Capital One Platinum credit card can help you build and maintain your credit score. It's a solid option because there is no annual fee and there is no foreign transaction fee.
However, the Capital One Platinum cards has an interest rates that is higher than average. This makes it unsuitable to people who are tight on their budgets and have to pay off debt. Capital One Secured Mastercard would be a better choice. You get a Zero Annual Fee and a Refundable Security Deposit.
Although the Capital One Platinum cards does not offer rewards they do have a few features which can benefit your credit. You will have access to the Capital One CreditWise collection of credit building tools. You will also get educational content and a credit score for free.
You can pay the bill online or at a local branch. TransUnion, Equifax, Experian all report the payments. Your credit score will improve if you keep your balance current and make timely payments. Continue to use Capital One Platinum creditcard and you'll be able to increase your credit line while lowering your credit utilization.
The Capital One Platinum card also offers cool travel perks. There are no foreign transaction fees and you can use your card for travel outside the U.S.
In addition to these features, the Capital One Platinum Card has an automatic credit line increase after six months. You will be granted a credit limit that is based on your credit score once you have been approved.
An application is required to apply for Capital One Platinum. Your income and credit score will determine your eligibility. Most applicants can get a card if they have a FICO score of 580 or higher. But keep in mind that some companies have strict guidelines. You may not be approved if you have a history delinquent.
Capital One Platinum has a lower average credit utilization rate. A great way to improve your credit score is to lower your credit utilization rate. Even if you don't qualify for a card, the Capital One Platinum can help you build a credit history.
The Capital One Platinum Credit Card, despite its high interest rates, is a good option for people with average to fair credit. It doesn't require a deposit up front, making it a great choice for people who are just beginning to build credit.
You might also consider the Capital One Spark Miles Select For Business card. These cards can earn you cash back or redeem your reward points to shop at Amazon.
Other features that you'll want to look for when applying for a Capital One card are low annual fees, security alerts, and fraud liability. Although some may complain about the lack of options with the Capital One Platinum card it is a great choice for those who need a little help rebuilding credit.