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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.
Intro Purchase APR
N/A
Regular Purchase APR
29.74% (Variable)
Intro BT APR
N/A
Regular BT APR
29.74% (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
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).
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 29.74% (variable). That said, high interest rates are relatively common for credit cards designed to help you build or establish credit.
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.
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| Capital One Platinum Credit Card | Capital One QuicksilverOne Cash Rewards Credit Card | Discover it® Secured Credit Card | Journey Student Rewards from Capital One |
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Apply Now on Capital One's secure site
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Apply Now on Capital One's secure site
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Apply Now on Discover's secure site
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Apply Now on Capital One's secure site
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| 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 | |||
| 29.74% (Variable) | 29.74% (Variable) | 27.49% Variable APR | 29.74% (Variable) |
| Intro Balance Transfer APR | |||
| N/A | N/A | 10.99% Intro APR for 6 months | N/A |
| Regular Balance Transfer APR | |||
| 29.74% (Variable) | 29.74% (Variable) | 27.49% Variable APR | 29.74% (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 |
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.
For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
