Capital One Platinum Credit Card, sometimes referred to as just the One Card, is an unsecured credit card. Credit cards that are unsecured carry higher interest rates than secured credit cards. Unsecured means there is no security or credit check for the card holder. When the card holder misses a payment he does not lose his credit card. It is just gone and he will need to get cash from his savings or bank account to replace it. The credit limit on the card is equal to 100 dollars or what the cardholder has in the bank account at the time.
This type of card is great for people who like the convenience of a credit card with no hassle of a check-out and without having to make a monthly payment. The one upside of this feature is that there is no grace period when it comes time to pay the balance. If the card holder misses a payment he is faced with late fees and interest charges. The late fees can amount to several hundred dollars so being able to pay the balance within a month or two can be crucial to avoiding these charges. The upside to this is that the credit card holder does not have to give a security deposit and cannot be held accountable for paying back the money should he fail to pay the balance in full each month.
The Capital One Card has a lifetime credit card limit of $1000. However, once the cardholder uses up this limit the card is charged an annual fee for a non-refundable membership fee. It also charges an annual maintenance fee for money management services and for adding a new card. These fees are not included in the cardholder's agreement as they are applied at the time of purchase.
There are a few perks included in the Capital One Card. One perk includes a free travel reward program. They offer five different rewards for business travel, gas, car rentals, and leisure travel. The card holder can choose which reward he would like to earn points for and then use these points towards purchasing tickets on any of the airlines that are participating in the program.
Other perks offered on the Capital One Credit Cards include frequent flyer miles. If the card holder uses his card to book airline tickets he will earn up to one thousand frequent flyer miles. This benefit is only good for those traveling on a frequent basis. Others earn one to two hundred frequent flyer miles for every dollar that they charge on their credit card. The card issuer may also offer up to a twenty five percent discount on the cost of any purchases made at any one of their twelve participating airports.
The benefits and features of the Capital One Credit Cards are very well suited for many people. The card holder has many perks and benefits including the ability to choose from a twelve month revolving billing cycle. Also, the card holder will not have to give a security deposit if he purchases a new credit card. Also, if the card holder cancels his credit card before the introductory period has expired he will receive a prorated return of his deposit. This will help him to get his money back quicker than if he had cancel his card during the introductory period.
The Capital One Credit Card limits are twenty five thousand dollars for the first year and then twenty two thousand dollars for the second year. There is also a cap of one point per dollar that is being charged on any purchase or any payment made on any card. This limit is for a specific amount of time and cannot be changed at any time. The card holders will find it very convenient to pay off the balance of their credit cards at the end of the grace period by using the points that they earned through the discounts that they were able to use.
The Capital One Credit Card offers a lot of incentives to attract new card holders but the interest rates and the credit card limits do make them a little difficult to acquire. It is not impossible though. There are many banks and other financial institutions out there that offer these credit cards. A person should check out all of the options that he has before deciding which one he would like to acquire. He should compare the terms and conditions of each one that he deems to be the best deal.