No Annual Fee - Know the Capital One Credit Card

When you want to apply for your first credit card, it is always good to look for a card that will help you build credit and simultaneously teach you how to manage credit effectively. However, you may be applying for a credit card for the first time. In that case, you'll most probably find that the banks and other issuing authorities are not too eager to provide you with a credit card with many rewards and high credit limits.

So, what you have to look for is a "first-step" credit card. Most credit cards have a starter version, and most new credit card clients have to start with such a card. If you manage your starter card effectively, you will, in time, be eligible for a credit card with more features and rewards.

As there are so many cards available, you have to look at as many starter cards as possible before deciding which one you want to apply for. We've looked at some of these cards for your convenience, and we've found one that could most probably suit your circumstances—the Capital One Platinum Card. 

  • Capital One Platinum Credit Card
  • Main Features of the Capital One Platinum Credit Card
  • How to Apply for the Capital One Platinum Credit Card
  • Fees and Interest
  • Pros of the Capital One Platinum Credit Card
  • Capital One Address and Contact

Capital One Platinum Credit Card

The Capital One Platinum Credit Card is a good choice for young people who are, for the first time, eligible for a credit card. You don't earn rewards with this card or have access to special perks, but it is ideal for helping you to learn how to manage credit effectively

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The Capital One Platinum credit card is also ideal for consumers with fair credit scores. If you pay your bill on time regularly, it could be the stepping stone to another Capital One credit card offering rewards and perks. 

You can even use the positive credit history you've built with the Platinum card to later apply for a credit card at another financial institution. Thus, although the card doesn't offer much, it might be your first step to using for "better" cards later on.

Widely Acceptable

Although the Capital One Platinum Card is a primary credit card with no rewards and only limited benefits, you can use it for purchases worldwide. It is usually accepted at all outlets displaying the MasterCard sign. 

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You can also use it at any ATM which accepts MasterCards. You can transfer funds or withdraw cash at the ATM.

Main Features of the Capital One Platinum Credit Card

Although The Capital One Platinum credit card is elementary, it offers some good features. You get fraud coverage with the card. You are covered by $0 fraud liability if your card is lost or stolen. In other words, if your card is lost or stolen and someone is using it for fraudulent purchases, you will not be responsible.

Image Source:  National Retail Federation

It is also a contactless card. You can quickly go through checkout points by tapping your card on the contactless-enabled card reader. It makes your card very secure as the card never has to leave your hand when you are paying at the outlet.

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You can also set up personalized email or text reminders to help you manage your card. The card is designed in such a way that it helps you to manage your spending. If you are traveling abroad frequently, this card is a viable choice for spending when you are in a foreign country as it carries no foreign transaction fees. 

Security and Service Features

The card allows you to set up alerts to your email address or text number to alert you every time the card is being used. You will immediately know when your card has been used fraudulently. 

You will always be able to get assistance with card transactions at Capital One's 24/7 customer service center. In addition, the Platinum Credit Card also offers virtual card numbers. These virtual numbers are a further safeguard when you are doing online transactions.  

How to Apply for the Capital One Platinum Credit Card

You have different options to follow when you want to apply for a Capital One Platinum Credit cCrd. You can apply at any local Capital One branch if you want to do it personally. 

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You can also apply over the phone by calling Capital One customer service at 1-877-383-4802. By using customer service, you can ask all the questions you have, and the person in the service center will give you the answers.

The best way to apply for a Capital One credit card is online. You can do that from anywhere in the world via your mobile device. 

When you apply, you'll have to furnish Capital One with personal details such as your full name, address, employment status, income, and mortgage/rent amount. Therefore, you must have the detail ready when you apply.    

Pre-approval and Terms and Conditions

You can, however, ask for a pre-approval from Capital One. A pre-approval request will not influence your credit score. 

Before applying for the credit card, ensure that you know Capital One's terms and conditions. You will be able to look at the terms and conditions at the branch, but they are also available online.  

Fees and Interest

The fees and interest rates for the Capital One Platinum credit card are as follows.

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  • Sign-up Fee – $0
  • Annual Fee – $0
  • Interest Rate – Variable
  • APR – 26.99%
  • Balance Transfer Rate – 3% of the amount of each transferred balance
  • Cash Advance Fee – Either $10 or 3% of each cash advance, whichever is greater
  • Foreign Transaction Fee – $0
  • Late Payment Fee – Up to $40

Eligibility Criteria

Usually, you will need a credit score of 570 or higher to be approved for the Capital One Platinum credit card. If your score is less than 570, your application will probably be rejected. 

Other eligibility criteria include the following aspects.

  • Your address must be in one of the following locations: the 50 United States, Washington, D.C., Puerto Rico, or a U.S. military location
  • Your monthly income must exceed your monthly rent/mortgage payment by $425
  • You have to be 18 years of age or older and have a valid Social Security Number or Individual Taxpayer Identification Number
  • You can't have an unresolved bankruptcy.

Pros of the Capital One Platinum Credit Card

Although the Capital One Platinum credit card is a "starter" credit card and doesn't offer rewards, there are still good reasons to have this card. 

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You can set account reminders to be sent to your email or text device to help you manage your account. The Autopay feature allows you to arrange that your payments automatically be made every month. 

Another pro is that you can see your monthly recurring transactions 24/7. Capital One provides you with a list of merchants that charge your Capital One card monthly. If you've added an authorized user, you can also track the user's spending separately from your transactions.

The best pro is that you will automatically be considered for a higher credit line within six months. 

Cons of the Platinum Credit Card

This card has no rewards structure. Thus, you will not be rewarded for your spending. It also has a shallow credit line in the beginning. It can be as low as $300. The Platinum credit card's high APR also means that you might have to pay a lot of interest if the card is carrying a balance. 

In addition to having an "average" credit score, you will only qualify for the card if you earn at least $425 more than your rent or mortgage. 

Capital One Address and Contact

Capital One's headquarters is in McLean, Virginia. The street address is Capital One Financial Corp, 1680 Capital One Drive, McLean, VA 22102-3491, United States.

Image Source: Capital One Careers

Capital One also has additional corporate offices in the following cities. 

  • Richmond, Virginia
  • New York, New York
  • Plano, Texas
  • Wilmington, Delaware
  • Chicago, Illinois
  • San Francisco, California
  • London, United Kingdom
  • Toronto, Canada

You can find your local branch's address in your local directory.

Mobile App and CreditWise

Something to remember is that the Platinum credit card can easily be managed from anywhere with the Capital One Mobile App. You can also pay your bill and see your balance and transactions on the app. 

The Capital One Mobile App also gives you access to CreditWise, which allows you unlimited access to your credit score and other tools to help you evaluate your credit profile. 

Conclusion

The Capital One Platinum credit card doesn't offer any rewards or gifts when you receive your card, but it is an excellent card for a young person applying for a credit card for the first time. It is also an ideal card to build your credit history. 

This Platinum credit card is also a good choice for travelers as you can use it worldwide at any outlet or ATM that accepts MasterCard. There is also no fee charged on foreign transactions.

Disclaimer: There are risks involved when applying for and using credit products. Ensure you consult the bank's terms and conditions page before agreeing to anything. 

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