Skip to content Skip to sidebar Skip to footer

Seven Things That Happen When You Are In Platinum Credit | platinum credit

Whether you are a struggling student with a poor credit history or an individual who is just rebounding from some economic setbacks, obtaining approval for a regular credit card can often be a challenge. Fortunately, there are many cards available specifically tailored toward people with fair or average credit histories. The Capital One Platinum Credit Card fits into this category, and it is worth a closer look even if you are new to credit in general. Why? It is a credit card designed for those with less than perfect credit, and they come at a cost. It will interest you to know that the interest rate on the card is 10%.

The first thing you will learn in learning about platinum cards, however, is that they come with significant annual fees, which can make them appealing to those who have little need for them. But there is something to be said for the security that annual fees provide. These fees can quickly add up over time and, if used improperly, they can damage your credit rating. Before you apply for a card, make sure you understand exactly what these fees will be and how they will affect you.

One of the first things you will learn about platinum credit cards, is that they have substantial fees that are designed to bump up the interest rate and increase your required payments. Most of these fees are designed to make you pay more in the first few years so that the company makes more money. On the upside, they usually come with lower interest rates as well as complimentary insurance covers for a specified period of time. So you end up paying less than you would with higher credit limits but you pay a higher interest rate. You also have an introductory period (usually around six months) where you pay nothing and can build up your credit rating at a much faster rate.

The next thing you will learn about platinum cards is that they have higher annual fees and there is no complimentary insurance covers. This means that you will have to take out additional insurance, or have it paid for with your credit card in order to enjoy all these benefits. This could mean that this card might not be worth it if you don't have a lot of money to spend. If you are, for example, a business owner then this decision might be one to weigh carefully. If you do want to use this card for business expenses then make sure that you can afford the annual fees and the complementary insurance covers that come with it.

The benefits offered by these cards come in the form of gift rewards programs and travel rewards programs. The gift rewards program will likely come with the higher annual fee and the higher interest rate because these cards have a higher minimum credit line and higher maximum credit amounts. Some of these cards offer generous cash back bonuses. These rewards programs are aimed at new cardholders who don't have a lot of spending power. For some, these rewards are a great way to build up their credit score before they apply for a platinum credit card. The rewards program requires a higher annual fee and the higher minimum income requirements will force some people to think very carefully about whether they can pull off the program.

Travel rewards programs on the other hand are designed to attract people who travel a lot. They come with lower minimum credit lines and higher interest rates because of the risk involved with these offers. If you are someone who travels a lot this type of card might be right for you. One thing to keep in mind however is that the higher interest rate you pay for the rewards programs, the more your overall interest rate will go up. You must remember that the annual fees and minimum income requirements do not have an impact on the total reward amount that you will receive.

Most companies offering these types of credit cards will offer different rewards programs for their customers. Before you sign up for your first year, it is a good idea to look over what each offer has to offer. Some of them will give you cash back on every purchase while others will give you a percentage of your gas purchases. Other offers will give you cash back on dining out, salon visits and so on. If you are a person who shops a lot, you might be interested in one of these cash back reward programs.

Credit cards with cash rewards come with different interest rates and annual fees. Before you sign up for your first year, make sure that you take a look at all of the different rates that are available to you. Look for cards that offer reasonable interest rates as well as reasonable annual fees. It never hurts to ask about all of the terms and conditions when you are applying for your first credit card. Many people find out that they can easily earn rewards by using their fair credit card to pay for extra spending.


LATINUM CREDIT LTD Vector Logo – (.SVG + .PNG) – SeekVectorLogo | platinum credit

Post a Comment for "Seven Things That Happen When You Are In Platinum Credit | platinum credit"