Is the Capital One Platinum Credit Card worth it? | October 2018

Platinum Credit Card from Capital One® review – October 2018

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

A credit-building card without an annual fee for those with fair or limited credit history.

finder.com’s rating: 4.5 / 5.0

★★★★★

30-second take

  • 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 650 or higher.
Product NamePlatinum Credit Card from Capital One®
Card TypeMastercard
Annual Fee$0
APR (Annual Percentage Rate) for Purchases26.99% variable
Cash Advance Rate26.99% variable
Foreign Transaction FeeNone
Cash Advance Fee$10 or 3% of the cash advance amount, whichever is greater
Interest Free PeriodUp to 25 days
Late Payment FeeUp to $38
Additional Cardholder Fee$0
Rates & FeesRates & Fees
Minimum Age18 years of age

The basics

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.

Compare this card to other credit-building cards.

The perks

  • 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.

  • CreditWise.

    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.

  • 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.

Compare the Platinum Credit Card from Capital One® and Quicksilver® from Capital One®

What to watch out for

  • High APR.

    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® Rewards 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 Credit Card, 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 no annual fee credit cards

Name Product Annual Fee APR (Annual Percentage Rate) for Purchases
$0
14.99% to 25.99% variable
Earn up to $250 back. Earn $150 back after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership. Plus, earn an additional $100 back after you spend an additional $6,500 in purchases within your first 12 months. You will receive the cash back in the form of a statement credit. Rates & Fees
$0
14.99% to 25.99% variable
Earn a $150 bonus statement credit after you spend $1,000 on purchases in the first 3 months. Rates & Fees
$0
13.99% variable
A low, variable APR on purchases, balance transfers and cash advances.
$0
14.99%, 18.99% or 24.99% variable
Earn unlimited 1.5% cash rewards on purchases. See Rates and Fees.
$0
17.74% to 26.74% variable
Earn 10,000 Bonus Miles after spending $500 in purchases on your new Card in your first 3 months of Card Membership. Rates & Fees
$0
17.74% to 26.74% variable
Earn 75,000 Hilton Honors™ Bonus Points after you spend $1,000 in purchases on the Card within your first 3 months of Card Membership. Rates & Fees
$0
16.74% to 25.49% variable
Earn 5% Cash back in bonus categories up to $1,500 every quarter. Earn 1% Cash back on all other purchases.
$0
16.74% to 25.49% variable
Earn unlimited 1.5% cash back on every purchase - it's automatic. No minimum to redeem for cash back.
$0
15.24% to 25.24% variable
Earn more cash back for the things you buy most.
$0
15.24% to 25.24% variable
Earn 1% cash back for payments on purchases, on top of the 1% cash back on purchases. No annual fee.

Compare up to 4 providers

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 650 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®

  1. 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.
  2. Complete the application form.
  3. 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.

Bottom line

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® Rewards 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

Credit-building cards and secured card ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

Our team evaluates credit cards to determine their value against similar cards on the market.

We rank card types — travel, cash back, business — on a set of factors that are most relevant to that type of card. We create these rankings to help you narrow down a credit card that best suits your spending and budget.

Learn the details of our methodology and scoring.

Adrienne Fuller

Adrienne Fuller leads the publishing team at finder.com. She has one goal: to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. When she's not helping folks save money, she's hiking with her two Catahoulas around her home in San Diego.

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Privacy and Cookies Policy and Terms of Use.
Go to site