Capital One® Platinum Credit Card review
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.
Purchase APR (variable)
Recommended credit score
|Product Name||Capital One® Platinum Credit Card|
|Purchase APR||22.99% variable|
|Balance transfer APR||22.99% variable|
|Balance transfer fee||None|
|Cash advance rate||22.99% variable|
|Cash advance fee||$10 or 3% of the cash advance amount, whichever is greater|
|Foreign transaction fee||None|
|Interest free period||Up to 25 days|
|Late payment fee||Up to $40|
|Additional cardholder fee||$0|
|Rates & fees||rates & fees|
Kliment Dukovski is a credit cards writer. He's written over 600 articles to help readers find and compare the best credit cards. Kliment has also written on money transfers, home loans and more. Previously, he ghostwrote guides and articles on foreign exchange, stock market trading and cryptocurrencies.
In some ways, the Capital One® Platinum Credit Card is a surprisingly forgiving credit building card. It features a $0 annual fee, no foreign transaction fees and no penalty APR for late payments.
On the other side of that coin, late payments can hurt. A high APR on purchases and balance transfers can make this an expensive card to keep if you carry a balance. Given that the starting credit limit on this card skews toward $300, you won’t have much wiggle room should you start getting stretched too thin.
Of course, these aren’t a problem if you use your card correctly. Used well, the Capital One® Platinum Credit Card is a great, no-frills credit building card that reports to all three credit bureaus and offers a path to a credit line increase.
How to apply for the Capital One® Platinum Credit Card
- Go to the provider's site and click Apply now.
How long will it take to get my Capital One® Platinum Credit Card?
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.
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.
Rest easy with $0 fraud liability in case your card is lost or stolen.
Capital One® Platinum Credit Card 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
The card automatically starts with a high variable APR of 22.99% — 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
Compare Capital One® Platinum Credit Card with other 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.
Capital One® Platinum Credit Card reviews and complaints
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.
The Better Business Bureau has accredited Capital One with a rating of A as of October 2020. However, it sports a 1.13 out of 5 when it comes to a customer rating from an average of nearly 500 reviews. It fares little better on Trustpilot, earning a 1.4 rating out of 5 as of October 2020.
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.
Compare Capital One® Platinum Credit Card with other cards
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 Capital One® QuicksilverOne® Cash Rewards Credit Card 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