If you have average credit, then the Capital One Credit Card (Platinum) is a great choice for you. There is no annual fee and there are no extra charges for any foreign purchases.
Another benefit is the chance to get a higher credit limit after making all your payments on time. The typical credit raise is after 6 months.
People with average credit usually have a lower credit limit, which is a really big issue for various reasons. Sometimes they can’t borrow enough when they need to, so being able to finance larger items might be helpful in the future.
Capital One Credit Card – Is It Worth It In 2023?
Card type: Fair credit.
Annual fee: $0.
Interest rate: The ongoing APR is 26.99% Variable APR. Interest rates are pretty high, so make it a priority to pay your bill in full every month.
Foreign transaction fees: None.
- No APR penalty but late fee still applicable
- Covers fraud
- Access to CreditWise
- All three credit bureaus report credit changes
This card doesn’t come with a rewards program, but you won’t have to worry about any fees. You will pay no annual fee and no foreign transaction fees when you use this card abroad.
Increase Your Credit Limit
Making timely payments has its advantages such as increased credit limits that could take as little as six months. A higher credit limit won’t do you any good if you don’t use it, but it can make a difference for your scores if your usage is less than half the available limit.
All 3 Credit Bureaus Reporting
A credit card that reports to all three major credit bureaus is a great step towards establishing credit. These companies keep information about your payments in order to calculate your credit score.
Pick Your Own Payment Due Date
The Capital One Credit Card gives you the option of choosing the due date that works out best for your paycheck. They allow you to choose online, in person or by phone. Plus, they give you an easy-to-use interface with clear instructions for setting up your bank account.
Avoid APR Penalties
You’ll still have to pay a late fee of up to $40 each time you’re late, but there won’t be any additional interest charges from Capital One.
If a rewards program is important to you, the Capital One Credit Card (Platinum) might not be the best card for you. You won’t, however, have to worry about any annual fees.
The APR is 26.99%. That’s pretty high for credit cards, so that’s why we classify that as a negative.
Conclusion On The Capital One Credit Card
The Capital One credit card is a great starter card for those who are ready to start utilizing their credit usage to improve their score. We highly recommend it if it’s the best choice for you.
If you’re a frequent retail shopper at Old Navy, we recommend you take a look at the Old Navy credit card.