In order to get accredited for many credit cards, you need to get a good credit score. But what if you have low or no credit? Luckily, there are some credit cards out there designed with these buyers in mind. One of the great picks to think about is the Capital One Platinum Credit Card.
On the surface, the Capital One Platinum Credit Card looks like a simple, no-frills deposit card, but there are lots to like about this card. The most favorite features of the Capital One Platinum Credit Card by users:
- $0 annual fee
- Designed for people with common credit card
- You might also be eligible for a greater credit score line after making your first five month-to-month payments on time
- Includes fraud coverage
- Comprehensive account monitoring (so you’ll be notified if there’s something suspicious)
These advantages are a boon for cardholders, especially if you’re attempting to enhance your credit. Additionally, this credit card comes with different client protections such as auto rental insurance, travel accident insurance plan and extra warranty protection on eligible items. As a card with a $0 annual fee, these perks can keep your money except any more fee to you.
What you need to think about before applying for the Capital One Platinum Credit Card?
Depending on your credit, you can also get authorized for the card with a small credit line of simply a couple hundred dollars. A small credit line should affect your credit utilization relying on how a lot you spend. Your credit utilization is a huge contributing component in constructing strong credit scores.
We should also add that this card is very uninteresting in the rewards branch – no cashback, no miles. So if you’re fascinated in getting cash returned or travel rewards, this is likely not the card for you.
Is the Capital One Platinum Credit Card the right choice for you?
Before applying for this card, think about the economic impact and see if it’s an exact match for you. Here are two frequent reasons you may practice for this card:
1. Building your credit score. This card has a $0 annual fee, so it can be a right starter card. If you pay off your balances in full and on time, this card can assist you to construct credit correctly and effectively.
2. Balance transfer. Though this card has no balance transfer fees, you must take a seem at the card’s terms to recognize what interest prices you’re challenged to. If the APR is greater than your present-day APR, a balance transfer may no longer make economic sense.
Whether you’re simply beginning out or you’re working hard to build your credit score, using a credit card responsibly can help you set up and build credit. Once authorized for a card, it’s fine to make full payments on time and keep your credit score utilization low.
If your aim is to build credit and have a simple card, the Capital One Platinum Credit Card could be a proper fit. It’s all about understanding your desires for a credit card before you apply.