Capital One Platinum Review

The Capital One Platinum credit limit is $300 or more, depending on your creditworthiness. So as long as you're approved for the card, you're guaranteed at least a $300 spending limit. But 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 biggest benefits of a Capital One Platinum are $100,000 per trip in travel accident insurance and $50,000 in rental car insurance. The Capital One Platinum card also offers 1 year of extended warranty coverage and $1,000 per year in price protection, too. It also has a $0 annual fee and a $0 foreign transaction fee.

The Capital One Platinum card's travel accident insurance provides reimbursement for death and disfiguring injuries caused by a travel provider. The rental car insurance policy provides coverage against collision damage and theft. It applies to rentals of up to 15 consecutive days in the U.S.

Capital One Platinum's benefits for everyday purchases can help you save money, too. Price protection refunds some of the money you paid for an item when you see the exact same item on sale within 60 days of the purchase date. You'll need to prove this lower price with a printed advertisement. Platinum's extended warranty coverage doubles the original warranty of items purchased with the Platinum card, up to a maximum of 12 months.

There are a few other noteworthy Capital One Platinum benefits as well. Being a cardholder gives you access to Eno. It's a financial assistant app. It can also generate virtual card numbers to keep your information safe when shopping online. Other benefits include $0 liability for fraud and the ability to get a higher credit line after making your first 6 consecutive on-time monthly payments.

The Capital One Platinum foreign transaction fee is $0. With $0 foreign fee, 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 Platinum card also comes with a $0 annual fee.

The Capital One Platinum doesn't have rewards. Low fees are its main benefit. The fact that it can help you build credit for free is 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.

You can get a Capital One Platinum cash advance at an ATM as long as you have a cash advance PIN. You can request a cash advance PIN for your Capital One Platinum through your online account or by calling customer service at (800) 227-4825. To get a Capital One Platinum cash advance PIN online, log into capitalone.com and click “I Want To…,” then “Get a Cash Advance PIN” (under the header “Control Your Card”). You'll be able to get a PIN instantly delivered to your email or over text.

Once you have the cash advance PIN, you can withdraw cash at an ATM the same way you'd do with a debit card. You can use non-Capital One ATMs, but you'll be subject to additional fees (average $2.5). That would make cash advances even more expensive than they will be already. The Capital One Platinum has a cash advance fee of 3% (min $10), whichever is greater. The withdrawal will also be subject to a high APR. The Capital One Platinum cash advance APR is 26.99% (V).

Another way you may be able to take out a cash advance is by using Capital One credit card checks, which Capital One sends to some cardholders based on creditworthiness. There are checks for purchases, balance transfers, and cash advances. Essentially, they work the same way any check would and allow you to pay at places that may not accept credit. However, if you do use a cash advance check, standard cash advance fees and rates apply. If you weren't sent credit card checks, you can call Capital One customer service at (800) 227-4825 and request them, but it's not guaranteed your request will be granted.

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% cash back on all purchases. There's also a $39 annual fee.

The Capital One Platinum Credit Card is available to people with limited credit. That means you do not need to have a credit score to get approved for the Capital One Platinum Credit Card.

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 APR is 26.99% (V). This is the rate that determines the amount of interest charged to your Capital One Platinum account when you carry a balance from billing period to billing period. You can avoid interest charges completely if you pay the entire balance by the due date. The Capital One Platinum has a grace period – a span of 25 days from the end of a billing period to the due date, in which you can pay off the full balance interest-free.

Capital One Platinum also comes with a cash advance APR, which is the same as the regular APR (though cash advances have no grace period). There is no introductory APR for purchases or balance transfers, nor is there a penalty APR for delinquent payments. But keep in mind that if you pay late or miss a payment, you'll lose the grace period. You'll have to pay the bill in full for two straight billing cycles in order to have the grace period restored.

The easiest way you can make a Capital One Platinum payment is online, or by phone at (800) 227-4825. Alternatively, you can do it in person, or by mail.

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

• Online: Log in to your account on capitalone.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.

• By phone: If you decide to pay your Capital One Platinum by phone, call (800) 227-4825 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: And 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. You can pay by mail, too, but that's far from the most convenient option.
• 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

  Write your account number on the check or money order. Capital One doesn't accept cash by mail.

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 Bank's general customer service line at (877) 383-4802.