Every credit card has its own special place, a niche market to which it especially caters. So where does Capital One Platinum Mastercard fit in? Who stands to benefit the most from its features and suffer the least from its limitations?
If you have been considering acquiring this card, read on to hear some helpful information that can make your decision-making process a little easier!
What Does Capital One Platinum Mastercard Have To Offer?
Capital One Platinum Mastercard is one of the best options today for those who have little to no credit history but want to use a credit card to establish good credit. That makes it a “gateway card,” which can open new doors for the cardholder in the months and years ahead.
Unlike many other “starter cards,” this Capital One card has absolutely no annual fee. It doesn’t have cashback perks or other rewards, and it doesn’t sport a low APR, but many would prefer to avoid an annual fee and skip those other two features (if necessary) if they have to choose. And, often you do when it comes to starter cards.
A second great fact about Capital One’s Platinum Mastercard is that it automatically reports your on-time payments to all three credit bureaus. You save the time, money, and hassle of trying to contact them yourself, and you have the peace of mind of knowing that all your efforts to use your new card responsibly will NOT go unnoticed.
If you pay your bill on time for the first five months after opening the account, there’s a good chance you will see a credit limit increase. That too can benefit your credit score but increasing your amount of unused credit – which is called in financial circles “improving your credit utilization level.”
What Other Options Do I Have For A Starter Card?
Capital One has one of the better starter credit cards in today’s market, for sure, but it isn’t the only one, of course. Some other cards, for example, offer special perks designed specifically for college students. Others may be able to get you a lower interest rate. Still others might be willing to accept those with already damaged credit.
There are certain tendencies and parameters that often apply with starter credit cards, but each card company and each offer can still differ significantly. That’s why you should use a powerful online search tool like the search engine developed by Bonsai Finance. Bonsai lets you search according to one or several criteria in order to narrow results down to only the closest matches.
For example, you might want to focus your search on any of the following features:
- Low or no annual fee.
- As low as possible APR.
- A higher credit limit.
- Special perks and rewards.
- No credit check.
- Acceptance of bad or no credit.
- 24/7 customer assistance.
- Monthly reporting to credit bureaus.
- No security deposit required.
- Ability to quickly increase credit limit.
Finding a card that scores high in one or more of these crucial categories is key. Which category is most important will vary from consumer to consumer, but Bonsai enables you to search hundreds of offers at the click of a button so you can quickly become aware of your best options.
Bonsai Finance exists to help match consumers with their ideal credit card or short-term loan. The Capital One Platinum Mastercard or another starter card may be right for you, but until you can conveniently compare your options, feature by feature, you may never know. Bonsai Finance puts you in the position to do exactly that!