A credit-building card without an annual fee for those with fair or limited credit history.
finder.com’s rating: 4.5 / 5.0
- Get this card if you want to build your credit score without paying an annual fee.
- Pick something else if you want to earn cash back while building your credit.
- Apply with a fair credit score of 580 or higher.
|Product Name||Platinum Credit Card from Capital One®|
|APR (Annual Percentage Rate) for Purchases||26.99% variable|
|Balance Transfer APR||26.99% variable|
|Cash Advance Rate||26.99% variable|
|Foreign Transaction Fee||None|
|Cash Advance Fee||$10 or 3% of the cash advance amount, whichever is greater|
|Interest Free Period||Up to 25 days|
|Late Payment Fee||Up to $38|
|Additional Cardholder Fee||$0|
|Minimum Age||18 years of age|
The Platinum Credit Card from Capital One® is an excellent card for those who have limited credit history, and for those with fair credit who want to build their credit score without paying an annual fee.
A high APR on purchases and balance transfers can make this an expensive card to keep if you carry a balance. To avoid this, you need to pay your outstanding balances on time and in full each month and soon, you’ll be on your way to get a higher credit line and improve your credit score.
An alternative card for building credit: Credit One Bank® Unsecured Platinum Visa®
Seeing if you pre-qualify is fast, easy, and secure.
- Available to consumers with a low credit score.
- No application fees — no money required to open an account.
- Easy to apply.
No annual fee.
There’s no annual fee to own the card.
Access to higher credit line.
After you make timely payments for five consecutive months, Capital One may increase your credit line.
You can apply with a fair credit.
If you have defaulted on a loan in the last five years or if you have a limited credit history — you’re a student, new to the US or you’ve been an authorized user on someone else’s card — you can apply for this card and start building your credit.
You’ll also like …
No foreign transaction fee.
If you travel abroad and use your card, you won’t pay any fees. Other cards impose a 3% fee for each transaction you make outside of the US.
No penalty APR.
If you make a late payment, you’ll only pay a penalty fee. Other cards may apply a penalty APR of up to 30% for a single late payment, and what’s worse is it can last indefinitely.
Get unlimited access to your credit score with CreditWise. Since you’re building your credit, this can help you monitor your progress anytime and for free.
Rest easy with $0 fraud liability in case your card is lost or stolen.
Platinum Credit Card from Capital One® benefits.
Get rental car coverage against theft and damage, travel accident insurance in case of death or loss of limb, purchase protection and extended warranty and a 24/7 travel and roadside assistance.
What to watch out for
From the moment you get your card, you’ll start off with a variable APR of 22.97%, 24.97% or 26.97%. This is relatively high when compared to other cards with an average APR of 16%. Try to pay your balances on time and you won’t have to worry about interest rates.
Low minimum credit line.
Your credit line is determined by Capital One based on several factors. The minimum credit line available is $300. With timely payments, Capital One may increase your credit line and may offer you an upgrade to a rewards card.
No signup bonus.
Most cards offer a signup bonus once you spend a certain amount during your first months of card membership. If that’s what you’re looking for, you’ll want to explore other cards.
No intro APR period.
Some cards offer an intro APR period on purchases and balance transfers for up to 20 months. Unfortunately, this card has no such period.
Consider other cards if …
You want a similar card with cashback rewards.
The QuicksilverOne® from Capital One® from Capital One offers unlimited 1.5% cash back on all purchases while you build your credit.
Or you could check out the Discover it® Secured, which lets you build your credit and get 2% back on dining and gas up to $1,000 in purchases per quarter and 1% after that. You also receive 1% back on everything else you buy.
You want to build your credit with a secured card.
In that case, the OpenSky® Secured Visa® Credit Card can help you with up to a $3,000 credit line based on how much you deposit. Just like all Capital One cards, this card reports to the three largest credit bureaus. With responsible spending, you can quickly build your credit and get an unsecured card.
You want an intro APR period.
The U.S. Bank Visa® Platinum Card and the Citi Simplicity® Card offer one of the longest intro APR periods on balance transfers and purchases when compared to similar cards. If you need to transfer a high APR balance or make a large purchase and carry your balance, either of these cards may be worth checking out.
Compare cards for building credit
What should I know before I apply?
To apply for the card you must be at least 18 years old and a US citizen or a permanent resident of the US.
You’ll need to provide personal and financial information, such as:
- Full name and contact information.
- Date of birth and Social Security number.
- Financial information and employment status.
During the application you can choose to receive alerts when your payments are due, and you can select to receive further communications in Spanish if that’s your preferred language.
What credit score do I need?
Apply with a fair credit score of 580 or higher. When you apply with a better credit score, you’ll be more likely to get one of the lower APRs and a higher credit limit.
What do customers say about the Platinum Credit Card from Capital One®?
Most customers who are happy with the card claim they applied when their credit score was in the 500s and the low 600s, and with timely payments they managed to increase their credit score to the 700s in less than a year. They also managed to get several credit line increases along the way. The only complaint some users have with this card is the high APR.
Capital One is rated A+ by the Better Business Bureau, where it’s been accredited since 1995.
How to apply for the Platinum Credit Card from Capital One®
- Go to the Capital One website and find the Platinum Credit Card from Capital One® from the list of “average or building credit” cards, then click Apply now.
- Complete the application form.
- Review your application and submit it.
How long will it take to get my Platinum Credit Card from Capital One®?
Thanks to Capital One’s automated preapproval system, you’ll usually find out about the status of your application as soon as you submit it. In some cases, it may take up to 10 business days to get a decision.
Once approved, you’ll get your card and welcome materials in the mail within 7 to 10 business days.
I got the card. Now what?
- Download the Capital One mobile app. With the app, you can pay your bills and send money to your friends and family. You can also monitor your card activity, lock or unlock your card if you lose it and more.
- Pay on time. This card has one of the highest APRs when compared to other cards. Make sure you pay your balance when it’s due to avoid paying the high interest.
- Customer service. Call 1-800-227-4825 for any questions you may have and Capital One customer services will assist you.
This is a great card for those with limited credit history or for those with fair credit. It has no annual fee and Capital One reports your card activity to the three major credit bureaus. WIth timely payments, you can build your credit score in no time.
If you spend more than $217 per month, the QuicksilverOne® from Capital One® could be a better choice. It’s also made for those with fair credit, but you’ll earn 1.5% cash back on everything you buy and monthly spending of $217 is enough to offset the annual fee. Everything you spend above that will come as a reward.
Otherwise, you can check out other credit cards for building credit and compare your options to find the best card for your needs.
Frequently asked questions
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