Picking the best credit card is a major decision in itself. There are hundreds of options available for consumers in the U.S, including the Capital One Platinum Credit Card. All these cards offer different rates, charges, fees, and rewards. Navigating this space requires some research and expertise so that you end up with the card that’s best for you. If you are looking to build credit, the Capital One Platinum MasterCard allows you to do this without all the added options that other comparable cards offer.
Main Features of the Capital One Platinum Credit Card
Before looking at how this credit card could be the solution to help you build credit quickly, it’s important to go over some of the main features available with this option. Some of the main perks that come with this credit card include no annual fees, no foreign transaction fees, no balance transfer fees, and increased credit limits with successive on-time payments. The card also offers fraud coverage, a 25-day grace period, and no penalty APR for late charges.
This credit card does lack some of the features you might find in the other top-rated credit cards in America. There is no reward or bonus points system, so you can’t get any cashback perks with this card. Another factor that some people are concerned about is the relatively high APR interest rate, which is 24.99% from the get-go.
Building Credit Fast
Everyone is in a different boat as far as how long they have been building their credit. If you have needed to use bad credit loans or payday loans online and are looking for a way to build your credit faster, then you are in a big group of people. The Capital One Platinum Credit Card is one of the best options if your focus is one building your credit at a much quicker rate, and there are several reasons for this.
- This credit card is quick to reward good credit behavior. If you pay your first five payments on time, you can get access to higher credit lines.
- If you have average credit and are looking to boost this specifically, you may not be too concerned about the relatively high-interest rate or the lack of rewards and other frills. With responsible card usage, including timely payments, you can achieve your main focus. With this card, you want to pay as much of your balance as possible because the high-interest rates can get you if you don’t.
- You can see how this card stacks up against comparable cards here.
- Out of 530 customer reviews on Credit Karma, the Capital One Platinum MasterCard got an average rating of 4.1 out of 5 stars. Many of the happiest customers applied for this card specifically to raise their credit score quickly. After making monthly charges on time and keeping the balance to the minimum, customers are enjoying higher credit limits. The reviews also show that the credit scores of these customers experience a steady increase, such as 80 points in as little as 4 months.
What to Watch Out for with the Capital One Platinum MasterCard
Every kind of credit card is different. If you go with this popular card from Capital One, you should understand the terms clearly to avoid ending up with high charges. Keeping your balance as low as possible is recommended because of the high-interest rates. If you are going to be using your credit card very often, this might not be the best card for you because other credit cards with cashback reward systems could give you much more benefits.
Capital One Platinum Credit Card is a good card for primarily building credit, but not necessarily as your daily use card. If you have any more questions about anything finance related, click here. Here are some other articles you might find helpful:
Your guide to no credit check loans
Payday loans with a prepaid debit card – how to get one when you don’t have a bank account
The best unsecured credit cards for bad credit you can get now
Here are the 7 best credit cards for low income earners