If you are somebody that is sort of in that place where you are trying to move up a little bit maybe from some credit cards that you have right now that are a little more lower tier your choice here at least with Capital One is you can get the plan and preferred rewards that gives you 2% and 1%, gives you a little bit something back, or if you wanted that 0% rate for a longer period you could get it for 15 months with the regular platinum preferred card.

Now both of these cards within their terms and conditions or their sort of marketing page on the Capital One website, they say that you can get access to a higher credit line, you're making your first 5 monthly payments on time, I don't know exactly what your credit lines might be to start with but, this is a thing that you may know if you've dealt with Capital One in the past with some of their cards, that seems to be the magic number there.

If you do five payments in a row sometimes that tells Capital One that they think that you are worthy of getting a little higher of a credit line, and so that is the case with both of these cards, the plan and preferred rewards and the regular platinum preferred. Not quite sure what Capital One is up to right now, but I think these cards are sort of interesting for people that are trying to move up but maybe have not gotten their credit scores up over 700 or whatever the case may be.

I would be interested to hear your thoughts is his card something that you are interested in or are you more interested in the rewards aspect versus the 0% rates for a longer period of time, it'll be interesting to see what Capital One does with this card, if this is like writing a test run right now to see which one gets more response and then to decide if one or both or neither of them are going to become permanent fixtures within their credit card lineup, but anyway this is the platinum preferred rewards, there's the platinum preferred, they are both existing even though they may be difficult to find, if you want to see them you can go to the Capital One website.