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Capital One® uses "platinum" branding on many of its credit cards, even on accounts designed for those looking to build or rebuild credit. Compared to other credit cards for average credit, the Capital One® Platinum Credit Card offers MasterCard Platinum benefits that include extended warranty program and fraud prevention benefits. With no annual fee, you can consider applying for this card if you have limited credit history or, with responsible use, to get back on track after some financial setbacks.
Why you might qualify for Capital One® Platinum
According to Capital One®’s website, you fall under their “average” ranking if you’ve either defaulted on a loan in the past five years or have limited credit history (have had your own credit card or other credit accounts for less than three years).
Best credit card for average credit consumers
With those underwriting guidelines in mind, it's easier to understand how so many applicants qualify for the Capital One® Platinum Credit Card.
This card currently features a variable APR of 24.99 percent on purchases and balance transfers, with no balance transfer fee. You can gain access to a higher credit line with Capital One®’s Credit Steps after making your first five monthly payments on time. Think of this as a card you can use to qualify for a better Capital One® account after about a year of solid performance, using your card responsibly.
How Capital One® Platinum compares to other platinum cards
It's hard to compare credit cards when "platinum" means so many different things at competing lenders. The Platinum Card® from American Express comes with an annual fee of $450, but includes a boatload of elite perks and privileges. Iberiabank Visa® Platinum offers an interest rate substantially lower than this card's APR (based on creditworthiness).
What you're really getting with this account is the feel-good factor of handing your cashier a platinum card from a well-known, trusted brand. You're also building a relationship with one of the fastest-growing consumer lenders in the United States, featuring an innovative online account tracker that may help you learn to manage your account wisely.
Surprising bonus benefits from a no-frills credit card
Through a partnership with MasterCard, this Capital One® account offers access to auto rental insurance, 24-hour travel assistance which offers a replacement card and a cash advance if needed and travel accident insurance when you book your itinerary using your card. 24-hour roadside assistance is also available.
Capital One® and MasterCard also provide additional warranty protection at no charge on items that are purchased with your credit card.