The getmyoffer.capitalone pre-approved invitation is for a vanilla credit card with no rewards program, acceptable APR, and all the perks of Capital One and a MasterCard. This is a credit card for a person without a spotless credit history that wants to have access to a higher credit line or more options in general.
This may also be a great transitional card if you have your eye on something better in the Capital One credit card family that you know you're not quite eligible for yet. With no annual fee, this card wouldn't hurt to have around. That, and you do get a few benefits that are worth mentioning and listed in the full review below.
Getmyoffer.capitalone Platinum Cards are credit cards that work well for credit building, especially if you've recently had a financial rough patch. If you've had quite a few missed payments but now you're back on track, for example. Or if you've had a few too many credit card application rejections in the last year.
These may seem like small things, but a few small things are enough to drop your credit score by a hundred or more points for longer than you might find acceptable. For good to great application odds, a credit score in the 600s is perfectly acceptable when applying for the Capital One Platinum Card.
Interest – A 22.24%+Prime Purchase, Transfer, and Cash Advance Variable APR
If you're building up credit, it's best if you make sure you're not carrying a balance. You do want to use the card, but you also want to pay it off every month. If you do that, then the APR doesn't have to matter all that much.
However, as a general rule, this isn't the worst interest rate by far, though it may seem a little high compared to credit card offers that require "Great" or "Excellent" credit. While the APR on this card is rarely negotiable, it's important to remember that as your score improves and your on-time payment history builds, you could be upgraded to a better card.
The minimum credit limit for the getmyoffer.capitalone Platinum card is $300 and, even with a score in the 600s, seeing a limit between $500 and $1200 is fairly standard. Beyond that, after your first 5 successful, on-time monthly payments you are eligible for a credit limit increase. This first increase is usually substantially, potentially doubling your credit line with the Capital One Platinum card.
The upper limit to this card is relatively low compared to other credit cards, though it's still over $20,000 for most customers. As your score increases, you may want to consider either asking for this card to be upgraded to another Capital One credit card or opening another card altogether.
- Annual Fee – There is no annual fee for the Capital One Platinum credit card.
- Cash Advance Fee – The fee for a cash advance made with a Capital One Platinum card is the greater of either $10 or 3% of the total cash advance.
- Foreign Transaction Fee – There is no foreign transaction fee for purchases made with the Capital One Platinum credit card.
- Late Payment Fee – The Capital One Platinum card has up to a $39 late payment fee.
- Return Payment Fee - There is no return payment fee for the Capital One Platinum.
- Authorized User Fees – There are no authorized user fees for the Capital One Platinum credit card.
- Transfer Fee – There are no transfer fees for the Capital One Platinum card.
There is no rewards program offered with the Capital One Platinum credit card. However, the lack of an annual fee and foreign transaction fees can save you more than the rewards program on other cards that might allow you to earn with moderate spending.
There may be no rewards program, but that doesn't mean that the Capital One Platinum credit card only offers a line of credit.
First, this isn't billed as a travel credit card, but it does provide a few travel-related assurances. You get automatic insurance on top of travel insurance coverage, to help fill in any gaps in what the insurance will pay and what needs to be covered. You also get 24-Hour emergency travel assistance. This means a brand new card if yours gets lost or stolen as well as $0 fraud coverage.
Aside from travel advantages, the Capital One Platinum card also offers an auto rental collisions damage waiver for rentals charged to this card. There's also the extended warranty offer for many eligible purchases you might make with a Capital One Platinum card.
Pros – Advantages of the Capital One Platinum Credit Card
The Capital One Platinum card is great for credit building and growth, the following perks help make that possible.
- No Penalty APR Rate – If you miss one payment or two in a row, your APR will not increase.
- No Annual Fee – There is no annual fee to have the Capital One Platinum card.
- Upgrades Possible – The Capital One Platinum Card is an easy card to ask for an upgrade on once your credit score improves or recovers.
Cons – Disadvantages of the Capital One Platinum Credit Card
The Capital One Platinum card isn't meant for everyone, and the following disadvantages highlight that.
- No Rewards Program – The Capital One Platinum card has no rewards program.
- Limited Capital One Credit Cards Allowed – With this credit card, you're only allowed to have one other Capital One credit card open.
- Flat Rate APR – The APR on the Capital One credit card isn't lowered for those with better credit histories or scores.
The Capital One Platinum credit card offered by getmyoffer.capitalone is a good offer with a solid company. One thing to remember, however, is that most Capital One customers can only have up to 2 Capital One credit cards at one time. The good news here is that if you start with a Platinum card by Capital One, it's easy to build up this card and your credit score and then transfer all of that work directly to a better card in the Capital One family. No new cards, hard credit pulls, or closed accounts required in most cases. Beyond this, the Capital One Platinum credit card is just fine in and of itself. It's not the kind of card that anyone aspires to have. There is no rewards program and no outstanding perks. However, this card does offer fair APR and a credit line over $300 with no annual fee and $0 fraud protection.