The best Capital One Platinum benefits are account alerts and $0 fraud liability. These perks are certainly good to have, though it’s important to note that they are also relatively common benefits for credit cards.
Capital One Platinum Credit Card Benefits
$0 fraud liability
Emergency card replacement
While these benefits aren’t bad, the Capital One Platinum credit card simply doesn’t have as many benefits as a lot of the other credit cards on the market. To learn more about the Capital One Platinum credit card, check out WalletHub’s full review.
The Capital One Platinum credit limit is $300 or more, depending on your creditworthiness. So, you’re guaranteed at least a $300 spending limit if you’re approved for the card, and if your credit score and income exceed what Capital One is looking for, you could definitely start off with a higher limit.… read full answer
Keep in mind that you aren’t stuck with your starting Capital One Platinum credit limit forever. Capital One may increase your limit if you make your first 6 payments on time. You can also request an increase yourself. Many users report their limits increasing over time.
Here are some Capital One Platinum credit limit details:
You’re guaranteed a credit limit of at least $300 if you’re approved for Capital One Platinum.
Capital One Platinum accepts applicants with limited. If you have good credit or a lot of income relative to your debt, you’ll likely start with a higher limit.
Capital One may increase your credit limit after you make your first 6 monthly payments on time. After the first 6 months, they will review your account periodically to see if you deserve a higher limit. Pay more than the minimum each month, if possible, to boost your chances.
You can request a credit limit increase yourself by calling customer service at (800) 227-4825. You can also log into your Capital One account. Just choose “Request Credit Line Increase” from the “Services” tab. You’ll have to provide information about your income and employment for Capital One to make their decision.
So, you’ll get $300+ from Capital One Platinum to start. If you use your card responsibly, you’ll provide yourself with opportunities to increase your limit. But it’s best not to ask for an increase before six months of on-time payments, as you’ll probably be denied. If you do request an increase, Capital One may generate a hard inquiry, or “hard pull,” of your credit report. This will cause a slight drop in your credit score. That’s pretty standard.
Capital One Platinum car rental insurance covers cardholders and eligible authorized drivers for qualifying damage, theft, loss of use charges and towing, up to $50,000. Coverage includes physical damages resulting from an accident or theft. Towing costs (to the nearest collision repair facility) and reasonable loss of use charges imposed by the rental agency (up to $500) during the vehicle’s out of service period are also covered. Coverage is valid for rentals that do not exceed 15 consecutive days. To receive the benefit, a cardholder must charge the entire car rental to the Capital One Platinum. You must also decline the rental agency’s car rental insurance.… read full answer
Here is how Capital One Platinum car rental insurance works:
Overview: Capital One Platinum car rental insurance covers cardholders and eligible authorize drivers for damage, theft, towing and loss of use charges. Rental cost must be charged to the Capital One Platinum and the rental period cannot exceed 15 consecutive days.
Who is covered: Capital One Platinum cardholders and authorized drivers designated as such in the rental agreement. Cardholders must charge the rental costs to their Capital One Platinum and refuse the rental agency’s car rental insurance.
What is covered: Physical damage and theft of eligible vehicles; reasonable loss of use charges imposed by the rental company for the period of time the rental vehicle is out of service (charges must be substantiated by a location and class specific utilization log); towing charges to the nearest collision repair facility. Coverage is worldwide, with the exception of the following countries: Republic of Ireland, Northern Ireland, Israel, Jamaica.
What is not covered: Ineligible categories include vehicles exceeding an MSRP (Manufacturer Suggested Retail Price) of $50,000, motorcycles, trailers, trucks, pickups, vans mounted on truck chassis, cargo vans, off-road vehicles, other RVs, and more. Losses derived from theft, whereby the cardholder or authorized driver cannot produce the keys of the vehicle at the time of reporting the incident to the police/rental agency are not covered.
How much is covered: Up to $50,000. In addition, coverage is limited to $500 per incident for reasonable loss of use charges imposed by the rental company during the time the vehicle is out of service.
How to claim: Call your Benefit Administrator at (800) 622-4802 to request a claim form. You must report the claim within 60 days of the incident. Based on the information given to your Benefit Administrator, you’ll be sent the relevant claim forms that must be completed and returned within 120 days.
The main difference between the Capital One Platinum and the Capital One Platinum Secured cards is their need for a security deposit. Capital One Platinum is an unsecured credit card, so you won't have to provide collateral. The Capital One Platinum Secured card, on the other hand, requires you to fund a security deposit in exchange for your credit line. It's important to mention that Capital One Platinum Secured is special in the sense that it's partially secured, so your credit limit can be higher that your security deposit. Capital One Platinum Secured provides a minimum credit limit of $200 in exchange for a refundable security deposit of $49, $99 or $200 (based on the specifics of your credit).… read full answer
Aside from being unsecured, Capital One Platinum is geared towards people with limited credit (less than 3 years of credit history). The Capital One Platinum Secured card provides the same credit building benefits, but in addition to that, it accepts applicants with bad credit.
Both Capital One Platinum and Capital One Platinum Secured are excellent choices for building credit, due to their lenient approval requirements and $0 annual fees. Plus, they both report to all three major credit card bureaus. So as long as you pay your bills on time and preferably in full, while maintaining a low credit utilization, you have the chance of building credit history and improving your credit score enough to set your sights on some the best rewards credit cards in the future.
Feel free to also use WalletHub’s free comparison tool to check out differences between other credit cards.
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