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Capital One Platinum Credit Card Review

Capital One Platinum Credit Card

Capital One Platinum Credit Card Review

Credit Line Increase
Be automatically considered for a higher credit line in as little as 6 months
Annual Fee
Pay no annual fee
Regular Purchase APR
28.49% (Variable)
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Who is the Capital One Platinum Credit Card best for?

If you’re looking for a credit card that’s designed for consumers with fair/limited credit and could be used to improve your credit score, the Capital One Platinum Credit Card could help.

In addition to offering unlimited access to your credit score, the $0 annual fee card automatically reviews your credit line after six months to see if you qualify for a higher credit limit. Know that your initial credit limit may be low, which is typical for cards marketed to individuals looking to rebuild their credit profiles.

We take a close look at the Capital One Platinum Credit Card and show how it compares to another Capital One card that is also designed for people with fair/limited credit.

Capital One Platinum Credit Card overview

    • No annual or hidden fees. See if you're approved in seconds
    • Be automatically considered for a higher credit line in as little as 6 months
    • Help build your credit through responsible use of a card like this
    • Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
    • Monitor your credit score with CreditWise from Capital One. It's free for everyone
    • Get access to your account 24 hours a day, 7 days a week with online banking from your desktop or smartphone, with Capital One's mobile app
    • Check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier. Just hover your card over a contactless reader, wait for the confirmation, and you're all set
    • Pay by check, online or at a local branch, all with no fee - and pick the monthly due date that works best for you
  • Credit needed:
    540 659
    Fair/Limited
  • $0 fraud liability
  • Monitor your credit score progress with CreditWise

Intro Purchase APR

N/A

Regular Purchase APR

28.49% (Variable)

Intro BT APR

N/A

Regular BT APR

28.49% (Variable)

Annual Fee

$0

Cash Advance Fee

3% of the amount of the cash advance, but not less than $3

Foreign Transaction Fee

None

Balance Transfer Fee

$0 at this Transfer APR

Pros and cons

Pros

  • Geared toward consumers with fair/limited credit
  • $0 annual fee
  • Foreign transaction fee: None
  • Automatic credit line reviews

Cons

  • High APR
  • No rewards
  • No intro APR

What we like about the Capital One Platinum Credit Card

  • Designed for applicants with Fair/Limited credit

    According to Capital One, fair/limited credit includes those who have defaulted on a loan in the past five years or have had their own credit card or other credit for less than three years.

  • Tools to help build credit

    Along with reporting your card usage to the three major credit bureaus (Experian, Equifax and TransUnion), Capital One will automatically begin reviewing your account at six months to see if you qualify for a higher credit line. Plus, cardholders receive free and unlimited access to their credit score and tools to help monitor their credit through CreditWise from Capital One.

  • Limited fees

    The Capital One Platinum Credit Card comes with a $0 annual fee. As for foreign transaction fees? There are none. Additionally, if you pay your bill late, you won’t be subject to a penalty APR (though you will be charged a late fee of up to $39).

What to watch out for with the Capital One Platinum Credit Card

  • No rewards program

    The Capital One Platinum Credit Card does not offer a sign-up bonus or rewards for the purchases you make using the card. But when building or establishing credit, it’s best to focus on practicing responsible credit card usage — i.e. paying your bill on time and in full each month and keeping your credit utilization ratio low — rather than racking up rewards.

  • High APR

    If you carry a balance from month to month on your Capital One Platinum Credit Card, you will be subject to a high purchase APR of 28.49% (variable). That said, high interest rates are relatively common for credit cards designed to help you build or establish credit.

Alternate credit-building card

Compare it to the Capital One QuicksilverOne Cash Rewards Credit Card

| Disclosures
Capital One QuicksilverOne Cash Rewards Credit Card
Capital One QuicksilverOne Cash Rewards Credit Card
on Capital One's secure site
N/A
28.49% (Variable)
$39
1.5% Cash Back on every purchase, every day; 5% Cash Back on
  • Earn unlimited 1.5% cash back on every purchase, every day
  • No rotating categories or limits to how much you can earn, and cash back doesn't expire for the life of the account. It's that simple
  • Be automatically considered for a higher credit line in as little as 6 months
  • Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
  • Help strengthen your credit for the future with responsible card use
  • Enjoy up to 6 months of complimentary Uber One membership statement credits through 11/14/2024
  • Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
  • Monitor your credit score with CreditWise from Capital One. It's free for everyone
  • Check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier. Just hover your card over a contactless reader, wait for the confirmation, and you're all set
540 659

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

The Capital One Platinum Credit Card and Capital One QuicksilverOne Cash Rewards Credit Card are similar in that they are both intended for people looking to add positive information to their credit profiles and offer similar APRs and benefits, including automatic credit line reviews at six months. But the cards differ in two key ways: annual fees and rewards.

The Capital One QuicksilverOne Cash Rewards Credit Card offers a rewards program and charges an annual fee of $39. Even with the annual fee, the ability to earn cash back on every purchase may be worth it, depending on how much you use the card.

The Capital One QuicksilverOne Cash Rewards Credit Card offers 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply). Cash back, which never expires as long as your account remains open, can be redeemed for statement credits, checks or gift cards. You can also use your cash back rewards to cover recent purchases made with the card.

Compare the Capital One Platinum Credit Card to similar cards

Comparison of four different credit cards
Capital One Platinum Credit Card Capital One QuicksilverOne Cash Rewards Credit Card Discover it<sup>®</sup> Secured Credit Card Journey Student Rewards from Capital One
Capital One Platinum Credit Card Capital One QuicksilverOne Cash Rewards Credit Card Discover it® Secured Credit Card Journey Student Rewards from Capital One
Apply Now
on Capital One's secure site
Apply Now
on Capital One's secure site
Apply Now
on Discover's secure site
Apply Now
on Capital One's secure site
Annual Fee
$0 $39 $0 $0
Welcome Offer
No bonus No bonus Discover will match all the cash back you’ve earned at the end of your first year. No bonus
Rewards Rate
Non-rewards Card 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply) 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically 1% Cash Back on all purchases; 0.25% Cash Back bonus on the cash back you earn each month you pay on time; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply)
Intro Purchase APR
N/A N/A N/A N/A
Regular APR
28.49% (Variable) 28.49% (Variable) 26.74% Variable APR 28.49% (Variable)
Intro Balance Transfer APR
N/A N/A 10.99% Intro APR for 6 months N/A
Regular Balance Transfer APR
28.49% (Variable) 28.49% (Variable) 26.74% Variable APR 28.49% (Variable)
Recommended Credit
Fair/Limited Fair/Limited Poor/Limited Fair/Limited
Card Details
Capital One Platinum Credit Card Capital One QuicksilverOne Cash Rewards Credit Card Discover it® Secured Credit Card Journey Student Rewards from Capital One

Is the Capital One Platinum Credit Card right for you?

Because the Capital One Platinum Credit Card is designed for individuals with fair/limited credit histories, it is a good options if you’re looking to boost your credit profile.

Just know that you won’t earn rewards with this card. There are other cards that offer a rewards program for consumers with fair/limited credit, but those cards may charge an annual fee.

Before applying, Capital One offers a prequalification tool to see gauge whether your odds of being approved are good. However, know that being prequalified doesn’t guarantee you’ll be approved for the card, but it does give you a better idea of your chances.

Apply Now
on Capital One's secure site