what are the benefits of a capital one platinum card

Benefits of the Capital One Platinum

• Qualify with average credit. There just aren't a lot of good credit card options for people with credit scores roughly between 630 and 690 — commonly referred as "fair" or ...
• No annual fee. ...
• Path to a higher credit limit. ...
• No foreign transaction fees. ...
• Choose your due date. ...
• Excellent upgrade options. ...

Full Answer

What are the benefits of capital one Platinum MasterCard?

The complimentary coverage that comes with your card includes:

• Assistance completing a formal Identity Theft Affidavit
• Notification to credit bureaus
• Placing an alert on your account
• Providing the cardholder with an Identity Theft Resolution Kit, which includes sample form letters for contacting other creditors, financial institutions, and possibly affected accounts

Is Capital One a good credit card to have?

The Capital One Platinum credit card doesn't have many features outside the capability to build positive credit by paying the bill on time. If you're looking for a card to use as a stepping stone toward better credit cards, this is a good choice.

Is Capital One simply a bad credit card issuer?

They aren't "bad", but they run things on a much more automated level vs other banks. There is typically no such thing as a CLI request review, a PC request, etc. You can have only what their computer gives you, no more and no less. There's little to no human intervention available.

Is Capital One a good credit card company?

The Capital One Quicksilver Cash Rewards Credit Card is a good option if you value the simplicity of earning a flat rate on all your purchases. You’ll get 1.5% cash back on every purchase, every day, which means there are no bonus categories to remember or spending limits to keep track of.

What is special about a platinum card?

The Amex Platinum is a premium credit card that offers a welcome bonus, luxury perks, and other value-added services. Cardholders benefit from Uber credits, airfare discounts, bonus points, cashback and much more. Unlike typical credit cards, this card allows you to carry a balance for certain charges, but not all.

What is the highest credit limit for Capital One Platinum?

Once the account is opened, you can increase your security deposit up to $1,000, which is the maximum credit limit....8. Capital One Platinum Secured Credit Card.Intro PurchasesN/ACredit NeededLimited, Bad3 more rows•Jun 24, 2021

What does Capital One Platinum mean?

The Capital One Platinum Credit Card is a card worth considering for those looking to establish or build credit. It comes with a $0 annual fee and no foreign transaction fee. But without a rewards program or other perks, it's got a limited shelf life once your credit improves.

Which is better the Capital One Platinum or Quicksilver?

EDITOR'S OVERVIEW. The Capital One Quicksilver Cash Rewards Credit Card is the winner over the Capital One Platinum Credit Card. The Quicksilver Card's best features include 1.5% cash back on all purchases, a $200 bonus for spending $500 in the first 3 months, and intro financing of 0% for 15 months.

Can I upgrade my Capital One Platinum card?

Yes, you can upgrade your Capital One Platinum Credit Card to a better offer as long as you've had the card for at least several months, and you will have the best odds if your credit score and income have gone up since you applied.

Does Capital One Platinum give automatic credit limit increases?

The Capital One Platinum card may offer an automatic credit limit increase if Capital One's regular review of your account shows a history of on-time payments and low debt. An automatic credit limit increase involves a soft pull, which does not affect your credit score.

How long does it take to build credit with a Capital One Platinum card?

6 monthsPay on time for 6+ months After account opening, the only way to get a Capital One Platinum Secured credit limit increase is to pay on time for 6 months.

What credit score do you need for Capital One Platinum?

580A: The Capital One Platinum Credit Card is deshigned for fair credit, so you may need a FICO credit score of at least 580 to qualify. But it's possible you'll be approved with a lower score.

What credit score do you need to get a Capital One Platinum credit card?

A: The Capital One Platinum Credit Card is deshigned for fair credit, so you may need a FICO credit score of at least 580 to qualify. But it's possible you'll be approved with a lower score.

How quickly does Capital One increase credit limit?

Cardholders in good standing (e.g. good credit score, consistent on-time payments) may also receive an automatic credit limit increase once or twice a year. If requesting an increase from Capital One, approval can happen immediately or could take up to 30 days to process.

Does Capital One increase your credit limit automatically?

Oftentimes, Capital One will automatically increase your credit limit if you use your credit card responsibly. Some Capital One cards, especially those advertised toward consumers establishing or building credit, offer the opportunity for an increase after five months of on-time payments.

What is the highest credit limit for credit one?

This card carries a minimum credit limit of $300 and a maximum credit limit of $1,500. You can't charge more than $1,500 without paying off some or all of your preexisting balance. It takes up to 12 days for balance payments to reduce your credit limit.

How much does a Capital One Platinum credit card cost?

The Capital One Platinum Credit Card has an annual fee of $0. Not only does that save you money now, but a $0 fee means you can keep the card account open at no cost even after you qualify for other, better products — and that can benefit your credit score. Read about the benefits of other popular credit cards.

How long does it take to get a credit increase?

You can be automatically considered for a credit limit increase in as little as six months if you pay your bill on time. This can add flexibility to your finances. More important, it can benefit your credit by reducing your credit utilization, or the percentage of your available credit that you're using, a major component in your credit score. This automatic account review is especially beneficial if you're working to build your credit because it means you don't have to request a credit line increase yourself. Customer-initiated requests can lead to a "hard" credit check that hurts your score.

Do credit cards charge annual fees?

No annual fee. As a general rule, a credit card for someone with good to excellent credit won't charge an annual fee unless it offers outstanding rewards or perks that make up for the cost. But people with poor or fair credit sometimes face annual fees of $25 or more just for a basic card with no rewards.

Is Capital One a fancy credit card?

The Capital One Platinum Credit Card isn't a fancy credit card by any means.

Can you use Capital One credit card to build credit?

Capital One, however, has an array of excellent rewards cards that you could request a product change to. Just know that approval for an upgrade is never guaranteed .

Does Capital One Platinum require a security deposit?

The Capital One Platinum Credit Card is one of the few cards from a major issuer that is available to people with less-than-good credit and doesn't require a security deposit. In short, the signature Capital One Platinum Credit Card benefit is that it's available to so many people. » MORE: NerdWallet's best credit cards for fair credit.

Does Capital One charge foreign transaction fees?

Most U.S. credit cards impose a surcharge on purchases made outside the country. The typical fee is about 3%. Capital One's cards don't charge foreign transaction fees, making this card a fine traveling companion.

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Summary

Several Capital One Platinum Card benefits can help you understand and raise your credit score. While the Platinum card does not come with a sign-up bonus or rewards for ongoing spending, it also has no annual fee.

Capital One Platinum card benefits to help build credit

Some of the Capital One Platinum benefits that are most useful are those that help the cardholder build credit. This is a credit card designed for people whose credit is a work in progress. Capital One markets this card to people with fair credit, which generally means a FICO score between 580 and 669.

Ease-of-use benefits

Capital One makes it easy to use the Platinum card. Its mobile app allows you to access your account information – like balance, spending history and more – from wherever you are. If you have other Capital One accounts, like checking or savings accounts, your account information will all be displayed together.

Protection benefits

Like most credit cards, one of the Capital One Platinum card benefits is a $0 fraud liability. This means that if your card is lost or stolen, you won’t be liable for any charges made by unauthorized users. You can also immediately lock your card through your online account or the Capital One mobile app if it is misplaced or stolen.

No rewards but low fees

One downside to the Capital One Platinum card is that it doesn’t come with any sort of rewards program. Unlike many other credit cards, there is no sign-up bonus for getting the card and no rewards for ongoing purchases. However, the Capital One Platinum card has no annual fee and no foreign transaction fees.

Maximizing the Capital One Platinum card benefits

There are not a ton of Capital One Platinum benefits, so it can be easy to maximize them. Since this is a credit card designed to help people improve their overall credit profile, the main Platinum card benefits that you’ll want to look at are the ones that help you do that.

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Is Capital One Platinum a good credit card for those with fair credit?

If you have a fair credit score and want to improve your credit score, the Capital One Platinum card may be a good fit for you.

How to maximize Capital One Platinum benefits

To get the most out of the Capital One Platinum card, you should only make purchases that you can afford to pay off when your monthly bill is due. Paying your credit card bill on time and in full each month is the best way to improve your credit score and to avoid paying high interest charges and late fees.

The bottom line

While the Capital One Platinum credit card doesn’t come with any flashy benefits, if used responsibly, this card can help you build your credit score, which can help you qualify for a better card, like a rewards credit card, down the line.

What happens if you lose your Capital One card?

If your card is lost or stolen, you will not be responsible for unauthorized charges. Pay for online purchases with virtual card numbers and keep your actual card number to yourself. Lock your card in the Capital One Mobile app if it’s misplaced, lost, or stolen.

What does Capital One alert you about?

Receive an alert if Capital One detects a potential mistake or unexpected charge like a potential duplicate purchase or a sudden recurring bill increase. Learn more about account alerts.

How often does Autopay pay?

Set up Autopay for your account and your payments will be made automatically every month.

Does Capital One credit card hurt your credit score?

It’s free for everyone—whether or not you have a Capital One credit card—and it won’t hurt your score. CreditWise availability will vary depending on ability to obtain your credit history from TransUnion®. No Foreign Transaction Fees. You won’t pay a transaction fee when making a purchase outside of the United States.

Can you pay with a virtual card number?

Pay for online purchases with virtual card numbers and keep your actual card number to yourself.

Can you use a cardholder's benefits to the primary cardholder?

Some cardholder benefits are only available to the primary cardholder and not authorized users.

Is Creditwise free with Capital One?

CreditWise availability will vary depending on ability to obtain your credit history from TransUnion® and is free for everyone whether or not you have a Capital One credit card .

What is Capital One Shopping?

6Capital One Shopping is a free browser extension available to Capital One and non-Capital One card customers. Enrollment required. Savings and available coupons vary.

How long does it take to get a higher credit line?

Pay no annual fee and automatically be considered for a higher credit line in as little as 6 months.

Is it a big decision to get a credit card?

Whether you’re looking for your first card or rebuilding your credit, applying for a credit card is a big decision. The next step is finding a card with features you want and the flexibility to make daily life a little less stressful. That’s where the Platinum Mastercard® from Capital One could come in.

Does Capital One review credit?

Capital One will review your account and notify you if you’ve been approved for additional credit . As you grow financially, consider choosing a credit card that has benefits that can grow with you. Using your card responsibly could increase your chances of getting a credit limit increase.

Does Capital One have a fraud detector?

Scammers are almost always working overtime. But Capital One credit cards have security features that can help you detect potential fraud.

Does Capital One alert you when you add a phone number?

When you add your phone number to your account, you’ll automatically get alerts if Capital One notices potentially suspicious activity on your account.

Does Capital One have a privacy policy?

The Capital One Online Privacy Policy does not cover the Capital One Shopping Services. The Capital One Shopping Privacy Policy can be found at https://capitaloneshopping.com/our-terms/privacy-policy.

Which is better, Capital One Platinum or Quicksilver?

Which is better: Capital One Platinum or Capital One Quicksilver? It depends on your credit. The Capital One Platinum Credit Card is available to people with fair or average credit, while the Capital One Quicksilver Cash Rewards Credit Card — the issuer's popular cash-back card — requires good credit or better.

What is upgrade card?

If you prefer to know what you’ll owe each month, the Upgrade Card combines elements of credit cards and personal loans. When you use it as a credit card, balances are converted to installment loans. When you use it as a personal loan, funds are deposited into your bank account. Whichever option you use, you can pay back what you borrow in equal monthly installments at a fixed interest rate over a certain window of time. It’s friendly to those with average credit and it earns 1.5% cash back on all purchases. It has a $0 annual fee.

What is the annual fee for Petal 1?

The Petal® 1 "No Annual Fee" Visa® Credit Card is friendly to those with less-than-perfect credit and it earns rewards. Get between 2% and 10% cash back when you shop with select merchants. Depending on eligibility, you may also qualify for a credit limit that runs as high as $5,000.

Does Capital One Platinum have a fee?

You won’t earn any rewards on this card, but you will save money on fees. The Capital One Platinum Credit Card has a $0 annual fee, and you'll pay no foreign transaction fees on overseas purchases.

Is it better to have a higher credit line or lower credit limit?

Credit limits tend to be lower for those with average credit, so access to a higher credit line could be beneficial for your credit score and wallet.

Does Capital One pay by check?

Capital One gives you the option of choosing the due date that works best for you. This way, you can set a date that coincides with the paycheck you prefer. You can also choose whether to pay by check, online or at a local branch.

Is Capital One Platinum a good credit card?

The Capital One Platinum Credit Card is a fine choice for those with fair or average credit. The $0 annual fee makes it possible to build credit at no cost. However, the APR on the card is on the high side, so it's best to pay your bill in full every month to avoid interest charges.

What is Capital One Platinum?

There are a few other noteworthy Capital One Platinum benefits as well. Being a cardholder gives you access to Eno. It’s a financial assistant app. It can also generate virtual card numbers to keep your information safe when shopping online.

What are the benefits of a credit card?

Credit cards usually come with some benefits built into them for no extra cost. For example, you might get insurance for car rentals and accidents while traveling. You might get purchase protection to replace damaged or stolen items you bought with your card.

What are the advantages of credit cards?

Here are the biggest advantages of credit cards: Credit building. Credit card issuers report your account details (utilization, payment, etc.) to major credit bureaus every month. This gives you a regular opportunity to add positive information to your credit reports, which will improve your credit standing.

Why is it important to have a good credit history?

Having a positive credit history will make a lot of your biggest decisions in life go smoother. You’ll more easily be able to purchase a car or a home, and you may even have better employment chances. Convenience. If you have a credit card, you don’t need to worry about carrying lots of cash at all times.

Does Capital One Platinum have price protection?

Capital One Platinum’s benefits for everyday purchases can help you save money, too. Price protection refunds some of the money you paid for an item when you see the exact same item on sale within 60 days of the purchase date. You’ll need to prove this lower price with a printed advertisement.

Do merchants accept credit cards?

If you have a credit card, you don’t need to worry about carrying lots of cash at all times. Most merchants accept credit cards. And unlike cash, credit cards are easily replaceable and give you a $0 liability guarantee for fraudulent transactions. They also allow you to make purchases now and pay later.

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Our editorial team and expert review board work together to provide informed, relevant content and an unbiased analysis of the products we feature. The editorial content on our site is independent of affiliate partnerships and represents our unique and impartial opinion. Learn more about our partners and how we make money .

Summary

The Capital One Platinum Card can be worth it if you are working on improving your overall credit profile, but if you already have a good or excellent credit score, there are better credit card options out there.

When is the Capital One Platinum card worth it?

The Capital One Platinum has no annual fee and a few benefits that may come in handy in certain situations. One perk is that you will be considered for a higher credit line if you make six consecutive on-time payments.

When is the Capital One Platinum card not worth it?

If your credit score is good enough that you’ll qualify for other credit cards, the Capital One Platinum card probably isn’t for you. You may be able to qualify for a card with a sign-up bonus and rewards for everyday spending.

Should you get the Capital One Platinum card?

The Capital One Platinum card is a no-frills credit card. It has a few benefits, but if your credit score is good to excellent, there are many better credit cards out there. But if your credit score is still in the fair range, the Capital One Platinum card could be a decent option.

Bottom line

If you’re wondering whether the Capital One Platinum card is worth it, the answer is going to depend on your specific financial situation. If your credit score is good or excellent, you almost certainly have better options. In that case, you don’t want to bother applying for the Capital One Platinum card.

Getting Started

• 1. You Don’t Need Excellent Credit or High Income to Be Approved
  Capital One states that the CapOne Platinum cardis designed for those with average credit. However, reports exist of consumers getting approved with fair credit (as low as 580). The card is also a good choice for those with lower income.

See more on upgradedpoints.com

Easy Account Management

Travel Protection and Benefits

Shopping Protections and Benefits

Additional Benefits

Everything Else You Need to Know