Capital One Platinum MasterCard is accepted at locations in the U.S. that serve financial institutions. The card is designed for those individuals with fair credit who wish to improve their rating and work their way towards an excellent score. This card comes with several tools to assist you monitor your credit and all current members are automatically rewarded with higher credit limits. There are a few things that you need to know before applying for this card. The requirements will differ depending on the specific card that you apply for, but the requirements generally follow a similar format.
Capital One Platinum MasterCard allows you to choose between having no annual fee and earning cash back. No annual fee means you will not pay any interest charges during the year on this balance transfer balance. In addition, when you are paid off your balance, you will earn cash back up to one percent each month. There are limits on how much cash back you can earn, but if you pay your balance off completely each month you can quickly accumulate a significant amount of cash back. Cash back rewards are also only offered on purchases and balances that are paid off each month.
The application process for this credit card is pretty easy. You simply fill out a form that contains some basic personal information, such as your name, address, social security number, date of birth, and other security questions. The application then sends your scores to your email account. You will receive detailed instructions about how to continue building credit with your capital one platinum mastercard.
If you are looking to obtain a credit card with an excellent credit rating, the annual fee and foreign transaction fees associated with the cards are worth looking into. The annual fee is in addition to the amount you will be charged for your balance transfer, regardless of the amount you have in savings. When comparing the annual fee and the annual transaction fees of the two credit cards, you should also look at the rewards you will be able to earn. Both the capital one vs. capital one platinum mastercard and the traditional card may earn rewards, but the platinum card offers a higher rate of reward earning.
Once you compare the annual fees and other charges, you should compare the APRs of the cards. The rates on the cards are similar, but the rewards may be slightly different. On the plus side, the credit card offers an excellent interest rate. However, the interest rate on the credit wise card is higher than the interest rate on the traditional card.
There are many advantages and disadvantages to both the capital one platinum mastercard and the traditional credit cards. If you don't have a lot of cash on hand and you are applying for credit, then it makes sense to apply for the card that gives you the most rewards. You can get a higher APR on the traditional card if you pay off your balance within the introductory period. You may also find that the rewards program on the traditional cards isn't as valuable if you use them just to pay off balance every month. The credit cards with the higher APR also have stricter spending restrictions.
Both types of cards offer rewards programs that are tied to your credit utilization and your payment history. If you make your payments on time and do not have a large balance to pay off each month, you can benefit from the rewards program of the traditional card. If you have a lot of late payments, you will pay a higher interest rate until your account is paid off. If you are a high credit utilization card user and you pay your account off each month, you are likely to have less spending restrictions than on a card with a lower APR. It really depends on what you need the capital one platinum mastercard for and your payment history with the bank or credit union.
As with all credit cards, there is a limit to how much interest you will pay and the amount of money that you can charge to your card. The limit of the cash advance APR will be different for each card. There are usually no annual fees attached to the capital one platinum mastercard as well. This means that you can save some money each year if you follow the terms of the card issuer. You can always choose to pay your balance in full each month, which will have a lower interest rate and longer payment schedule, but you will lose any potential rewards.