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Capital One Platinum Secured Credit Card vs The Business Platinum Card® from American Express
This comparison aims to help you decide between the Capital One Platinum Secured Credit Card and The Business Platinum Card® from American Express. Each card serves different audiences and offers unique features tailored to their respective users.
Card Overviews
Capital One Platinum Secured Credit Card
The Capital One Platinum Secured Credit Card is designed for individuals looking to build or rebuild their credit. It requires a security deposit and offers a straightforward structure with no annual fees, making it accessible for those who are new to credit.
The Business Platinum Card® from American Express
The Business Platinum Card® from American Express is aimed at business owners who frequently travel and seek premium benefits. With a higher annual fee, this card provides extensive rewards and perks, including access to airport lounges and significant points earnings on various business-related expenditures.
Detailed Feature Comparison
| Feature | Capital One Platinum Secured Credit Card | The Business Platinum Card® from American Express |
|---|---|---|
| Annual Fee | No annual fee | $695 |
| Welcome Bonus | None | 150,000 Membership Rewards® points after $20,000 spent in first 3 months |
| Rewards Structure | No rewards | 5X points for flights and prepaid hotels at AmexTravel.com; 1.5X points on select purchases |
| Foreign Transaction Fee | None | None |
| Other Fees | Late payment fee may apply | Late payment fee may apply |
| Additional Benefits | Access to CreditWise | Airport lounge access, $200 Airline Fee Credit, $199 CLEAR® Plus Credit, and more |
Rewards Highlights
- Earn 5X Membership Rewards® points for flights, prepaid hotels, and short-term rentals and prepaid flight + hotel packages booked at AmexTravel.com.
- Earn 1.5X points (that’s an extra half point per dollar) on each eligible purchase at US construction material, hardware suppliers, electronic goods retailers, and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more, on up to $2 million per Card Account per calendar year. Purchases eligible for multiple additional point bonuses will only receive the highest eligible bonus.
- Earn 1X points on other eligible purchases.
Pros and Cons
Capital One Platinum Secured Credit Card
- Pros:
- No annual fee.
- Helps build or rebuild credit.
- Refundable security deposit.
- Automatic consideration for credit line increase.
- 24/7 account access through mobile app.
- Cons:
- No rewards program.
- Requires a security deposit.
The Business Platinum Card® from American Express
- Pros:
- Generous welcome bonus.
- Extensive rewards program.
- Access to airport lounges worldwide.
- Various statement credits available.
- Cons:
- High annual fee.
- More suited for frequent travelers and business owners.
Who Should Consider Which Card?
- The Capital One Platinum Secured Credit Card is ideal for:
- Individuals looking to build or rebuild their credit history.
- Those who prefer a straightforward card with no annual fee.
- The Business Platinum Card® from American Express is best for:
- Business owners who frequently travel.
- Individuals looking for premium travel rewards and benefits.
Conclusion
Ultimately, the choice between the Capital One Platinum Secured Credit Card and The Business Platinum Card® from American Express depends on your individual needs and spending patterns. Consider what features are most important to you, whether it’s building credit or maximizing travel rewards.