Capital One Platinum Review

Who is the Capital One Platinum Card for?

The Capital One Platinum Credit Card is a no-frills credit-building card that separates itself from the field by offering higher credit limits after your first 5 monthly payments. An advantage with this card is that it comes with no annual and no foreign transaction fee and is usually a temporary card to build the credit history necessary to upgrade to a card with a generous rewards program.

This card comes with a 25.99% variable APR, which is fairly standard for credit building cards such as this.

It’s not uncommon for cardholders to start with the Capital One Platinum Credit Card in their wallet and quickly move on to one of Capital One’s Rewards cards, such as the Capital One Savor, Capital One Venture, or Capital One Quicksilver cards, depending on your rewards type preference. Therefore, this card is great for anyone with a slightly damaged credit score looking to improve their credit. Additionally, the card’s lack of foreign transaction fees make it a good choice for people who travel often.

Travel

Although there is no welcome bonus or rewards program, this card is a good fit for anyone with an average credit score looking to save due to limited fees. There is no annual fee for this credit card, which on its own already makes the card enticing for a variety of cardholders.

In addition to not having an annual fee, the Capital One Platinum card offers no foreign transaction fee. This is an excellent feature for people who love to travel, because they will not have to worry about hidden fees while they are abroad.

Paired with not having to deal with foreign transaction fees, the cardholder will also benefit from 24/7 travel assistance. This means that if something happened while abroad, such as having your credit card stolen or lost, travel assistance services will help you to replace it in a timely manner. They will also provide you with a cash advance to ensure that your trip goes smoothly and safely.

Another travel feature of this card is its auto rental collision damage waiver. If you find yourself in a new location and need to rent a car, you can have confidence that the Capital One Platinum card has you covered. This waiver provides insurance on the cardholder’s rental car, so if the owner returns the car damaged (due to theft or collision), their credit card company will cover the costs.

If these card features were not enough, there is also travel accident insurance. This means that if the cardholder has a covered lost during the duration of their trip, they can receive automatic insurance. This added security element is another reason the Capital One Platinum card is a good travel card.

Apps and Digital Services

Another beneficial aspect of the card is its assortment of digital services. There is a Capital One mobile app the cardholder can download. This app will allow the card user to be able to manage their account from any location. They can view their balance, pay their bill, and view their credit score on CreditWise. This makes it effortless to stay informed and up to date on the important details of your account.

CreditWise is another valuable component of the card. It is a free way to monitor your credit, and this feature does not impact your credit score in any way.

Finally, Eno is a particularly helpful asset. This is the cardholder’s online assistant. It provides anything from making sure your account is secure, to sending you alerts, to being available to answer any questions you have.

Security and Protection

In addition to travel elements of the card, there are a variety of security benefits as well. One of these features is that the cardholder will receive automatic security alerts. If there is any suspicious activity on their account, the card owner will be informed right away.

Since 227.5 million people in the US alone complete at least some of their purchases online, the digital market is extremely important. As such, it is critical for cardholders to have added security when buying items online. As previously mentioned, the Capital One Platinum card offers a virtual assistant named Eno. This assistant helps the cardholder with a variety of services, including giving them virtual card numbers when shopping online. This adds an extra security element by allowing card owners to still engage in online shopping, while simultaneously protecting their actual card number.

Another service that Eno provides is account alerts. It is able to detect if there are unusual charges on your card, such as a duplicate payment or simply a new increase on recurring charges. This is extremely beneficial to all cardholders to keep them informed on the accuracy of their credit card bill.

Besides Eno, there is a $0 fraud liability feature as well. If someone gets a hold of a cardholder's card information and makes charges to their account, the card owner will not be held accountable for these charges. 

It is also possible to easily and quickly lock your credit card. If your Capital One Platinum Card has been lost or stolen, the cardholder simply has to use the Capital One mobile app to lock their card. This ensures that if someone finds it and tries to use the card, they will be unable to complete the transaction.

CreditWise is an added feature that gives the cardholder access to any changes in their credit score. They will receive alerts when TransUnion or Experien report credit changes.

Account Management

To ensure the cardholder does not miss any payments and incur the up to $39 late payment fee, the card has a variety of account management features. The cardholder can receive account alerts in the form of email or text alerts to remind them to stay on top of their payments. This allows the card owner to always be up to date on which payments are due when, eliminating any potential complications.

The Capital One Platinum card also possesses an autopay component. This comes in handy for any card owner who does not want to have to handle payments. Each month, on the same day and time, the cardholder can choose to have their bill automatically paid from their account. This is a great time saving feature.

Not only is there no annual fee, but you can put an additional user onto your account for zero charge as well. By sharing the same account, each person can still each have different cards. The owner will be able to track spending charges by card.

If there is any confusion on payments or account management in general, the cardholder has access to 24/7 customer service representatives. These representatives can answer any and all questions, making the process of managing your account even simpler.

Conclusion

While this card does not have any bonuses or rewards program, it has many features that will help any users to improve their credit score. There are a variety of account management, protective, and digital services elements to this card that makes it a satisfactory choice for all card users. Furthermore, its travel features, including no foreign transaction fee and other travel perks, make this card great for people who travel often.