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finder.com’s rating: 4.5 / 5.0
★★★★★
$0
Annual fee
29.74%
Purchase APR (variable)
580
Recommended credit score
Review by
Kliment Dukovski is a personal finance writer at Finder, specializing in investments and cryptocurrency. He's written more than 700 articles to help readers compare the best trading platforms, understand complex investment terms and find the best credit cards for their needs. His expert commentary has been featured in such digital publications as Fox Business, MSN Money and MediaFeed. He’s also well-versed in money transfers, home loans and more — breaking down these topics into simple concepts anyone can understand. In another life, Kliment 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. Capital One’s other credit card for fair credit, the Capital One QuicksilverOne Cash Rewards Credit Card, 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.
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.
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:
During the application you can choose to receive alerts when your payments are due, or select Spanish as your preferred language.
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.
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 2021. 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 1.3 rating out of 5 as of October 2021.
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.
★★★★★ — 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.
Images: Capital One
2 Comments
January 19, 2019
I have paid off my balance. Can I use my card again?
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