Capital One® Platinum Credit Card

From the CompareCards.com Editorial Team:

This is a card made for those who want a card with MasterCard benefits but have only average credit and cannot qualify for the better cards. It has an annual fee, but that is only $19 – which is less than 50 cents per week. You also get to waive the annual fee for the first year that you are enrolled as a card member.

There is no transfer fee, which is nice, because many people with credit card debt want to move it from cards where they are in more debt trouble and shift it to a more manageable card. But keep in mind that the APR on this card is 24.9%, a really high rate to pay. So that makes carrying any kind of balance – no matter where you transferred it from – a burden that you should really try to avoid if at all possible.

The real reason to get this card is to have a real MasterCard with features like text alerts to keep you informed about your account, 0% fraud protection, and the worldwide access that MasterCard delivers – despite your current poor credit standing.

The Bottom-Line
If you have poor credit then this card gives you a way to enjoy the perks and features of a real MasterCard, despite your less than stellar credit. The interest rate is really high and there is a nominal annual fee, put there is no surcharge for doing a balance transfer and you have access to some helpful account management tools.

The Good
The good thing about this particular card is that it allows someone to have a genuine MasterCard when they do not really have good enough credit to be accepted for most MasterCard, Visa, or American Express products.

The Not So Good
The interest rate is high and if you carry a balance that can get really expensive, really fast. Paying the minimum with high interest debt can cause it to practically double in just 4-5 years, so it is best not to carry any debt balance on this 24.9% APR card.