Capital One Platinum Review

The Capital One Platinum annual fee is $0 per year. Capital One Platinum's $0 annual fee is lower than the average annual fee among new credit card offers right now. It's not the only fee you need to worry about with the Capital One Platinum Credit Card Card, though.

Capital One Platinum Fees

• Annual Fee: $0
• Cash Advance Fee: 3% (min $10)
• Foreign Fee: $0
• Balance Transfer Fee: $0 at this Transfer APR : 26.99% (V)
• Max Late Fee: $40

The Capital One Platinum foreign transaction fee is $0. With $0 foreign fees, Capital One Platinum cardholders do not have to pay extra for international purchases, either when traveling outside the U.S. or buying online from merchants based abroad. Capital One does not charge a foreign transaction fee on any of its credit cards. Foreign transaction fees from other issuers range from 1% to 3% of the purchase amount. The Capital One Platinum card also comes with a $0 annual fee.  

This card, however, doesn't offer rewards. Low fees are its main benefit. The fact that it can help you build credit for free can be more important than rewards anyway. There is one great feature, though. You'll be automatically considered for a credit line increase in as little as 6 months.  

The easiest way you can make a Capital One Platinum payment is either online or over the phone, by calling the number you see on the back of your card. Alternatively, you can make a payment in person, or by mail.  

Here's how you can make a Capital One Platinum payment:

• Online: Log in to your account on com or the Capital One mobile app, then go to the “Accounts Summary” page and click on the Capital One Platinum followed by “Pay Bill.” After that, enter the information for the bank account you're using to pay your Capital One Platinum's bill. The money should be taken out in less than 24 hours.
   
  Be sure to submit the payment by the due date each month to avoid late fees. It's also possible to set up auto pay online, where Capital One automatically withdraws a payment each month so you don't have to remember to do it manually.
• Over the phone: If you decide to pay your Capital One Platinum by phone, call the number you see on the back of your card and enter your card number to speak to a representative. Then, give them the same bank account info that you'd enter online.
• In person: If you'd like to make a Capital One Platinum payment in person, there are several ways you can do so. You can go to a Capital One branch and pay there. Or, you can pay at Western Union or MoneyGram, but you'll need to have your credit card number on hand to complete the transaction.
• By mail: To pay by mail, send a check or money order to:
   
  Capital One
  Attn: Payment Processing
  PO Box 71083
  Charlotte, NC 28272-1083
   
  Overnight Address
   
  Capital One
  Attn: Payment Processing
  6125 Lakeview Rd
  Suite 800
  Charlotte, NC 28269
   
  Write your account number on the check or money order. Capital One doesn't accept cash by mail.

Keep in mind that payments via regular mail take the longest time to post. So, in order to avoid being late, always send your payments at least 5-7 days before your due date.

The Capital One Platinum phone number is (800) 227-4825. More specifically, this is the Capital One credit card customer service number. You can call about issues with any Capital One credit card. Assistance is available 24 hours a day, 7 days a week.

When you call, a voice automated system will help route your call to the specific department related to your account issue. To speak to a live representative, press 0. Or, say “speak to a representative” at any time.

You can also call Capital One's general customer service line at (877) 383-4802.

You can upgrade from Capital One Platinum to the Capital One Quicksilver Cash Rewards Credit Card either with an offer from Capital One through your online account or by requesting one over the phone by calling the number on the back of your card. Capital One tends to offer upgrades on accounts that are at least six months old with a history of timely payments and low credit utilization.

To accept an offer to upgrade Capital One Platinum to Capital One Quicksilver, click “Upgrade Now” on the notice in your online account or email, followed by “Finalize Now,” and check the box stating you agree to the terms. Click “Upgrade Card” to complete the process. Upgrade offers do not affect your credit score. If you call customer service to request an upgrade, however, Capital One will pull a copy of your credit report to see if you qualify. This will cause a slight decrease in your credit score, but only temporarily.

Here's what happens once you upgrade from Capital One Platinum to Capital One Quicksilver:

Once you've qualified to upgrade Capital One Platinum to Capital One Quicksilver, you should receive your new card in about 7 to 10 business days. Unless it's stated differently in your upgrade offer, you will keep your current card number with no changes to either your APR or credit limit. You can use the Capital One Platinum and utilize Capital One Quicksilver's features and benefits until the new card arrives. However, when you upgrade, you are not eligible for the Capital One Quicksilver's $200 initial bonus.

If you don't qualify for an upgrade from Capital One Platinum to Capital One Quicksilver, consider the Capital One QuicksilverOne Cash Rewards Credit Card instead. Its credit requirements are similar to the Capital One Platinum's, but it offers 1.5 - 5% cash back on all purchases. There's also a $39 annual fee.

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.

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.

The credit score needed for the Capital One Platinum Credit Card is at least 640. The Capital One Platinum Credit Card is also available to people with limited credit history, which means you may be able to get approved even without a credit score.

You should note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for the Capital One Platinum Card, too. Some other key criteria include your income, existing debt load, number of open accounts, recent credit inquiries, employment status and housing status.

If you excel in other areas, you might be able to get approved with a slightly lower credit score in some cases. But it's best to wait to apply until you meet the Capital One Platinum credit score requirement. You can check your credit score for free on WalletHub.

You can request a Capital One Platinum Credit Card credit limit increase online, through the Capital One mobile app, or by calling customer service at the number on the back of your card. To raise your chances of being approved for a higher credit limit, pay your bill on time for at least six straight months, reduce your outstanding debt, and update the income Capital One has on file. Capital One will be more likely to increase your credit limit if the revised income clearly shows that you can afford a higher limit.

How To Get a Capital One Platinum Credit Limit Increase Online

1. Log in to your online account or the Capital One mobile app.
2. Choose the Capital One Platinum card from the list of account options (if you have more than one Capital One card).
3. Click “I Want To...,” and then “Request Credit Line Increase.”
4. Enter your total annual income, employment status, occupation, how much you will spend monthly on the card, your mortgage or rent payment amount, and your desired credit limit.
5. Confirm the information entered and click “Submit” to complete the request.

You should receive a decision in just a few seconds. If you're approved for a Capital One Platinum credit limit increase, the new limit is effective immediately.

Impact of a Capital One Platinum Credit Limit Increase on Your Credit Score

When you request a Capital One Platinum credit limit increase, Capital One will conduct a soft pull of your credit report, which does not affect your credit score. However, some Capital One Platinum credit limit increase requests may involve a hard pull, which will cause a short-term dip in your credit score. Capital One cannot do a hard pull without your permission.

Alternatively, you could be eligible for a Capital One Platinum credit limit increase without even requesting one. The Capital One Platinum card may offer an automatic credit limit increase if Capital One's regular review of your account shows a history of on-time payments and low debt. An automatic credit limit increase involves a soft pull, which does not affect your credit score.

The Capital One Platinum maximum credit limit can be as high as $3,000 according to online cardholder reports, but it will depend entirely on the specifics of each applicant's credit and their overall financial situation. Most cardholders get credit limits of at least $300, though.

The Capital One Platinum card is designed for people with limited credit (less than 3 years of credit history).  If your credit score and debt-to-income ratio are significantly better than the issuer's minimum requirements, your chances of getting a higher credit limit will improve.

Ultimately, if you are unhappy with your credit limit, the issuer periodically reviews accounts for automatic credit limit increases after 6 months of on-time payments. If you'd rather not rely on an automatic increase, you can request one yourself instead.

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

• Account alerts
• $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.