Capital One Platinum Card | BEST CREDIT BUILDER?

what's going on everybody it's your boy drew iq welcome to another episode of winners win today we're gonna be talking about the capital one platinum credit card i have personally been owning this credit card for the last three years so we're gonna be talking about my personal opinions thoughts about this credit card whether or not you should get it and is this a good credit overall period so please like subscribe leave a comment below if you have any suggestions for future videos and if you have any other questions but yeah with that said let's go ahead and get right into the video all right so capital one platinum credit card the first thing i want to talk about is the credit score you will need to actually get this credit card now this is a entry level credit card meaning you do not need a high credit score to get this card i think i had about a 585 when i got my card solely because i could not get any other credit card okay i tried to probably apply for three other different credit cards and they all turned me down this was the only credit card that would accept me with my 585 credit score so this being said this is a credit card built for beginners and people with a low credit score that's why if you look at a lot of other youtube comments this card is commonly referred to as a credit score builder or a credit builder and that being said it really is just that this credit card does not have you know a lot of you know cash back opportunities you're not going to be building points with this kind of credit card this is genuinely just to start building your credit score okay guys and the reason why this is such a great credit card to do so is the first things first is that it has a zero dollar annual fee and what that means is every single year that you own this credit card you do not have to pay a membership fee just to use it for example the sapphire or the chase sapphire reserve you have to pay 550 annually just to use that credit card now with this one it is completely zero dollar annual fee which is also why it is a good beginner credit card okay um and from my personal experience with this credit card i absolutely love it i think capital one has a great application for you to use so if you want to you know log in and check your total credit limit and all that their application is absolutely fantastic and i think as a tech guy is one of the better techs in the finance world right now for your credit card all right now next thing i want to talk about is the zero dollar fraud liability now what fraud liability actually means is basically is if there's any like fraudulent charges on your card and you report them saying you know i didn't spend this charge or i didn't make this charge my card basically you will not be charged for those right so if you you see something on your car you go through your app you're checking you know what you may have purchased and you notice that there was like three or four different charges on your car that you didn't actually pay for the actual fraud liability will cover that so you can know report them to capital one and say hey i didn't spend this money what is this they will give you that money back it is an amazing feature um it's kind of the reason why credit cards are better than debit cards just because of fraud liability it is a must-have feature for almost any credit card in my opinion so yeah first things first no annual fee it's got the zero dollar fraud liability next thing has no foreign transaction fees which is it's probably important for you guys i know i don't really care about foreign transaction fees because i do not go overseas a lot that might be you know useful to a lot of you guys if you travel right um after six months of time or on time payments you will have the potential to get a higher credit line and what's cool about this is i actually got started with only 200 credit line okay which isn't much but after my about six months i think it's on the seventh month they automatically gave me a higher credit line which was raised from 200 to 500 now the reason why getting a higher credit line is important and if you can you want to take it is because it's going to make the credit card utilization rate easier for you to keep at a low level now if you've watched my other credit videos we know that the credit utilization rate is some of the most important things you need to pay attention to when considering credit cards real short credit card utilization is basically the percentage of the card credit limit that you've actually used so for example if you have a total credit limit of 500 and you spent a hundred dollars on that credit card then you have a credit card utilization rate of 20 meaning you've used 20 of your total credit line okay so that being said it is really good card because you can automatically get a higher credit line capital one will do it for you automatically which has been great for me um now another thing that's really great is they have this uh thing called credit wise i don't really use credit wise because i actually use um nerd wallet and um some other applications to you know keep track of my credit score like credit karma for example right but if you don't have these other applications i know a lot of people talk really good about credit wise it is basically just capital ones tools to help you keep track of your credit score and what you can do to you know increase your credit score right like i said maybe they're gonna tell your credit card utilization rates too high stuff like that they'll give you tips to make sure that you are building your credit as you should with this card but yeah guys the only other thing we can talk about is the interest rates now the interest rate for this card started at about a 27.99 meaning that you will have to you know pay a really high interest if you do not make your payments on time there is also a late fee of about 40 dollars if you don't make on-time payments so guys you know i talk about this all the time with credit cards make sure you pay your credit cards on time if you are going to use a credit card if you are not responsible and you do not have discipline credit cards are not going to be your friend and you probably need to go follow dave ramsey's advice and go down that route right but if you have discipline you know and you want to start building your credit score and you do not have a very high credit score this is going to be a great card for you this is really my recommended credit card for anyone like i said that doesn't have any credit cards um they have a very low credit score preferably around 580 to 620 if you're in that range this is going to be the credit card for you now this being said you know this is a great credit card for you know credit score building but if you already have you know a higher credit score like you know maybe 630 650 i do believe this is probably not the best card for you because you could probably get other cards that will actually give you you know cash back features and stuff like that so this is going to be only for people that are beginning with a very low credit score if you have a higher credit score i would probably recommend getting like an apple card even the capital one quick silver um you could get the discover it cash back card there's a lot of other cards that are going to be better for you if you have a higher credit score so again i know i said this already but it's only going to be for people without credit and it's only a credit score builder and that is all i do not recommend you use this for the next three to five years i recommend you maybe use this for a year and you upgrade to you know capital one quicksilver or you get you know a chase uh you know freedom card or something like that all right so we just you know do an overview here this credit card is specifically for beginners and that is it anyone that needs to build their credit score and they can't get any other credit card out there so overall i'm gonna give this card probably a three out of five because it doesn't give you any cash back it doesn't have any you know points that you can get and it's specifically only for someone that cannot get any other credit card and they because they have a low credit score this is going to be the ideal you know credit score builder if you have a very low credit score and i highly recommend it if you have like i said a credit score between 580 and 620 but yeah guys that's gonna be it for today thank you for stopping by please like subscribe leave a comment below if you have any other credit cards you may want me to review or if you have any suggestions i do read all the comments but yeah guys take care y'all have a good one

Channel: Winners Win Finance

Views: 6,468

Keywords: capital one platinum, capital one platinum credit card, capital one credit card, investing, investing for beginners, investing in your 20s, how to invest, how to invest in real estate, how to invest in stocks, stock, market, stock market, stock options, robinhood, robinhood app, best stock trading app, how to be a millionaire, how to be a millionaire in 3 years, credit score, credit score explained, credit card, credit cards for beginners, passive income, how to build wealth

Id: oOT0FGyjDho

Length: 9min 5sec (545 seconds)

Published: Fri Mar 18 2022