A Card That Works Hard for Those with Average Credit: Capital One® Platinum Credit Card
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If you have had credit problems in the past or are just starting out building your credit history, the credit card options available are typically secured credit cards. Capital One, however, offers the Capital One® Platinum Credit Card, designed for those who fall within the "average" credit rating. This rating can range from 630 to 689, and often those with lower credit scores find themselves qualified for the card.
This card offers those with average credit an alternative to secured cards that sometimes come with high fees as well as a security deposit requirement. This is a simple card with nearly no fees. It also comes with a number of card benefits, travel benefits, and credit management tools for building and maintaining a healthy credit score. (See also: Best Credit Cards for Average/Fair Credit)
Why We Like This Card
- No annual fee, balance transfer fee, or foreign transaction fee.
- Credit limit increase after five months of responsible account management.
How This Card Works
This card is a basic credit card with no rewards feature, but it has no annual fee, no balance transfer fee, and no foreign transaction fee. You may also qualify for a credit limit increase after you make your first 5 payments on time. However, with such a high APR even without a balance transfer fee, it wouldn't make sense to use this card to transfer a balance unless you currently have a balance on a card with an even higher APR. (See also: Credit Cards with no Balance Transfer Fees)
Other Benefits
Platinum MasterCard benefits. Includes Platinum MasterCard benefits such as extended warranty for additional protection on purchases made with the card, auto rental insurance, travel accident insurance, 24-hour travel assistance services, and price protection for receiving a reimbursement of the price difference if you find your purchase for a lower price within 60 days.
Considerations
High APR. You can avoid paying large amounts of interest on your purchases if you are diligent in paying your balance in full each month. However, if you frequently carry a balance from month to month, this APR is going to become expensive. If you typically carry your balances from month to month, you may want to instead consider one of the secured credit cards with lower APRs, designed specifically for average or poor credit ratings.
Who This Card Is Best For
The Capital One® Platinum MasterCard is best for those who have had credit problems in the past, are just starting out, or have an "average" credit rating, but prefer an unsecured credit card over a secured card. It is also ideal for those who need to transfer balances from a higher APR credit card, or because there is no foreign transaction fee, for those who frequently travel outside of the United States. (See also: Best Secured Credit Cards for Average or Poor Credit)
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