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Capital One® Platinum Credit Card review

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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.

$0

Annual fee

26.99%

Purchase APR (variable)

580

Recommended credit score

Details

Product NameCapital One® Platinum Credit Card
Card typeMastercard
Annual fee$0
Purchase APR26.99% variable
Balance transfer APR26.99% variable
Cash advance rate26.99% variable
Cash advance fee$10 or 3% of the cash advance amount, whichever is greater
Foreign transaction feeNone
Interest free periodUp to 25 days
Late payment feeUp to $39
Additional cardholder fee$0
Rates & feesrates & fees

Expert review

Kliment Dukovski

Review by


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.

Expert review

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.

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 it can last indefinitely.
  • CreditWise.
    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.
  • 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.

Compare the Capital One® Platinum Credit Card and Capital One® Quicksilver® Cash Rewards Credit Card

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

Name Product Filter values Minimum deposit required Purchase APR Annual fee Recommended minimum credit score
OpenSky® Secured Visa® Credit Card
Starting at $200
19.14% variable
$35
300
A secured Visa® credit card that helps you build your credit quickly.
Capital One® Secured Mastercard®
$49, $99 or $200
26.99% variable
$0
300
Get access to a higher credit line after making your first 5 monthly payments on time.
Capital One® Platinum Credit Card
N/A
26.99% variable
$0
580
A no-annual-fee card for average credit. Earn a higher credit line after five on-time payments.
Petal Cash Back Visa® Card
N/A
14.49% to 25.49% variable
$0
650
Build your credit with no fees: Apply if you're new to credit or have a fair to good score.
Indigo® Platinum Mastercard® Credit Card
N/A
24.9% fixed
$0 to $99
580
The Indigo® Platinum Mastercard® Credit Card is specifically designed for those with less than perfect credit.

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, 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 Capital One® Platinum Credit Card?

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 Capital One® Platinum Credit Card

  1. Learn more about how to apply for the Capital One® Platinum Credit Card.

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.

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.

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 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

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2 Comments

  1. Default Gravatar
    Velma
    January 19, 2019

    I have paid off my balance. Can I use my card again?

    • Avatarfinder Customer Care
      Ash
      January 20, 2019

      Hi Velma.

      Thank you for contacting finder.

      If your account is still not close then you will still be able to use it again for purchases/ payments and others. You may also contact your bank directly if your card has been suspended temporarily due to payments.

      I hope this helps.

      Please do not hesitate to reach out again to us if you have additional questions.

      Cheers,
      Ash

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