What is the credit limit on the Capital One Platinum card? The initial credit limit could be as low as $300. After 6 months of positive history, you could receive a higher limit.
Capital One does not list a maximum credit limit for the Capital One Platinum Credit Card.
Credit Limit Increase
With the Platinum Mastercard, you'll automatically be considered for a higher credit limit in as little as six months. Capital One will review your account and notify you if you've been approved for additional credit.
A: The Capital One Platinum Credit Card is deshigned for fair credit, so you may need a FICO credit score of at least 580 to qualify. But it's possible you'll be approved with a lower score.
Capital One lets you request a credit limit increase online as often as you want, but you can only be approved once every six months. If you've received a credit limit increase or a credit limit decrease in the last six months, you won't be approved for a credit limit increase.
The Capital One Platinum Credit Card is available to people with fair or average credit, while the Capital One Quicksilver Cash Rewards Credit Card — the issuer's popular cash-back card — requires good credit or better (a FICO score of 690 or higher).
A good credit limit is above $30,000, as that is the average credit card limit, according to Experian. To get a credit limit this high, you typically need an excellent credit score, a high income and little to no existing debt. What qualifies as a good credit limit differs from person to person, though.
The Platinum credit card by Capital One is a no-annual-fee card without many surprise costs. The fees it does charge, such as for late payments and cash advances, are industry standard.
The easiest Capital One credit cards to get are the Capital One Platinum Secured Credit Card and the Capital One Quicksilver Secured Cash Rewards Credit Card.
While it may be unconventional to the average consumer, there is nothing that legally prevents you from buying a car with a credit card. As long as your credit limit is high enough, you can put down a down payment or even a complete purchase with enough available credit.
A no preset spending limit, or NPSL, credit card has no stated credit limit. You won't get an actual number that tells you how much you can spend, but there is still a limit. Read: Best Credit Cards with High Credit Limits. ]
You'll need to give us some information like your total annual income, employment status and monthly mortgage or rent payment, so have that handy. Then, request a credit line increase and follow the directions to accept your new credit limit, if approved. Sometimes your new limit is approved immediately.
Oftentimes, Capital One will automatically increase your credit limit if you use your credit card responsibly. Some Capital One cards, especially those advertised toward consumers establishing or building credit, offer the opportunity for an increase after five months of on-time payments.
Cardholders in good standing (e.g. good credit score, consistent on-time payments) may also receive an automatic credit limit increase once or twice a year. If requesting an increase from Capital One, approval can happen immediately or could take up to 30 days to process.
Pay on time for 6+ months
After account opening, the only way to get a Capital One Platinum Secured credit limit increase is to pay on time for 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.
If you have good credit, you should have high odds of getting approved for a credit limit around $5,000. With excellent credit, you may get a limit of more than $10,000. A high credit limit is good because using up most or all of your credit card's limit is bad for your credit standing.
Having a platinum credit card used to mean that your credit card was more exclusive and elite than a normal credit card. Now, there are platinum credit cards offered for every level of creditworthiness, from bad to excellent, and the word “platinum” has more to do with marketing than a card's benefits and features.
A: The Capital One Platinum Secured Credit Card is a secured credit card that helps users build or rebuild their credit history with responsible use. After you get approved for the card, you'll make a minimum security deposit of $49, $99 or $200.