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Capital One® Platinum Credit Card review

A no-annual-fee credit-building card designed for those with fair credit.

finder.com’s rating: 4.5 / 5.0

★★★★★

  • Get this card if you want to build your credit score, but you don’t want a secured card or to pay an annual fee.
  • Pick something else if you have better than fair credit and can qualify for a stronger credit card.
  • Apply with a fair credit score of 580 or higher.

$0

Annual fee

22.99%

Purchase APR (variable)

580

Recommended credit score

Details

Annual fee$0
Welcome OfferN/A
RewardsN/A
Purchase APR22.99% variable
Balance transfer APR22.99% variable
Recommended minimum credit score580
IssuerMastercard
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Review by


Kliment Dukovski is a credit cards and investments 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. Capital One’s other credit card for fair credit, the Quicksilver One Rewards, requires a $39 annual fee, making it less appealing for building credit for light spenders.

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

You’ll usually find out about the status of your application as soon as you submit it. Though, 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.

  1. Go to the provider's site and click Apply now.
  2. Fill out the application with your details and submit.

What should I know before 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.

Capital One® Platinum Credit Card benefits

  • 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.
  • 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.
  • Travel 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.

Capital One® Platinum Credit Card drawbacks

  • High APR. 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. The card also lacks an intro APR on purchases or balance transfers.
  • 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.

Compare similar credit-building cards

For a better idea of how the Capital One® Platinum Credit Card stacks up against similar cards, select up to 4 credit cards and click Compare to see their features side-by-side.

Name Product Filter values Minimum deposit required Purchase APR Annual fee Recommended minimum credit score
Citi® Secured Mastercard®
Starting at $200
22.49% variable
$0
New to credit
A no annual fee secured card for people who are new to credit or have limited credit history.
Petal® 2
N/A
12.99% to 26.99% variable
$0
New to credit
Build your credit with rewards and no fees: Apply if you're new to credit or have a fair to good score of 600 or higher. See if you prequalify with no impact to your score.
Petal® 1
N/A
19.99% to 29.49% variable
$0
550
A high-limit no-annual-fee credit card that's ideal for rebuilding scores as low as 550. See if you prequalify with no impact to your credit.
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Compare up to 4 providers

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.

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.

Credit card ratings

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★★★★★ — 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.

Images: Capital One

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2 Comments

    Default Gravatar
    Velma
    January 19, 2019

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

      Default Gravatar
      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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