Capital One Platinum Card: A Smart Choice for Building Credit

Marcy Bialeschki
April 26, 2020

For whatever reason, people sometimes find themselves in a bind when it comes to credit. The Capital One Platinum card could be the answer to their problems. Unlike some other credit- building credit cards, the Capital One Platinum card does not have fees and features that could potentially put you further in debt. If your credits needs a little remediation and you are committed to adhering to some rules, this could be the card to get you back on track.

The Capital One Platinum card will start with a modest line of credit. Most new card owners can expect $300. This amount is not much, but it is enough to achieve its purpose. Cardholders can charge some monthly items and pay them off, building their credit. The card is not intended to carry the burden of a balance.

Even though the Capital One Platinum card has a relatively high interest rate at 26.49%, it is still not as high as some other cards in its category. And with no annual fee and no service fees, this card seems to be looking better and better. Most customers will use this card’s main feature -- building credit -- and will be rewarded for their diligence with an automatic credit review after six months. If you have paid your bill in full by the due date each month, you can expect an increased line of credit up to $500 with no applications It’s automatic. Some card owners who wrote reviews reported getting this credit increase as soon as four months.

As a Capital One Platinum card customer, you will also receive additional support while building your credit. Credit Wise is an online tool that gives you constant access to your credit score and tools to help you monitor your credit. Customers also have access to Credit Steps, a free program to provide credit-building strategies.

Security Features

The Capital One Platinum card has basic security features that provide cardholders with peace of mind. While most of these features are expected and standard on credit cards, Capital One has an attractive element to protect your card number when shopping online or ordering over the phone. Eno Virtual Numbers is a free service that provides a false card number that is linked with their Capital One Platinum card number. This way, the cardholder's actual number is not vulnerable. The following is a list of other security features of the Platinum card.

Security Alerts: If Capital One notices unusual activity on your card, they will send a text or e-mail to alert you.

Eno Virtual Numbers: If you shop online, Eno virtual card numbers protect your real card number.

Card Lock: If your card is lost or stolen, be assured that locking its purchase power is in your hands with the mobile app.

$0 Fraud Liability: If unauthorized purchases are made on your card, you will not be responsible.

24/7 Customer Service: If you need to talk with a representative about your account, Capital One has 24/7 customer service to help you with your issues.

The Capital One Platinum card has some unexpected travel features, including travel accident insurance, auto rental collision damage, and no foreign transaction fee. Capital One also provides 24-hour travel assistance for lost or stolen cards. If your card is lost or stolen while on vacation, Capital One will replace it and give a cash advance if needed.

Comparison

Deciding which credit-building card is right for you will be a personal decision. Here is a comparison between Capital One’s Platinum card and First Access Visa, another credit building credit card.

Capital One Platinum has no annual fee while the First Access Visa has and annual fee of $75 for the first year with a $48 annual fee each year thereafter.

Capital One Platinum comes with a 26.49% interest rate for purchases vs. the First Access rate of 34.99%

Initial credit lines for both cards with an average of $300 spending power

With the Capital One Platinum customers get an automatic credit review after six months where First Access requires you to apply for one.

In the event that a credit line increase is granted, Capital One does not charge your for this, whereas First Access assesses a fee of $20

Neither card has a rewards program

First Access charges no service fee for the first year but $75 each following year and Capital One never charges service fees

With no rewards and few frills, the Capital One Platinum card seems to get lost in the shuffle when lumped with the masses. However, when you consider the purpose of the card and then look at its features, the Platinum card can hold its own.

For a credit building card, it has some critical elements to stop accruing debt, such as no annual fee, no service fees, and a relatively low APR considering the card's purpose. According to customer reviews, Capital One is generous with upping your line of credit if you have paid your balance every month on time. The additional support regarding credit information such as Credit Step and Credit Wise are also excellent features to help cardholders not only remedy their credit but also learn strategies to build and maintain a healthy credit score.

Finally, when compared to other cards in its category, the Capital One Platinum card offers people who need to develop their credit a reliable option.

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