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Capital One Platinum Credit Card
Capital One Platinum Credit Card
Capital One Platinum Credit Card
Details
Recommended Credit
Average, Fair and Limited
Regular Annual Percentage Rate (APR)
29.99% Variable
Whether you’re a student with a limited credit history or someone who’s bouncing back after some financial hiccups, getting approved for the best credit cards can be challenging. Fortunately, there are cards specifically geared toward those with average or “fair” credit — defined by FICO as a score in the 580–669 range.
The Capital One Platinum Credit Card falls under this umbrella, and it’s worth a look if you’re new to credit. Unlike some starter credit cards, the Capital One Platinum Credit Card doesn’t charge an annual fee or add foreign transaction fees — and it’s an unsecured card, so you don’t have to put down a cash deposit as collateral.
Capital One Platinum Credit Card Review: Is It the Best Credit Card for You?
If you’re looking to earn points, miles, or cash back, you’re out of luck — the Capital One Platinum Credit Card doesn’t offer a welcome bonus and you won’t earn rewards for your spending. That might not matter to you if you’re just starting out and are focused on building your credit history, but if you’ve already established a decent financial track record, you may want to look at one of the best rewards credit cards instead.
That said, if your aim is to improve your credit score, the Capital One Platinum Credit Card does offer a useful feature. After six months, you’ll automatically be considered for a credit line increase, which can potentially help boost your credit score by increasing the amount of credit available to you.
There are other Capital One credit cards that only recommend a fair credit score but do earn rewards — for example, the Capital One QuicksilverOne Cash Rewards Credit Card earns 5% cash back on hotels and rental cars booked through Capital One Travel and 1.5% cash back on all other purchases. Or, if you’re a student, consider the Capital One SavorOne Student Cash Rewards Credit Card or Capital One Quicksilver Student Cash Rewards Credit Card, both of which earn rewards and come with a welcome bonus offer.
If your credit score still needs some work to get into the “fair” range, there are still cards you might qualify for. Check out our guide to the best credit cards for bad credit and the best secured credit cards.
Insider’s Featured Secured Credit Cards
Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Earn 1% unlimited cash back on all other purchases
Earn 1.5% cash back on all purchases
We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.
Capital One Platinum Credit Card Rewards
The Capital One Platinum Credit Card doesn’t offer a welcome bonus or earn rewards for spending.
Capital One Platinum Credit Card Benefits and features
The Capital One Platinum Credit Card doesn’t earn rewards, and as a no-annual-fee credit card for beginners, it’s pretty lean on benefits. However, it does offer a few features that are helpful for building credit and keeping an eye on your finances.
Automatic credit line reviews
After six months of on-time payments, Capital One will automatically consider you for a credit line increase. Getting a higher credit limit, combined with not carrying a balance, can improve your overall credit utilization ratio and potentially increase your credit score.
Capital One CreditWise
Capital One CreditWise is a free program that offers credit monitoring and identity theft protection. It’s available to everyone — you don’t need the Capital One Platinum Credit Card to enroll — but it’s a handy feature, especially if you want to keep a close eye on changes to your credit score.
Security features
The Capital One Platinum Credit Card, like many other credit cards, comes with security features that can help protect you against fraud:
- $0 fraud liability: If your card is lost or stolen, you won’t be responsible for any unauthorized charges
- Card lock: Even if you’ve just misplaced your card (or if it’s lost or stolen), you can lock your card to prevent it from being used — and easily unlock it if you find your card again
- Security alerts: Capital One will flag potentially suspicious activity on your account and, if you’ve added your phone number to your account, immediately alert you
Capital One Platinum Credit Card
Capital One Platinum Credit Card
Capital One Platinum Credit Card
Details
Recommended Credit
Average, Fair and Limited
Regular Annual Percentage Rate (APR)
29.99% Variable
Capital One Platinum Credit Card Annual Fee and Other Costs
The Capital One Platinum Credit Card doesn’t charge an annual fee, so you can keep it for the long term without worrying about a yearly cost (and potentially improve your credit score by increasing the average age of your accounts).
It’s also a solid choice to bring with you if you’re traveling abroad, because it doesn’t add foreign transaction fees to international purchases. On other cards, these fees can be 3% or more, so if you’re out of the country it’s important to pack a card that doesn’t charge them.
The Capital One Platinum Credit Card is not a good choice if you need to carry a balance from month to month because it charges a very high 29.99% Variable APR. Paying off your balance in full each month is key to building your credit score (and saving money on interest), but if you need to make a large purchase and pay it off over time, one of the best zero-interest credit cards would be a better bet.
And, like with most other cards, you may be charged for certain scenarios, including:
- Balance transfer fee: 3% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer you; none for balances transferred at the transfer APR
- Cash advance fee: Either $3 or 3% of the amount of each cash advance, whichever is greater
- Late payment fee: Up to $40
How the Capital One Platinum Credit Card Compares
Capital One Platinum card vs other Capital One cards for fair credit
*** Exclusions apply
Capital One Platinum card vs other starter credit cards
Capital One Platinum Card Frequently Asked Questions (FAQ)
The Capital One Platinum Credit Card is a good card for folks who are trying to build their credit score. But if your credit score is already good or better, there are lots of better credit cards that earn rewards and come with more benefits.
If you’ve got at least fair credit or a limited credit history, you’re eligible to apply for the Capital One Platinum Credit Card. FICO considers a credit score of 580 to 669 to be fair or average. However, Capital One has its own definition of fair credit: Those who’ve defaulted on a loan in the last five years, or those with a limited credit history (having had a credit card or other credit for less than three years, including students, people new to the US, or authorized users on someone else’s credit card).
The Capital One Platinum Credit Card is not a secured credit card, so you won’t need to put down a deposit to secure your credit line. That said, Capital One does issue a secured version of the card, the Capital One Platinum Secured Credit Card.
As long as you have at least fair credit and meet Capital One’s other application criteria, you have a shot at being approved for the Capital One Platinum Credit Card. However, if you have bad credit, you’re unlikely to get the card.
Methodology: How we reviewed the Capital One Platinum card
We evaluated the Capital One Platinum Credit Card in comparison to similar credit cards geared to those with fair or average credit. Our experts considered several factors, including:
- Ease of use — Is the card and its features easy to understand, or are there complicated rules?
- Earning potential — Does the card come with a welcome bonus and/or rewards for spending? If so, are there restrictions?
- Benefits — Starter credit cards aren’t known for offering tons of benefits. Unique perks and features to help you build your credit score are a plus, though.
- Fees — If there’s an annual fee, do the card’s benefits and rewards make it worthwhile? Are there other fees to be mindful of?
Here’s a guide to how we rate credit cards at Insider for a detailed look at our methodology.
