A credit-building card with no annual fee.
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|
|Introductory Purchase APR|
|Balance Transfer APR||26.99% variable|
|Introductory Balance Transfer APR|
|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 with a limited credit history or 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 paying extra, pay your outstanding balances on time and in full each month. After a few months of responsible payments, you’ll be on your way to a higher credit line and higher credit score.
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- 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 it can last indefinitely.
Get unlimited access to your credit score with CreditWise. Since you’re building credit, this helps you monitor your progress anytime and for free.
- Fraud coverage.
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
- High APR.
The card automatically starts with a high variable APR of 26.99% — compared to the average 16% APR of other cards. Try to pay your balances on time to avoid interest.
- Low minimum credit line.
Your credit line is determined by Capital One based on several factors, with the minimum starting at $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.
Compare similar credit-building cards
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, or select Spanish as 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®?
Happy customers praise the card for helping them improve their credit from low 600s to the 700s in less than a year — with several credit-line increases along the way. The biggest complaint is it’s 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 seven 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 800-227-4825 for questions.
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 a few months.
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, compare other credit cards for building credit to find the best card for your needs.
Frequently asked questions
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Images: Capital One