Capital One Platinum is described by Capital One as a credit card for people with average credit. This means you don't have great credit, but you also have bad credit. For Capital One loan approval purposes, an average loan means that you have not fulfilled your credit card or loan obligations in the last five years, or you have had your own loan for less than three years.
Capital One used two platinum credit cards –
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Standard Platinum
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Classic Platinum
for people with average credit.
The platinum card seems to have combined the two credit cards into one, which removes the difficulty of choosing between the two.
Perks Capital One Platinum Credit Card
You will not be rewarded with a Capital One Payment Card, but this does not mean that the card is not profitable. First, since you can get approved with average credit, you can use the card to start rebuilding your credit so that you can qualify for something better in the future.
If you are approved, your minimum credit limit is $ 300. While this is on the low side, it is not scary to start with. Capital One says it will raise your credit limit if you make your first six monthly payments on time. If you think that you will have problems with timely payments, simply set up automatic payment of bills in your bank. A higher credit limit will not only give you more purchasing power but will also help you get higher limits with other credit card issuers in the future.
You can transfer balances to the card, but only after your account has been opened for 10 days. However, you will not be able to transfer the balance from another Capital One account. This includes retail cards issued by Capital One.
You can track your credit score with Capital One's CreditWise tool – a perk that is truly available to everyone, even if you choose not to go with the Capital One Platinum Card.
The cost of one platinum card
The Metropolitan Platinum Card has no annual fee, which is a plus. Many credit cards for people with less perfect credit charge an annual fee.
The interest rate is relatively high at 24.99% for purchases, balance transfers, cash advances. You can avoid high finance charges by paying your balance in full each month. Avoid cash advances because they don't have a grace period and will start charging interest right away.
Cash advance payment is 10% or 3% of the cash advance, whichever is greater. You will be charged up to $ 35 for any late credit card payments. You must make every effort to make all your payments on time, not just so you can avoid late payments, but still keep your account in good shape, earn credit limit increases and improve your credit score.
Capital One Financial Corporation is an American bank holding company specializing in credit cards and car loans; the holding includes two main structures, Capital One Bank (USA) and Capital One and is one of the ten largest banks in the United States, the bank's network includes 755 branches including 30 cafe style locations and 2000 ATMs, in addition to the United States, it also conducts business in Canada and the UK. The company pioneered the mass marketing of credit cards in the 1990s and ranks 5th in the United States for issuing bank cards, including the third for Visa and MasterCard. Also ranked second in the US for car loans after Ally Financial.
If you’re wiring money to the other person then you have to provide a capital one routing number.
