When your credit score is below average, banks see you as a risky borrower, and that results in few decent credit card offers available to you. The Platinum Credit Card from Capital One® may be that rare opportunity providing you with an access to at least $300 credit line without any maintenance fees.
How it works
The Platinum card offers an unsecured credit line equal to $300 to your full discretion. You may even use it for a balance transfer to pay off another card debt. The point is that Capital One® doesn’t charge a transfer fee during the first year, however, it charges a balance transfer APR of 24.99% on the day of transaction. Also note that you may request a balance transfer not earlier than ten days after your account is opened.
Capital One® claims that it may report your credit activity to the three national credit bureaus. Whether it happens or not, make sure you manage your credit wisely. That first of all means ontime payments and no maxing out your credit card – the best practice is to use up to a third of your credit limit. Such approach helps rebuild your credit and avoid any high cost penalties.
This card is made for a below-average credit score. What is below average for Capital One®? Your credit history can be less than three years of age. Also Capital One® may tolerate one defaulted loan in the past five years but no unresolved bankruptcies.
How much it costs
The best feature of this card is no annual fee. This is quite rare among the credit card offers for bad credit. What’s more, there seems to be no maintenance fees at all. Don’t carry your balance, and this card may cost you nothing.
The bottom lineNo annual fee allows you to keep the account open as long as you need at no cost. Together with a $300 credit line and no balance transfer fee, it makes the card especially handy in case of emergency.
Looking for extra funds or willing to build your credit at a major bank? Then the Platinum card is your option.