In the world of credit card, the Capital One Platinum Mastercard credit card is quite valuable and useful for anyone with fair credit. If you are in a position where you want a card to help build your credit score or you simply do not want to pay an annual fee, this card is perfect for you.
Appreciating the various terms of a credit card is very important so as to make the right choice. In this article, you will learn about the essential information about the Capital One Platinum Credit Card such as the features, application, and other details.
Key information about the credit card
How does the annual fee work?
The Capital One Platinum Mastercard® does not come with an annual fee, which is a major plus. This aspect is crucial especially for those who do not want to spend more money or those on a tight budget. The Capital One Platinum Mastercard has no annual fee, so you can have a credit card and all its conveniences without extra costs to pay.
How is the credit limit determined?
The credit limit of the Capital One Platinum Mastercard® is not stated and is calculated based on the assessment of Capital One. At the beginning, the credit limit depends on your credit rating, which is your credit score, income, and other credit histories. For the basic credit cards, this process entails the evaluation of your capacity to repay the advanced sums of money.
Advantages of the credit card
- No annual fee: Have all the privileges of a credit card without having to pay for an annual fee.
- Automatic credit line reviews: The possibility of having the credit line raised after six months of proper usage of the credit line.
- Creditwise: No charge for using credit monitoring tools whether or not a person has a Capital One product.
- Fraud coverage: It means that there is $0 fraud liability which means you will not be held responsible for any fraudulent transactions.
- Contactless payment: Faster and secure payments with its tap to pay function for transactions.
- Account management tools: Create and save those alerts and also set up auto payments to have better control of your account.
- 24/7 customer service: Available to help at any time, to inquire or help with any problems that may have arisen.
Standout advantage
The best part of the Capital One Platinum Mastercard® is that it offers great fraud protection features. Cardholders are not liable for fraud if their card is lost or stolen with $0 fraud liability. This option is rather helpful as it guarantees the user’s protection against frauds.
Disadvantages
- High purchase rate: This card has relatively high variable APR which is 29. 99%.
- Limited rewards: This card does not have the feature of cash back or travel points that are offered by most cards.
- Initial low credit limit: The initial credit limit can be comparatively low as compared to other credit cards.
A standout disadvantage
The only major con of the Capital One Platinum Mastercard® is the high variable APR of 29. 99%. This interest rate is much higher than the standard credit card APR which can lead to high interest charges if one is to carry a balance. That is why it is important for cardholders to clear their balances in their credit cards every month to avoid being charged these high interest rates and protect their financial status.
Who can apply for this card?
This card is perfect for people with fair credit rating because it is the Capital One Platinum Mastercard®. Specifically, you have to be a legal adult, that is, 18 years or older, as well as have a source of income that would prove your creditworthiness.
The card is suitable for those who want to restore their credit history, and it could be useful for those who have experienced previous credit problems but are now in a process of credit recovery. The credit score without the recent bankruptcies or delinquent accounts will also help in the approval process.
How to apply for the Capital One Platinum Mastercard®
For the website
Below is how to apply for the Platinum Mastercard® from Capital One through the website. First, open the Capital One website and go to credit cards option. Choose the Platinum Mastercard® and then pressing on the “Apply Now” button. You will be taken through a section where you are required to fill a form and include your personal information like your name, address, social security number and income.
If you submit an application to Capital One it will review your application and render a decision and this does not usually take more than a few minutes. If your application gets through, the card will be sent to you and you will be able to use it after activating it.
Through the app
It is easy and quite simple to apply for the Platinum Mastercard® through the Capital One mobile app. Open the Capital One app on your smartphone from the app store and sign in or sign up for an account. Follow through to the credit cards and choose the Platinum Mastercard®. To begin the application process click on the “Apply Now” button.
It will take you through the process, requesting for your identification and other details that are related to money. Now that you have filled in your application, it is time to submit it. You can easily monitor the application status in real time by the help of this app. Once you have been approved for the card, it will be delivered to the address you have provided and you are able to activate the card with the use of the application.
At the branch
If you are ok with a more traditional or perhaps even more comfortable way, you can apply for the Platinum Mastercard® at a Capital One branch or at one of Capital One’s Café locations. Go to the nearest branch and make a query to a customer care service personnel on how one can apply. The representative will assist in filling out the necessary paperwork and assist with any questions that you may have.
Some basic requirements that you will be required to submit include personal details of the applicant as well as financial details. Once you submit the application, the representative will let you know the following process and how to check on the application. Once your application gets approved, your card will be delivered to you and you can activate it via the website or the application of Capital One.
