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

Review: Capital One® Platinum Credit Card – February 2018

Pay no annual fee, enjoy fee-free foreign transactions and pick your own due date

  • Get this card if… you want no annual or foreign transaction fees.
  • Pick something else if… you don’t want to pay a high APR or want a card with rewards.
  • Average credit score of 650 to 699 recommended.

The Platinum Credit Card is a no-annual-fee card from Capital One with Platinum Mastercard benefits. And you pay no foreign transaction fees for the life of the card. But unlike some other Capital One credit cards, this one doesn’t offer rewards.

Product NameCapital One® Platinum Credit Card
Balance Transfer Rate (not intro)24.99% variable
APR for Purchases ( Purchase Rate )24.99% variable
Annual fee$0
Cash Advance Rate24.99% variable
Card TypeMastercard
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 25 days
Foreign Currency Conversion Fee (MC)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
0% of transaction value
Minimum Credit ScorePoor (Below 660)
Minimum Age18 years of age
Annual fee$0
Late Payment Fee$35
Cash Advance Fee$10 or 3% of the amount of each cash advance, whichever is greater

The Basics

The Capital One Platinum Credit Card is best suited for people who pay off their outstanding balances in full each month. If this doesn’t sound like you, you’re better off looking for a card that charges a lower APR. Since this card only requires an average credit score, it might be good for people who what to build their credit, as upgrading to a better Capital One card down the line is possible.

There’s no annual or foreign transaction fees for as long as you use this card. Make your first five monthly payments on time and access a higher credit line.

The Perks

Make this Capital One credit card work for you by paying your outstanding balance in full each month. These other benefits make this card worth it.

  • $0 p.a. annual fee. You won’t pay annual fees for the life of the card.
  • $0 foreign transaction fees. Pay no foreign transaction fees when you use this card overseas.
  • Higher credit line. To access a higher credit line, make your first five monthly payments on time.
  • Personalized payment. Pick your own monthly due date. Pay online, at a local branch or via check.
  • Platinum Mastercard benefits. Get extended warranties, auto rental insurance, travel accident insurance, 24-hour travel assistance services, 24-hour roadside assistance and price protection.
  • Apple Pay. Make purchases on the go by using your card with Apple Pay.
  • Security. You’re covered by $0 fraud liability, and you’ll be contacted in case of any unusual activity on your account.
  • Strengthen your credit. Use your card responsibly and improve your creditworthiness.

What to watch out for

  • High APR. You’ll pay a high APR of 24.99% variable for all transactions, which includes purchases, cash advances and balance transfers.
  • No intro APR. This Capital One card has no intro APR offer on purchases or balance transfers.
  • No rewards. No matter how often you use your card or how much you spend, remember this is not a rewards card.

Compare other Capital One credit cards

Rates last updated February 21st, 2018
Name Product APR for Purchases ( Purchase Rate ) Intro APR for Balance Transfer Annual fee Product Description
Capital One Spark® Classic for Business
24.24% variable
$0
Get the credit you want for your business, and unlimited 1% cash back on every purchase, every day
Capital One Spark Miles Select for Business
14.24%, 18.24% or 22.24% variable
$0
Unlimited 1.5X miles per dollar on every purchase, every day
Capital One Spark Miles for Business
18.24% variable
$0 annual fee for the first year ($95 thereafter)
Unlimited 2X miles per dollar on every purchase, every day
Capital One Spark® Cash Select for Business
14.24%, 18.24% or 22.24% variable
$0
Unlimited 1.5% cash back on every purchase, every day.
Capital One Spark Cash for Business
18.24% variable
$0 intro for the first year, $95 thereafter
Unlimited 2% cash back from Spark Cash could mean thousands of dollars each year going back into your business. No minimum to redeem.
Capital One QuicksilverOne® Credit Card
24.99% variable
$39
Get unlimited 1.5% cash back on every purchase with no limit on how much you can earn, and no changing categories.
Capital One® Platinum Credit Card
24.99% variable
$0
Enjoy no annual fee, plus access to valuable benefits.
Capital One Secured Mastercard
24.99% variable
$0
Take control and build your credit with responsible use.
Capital One® Premier Dining Rewards Credit Card
15.74%, 20.74% or 24.49% variable
0% Intro APR for 9 months
$0
Earn unlimited 3% cash back on dining, 2% on groceries and 1% on all other purchases.
Capital One Quicksilver® Rewards Credit Card
14.24%, 19.24% or 24.24% variable
0% Intro APR for 9 months (with 3% balance transfer fee)
$0
Earn unlimited 1.5% cash back on every purchase, every day
Capital One® Venture® Rewards Credit Card
14.24%, 19.24% or 24.24% variable
$$0 intro for the first year, $95 after
Earn 50000 bonus miles once after spending $3,000 on purchases within the first 3 months from account opening.

Compare up to 4 providers

What you should know before applying

Capital One will accept your application if:

  • You’re at least 18 years old.
  • You’re a U.S. citizen or permanent resident.
  • You have a valid Social Security number or Individual Taxpayer Identification Number.

Don’t submit an application if you have already applied for a Capital One credit card twice in the past 30 days.

What credit score should I have?

An average credit score of 650 to 699 is ideal.

How do I apply for the Capital One Platinum Credit Card?

Always consider your options and your financial situation before you apply for a credit card.

Go to the Platinum Credit Card website and click Apply Now.
You’ll need to provide the following details:

  • Your full name and contact information
  • Your Social Security number and date of birth
  • Your total annual income and monthly housing payment

How long will it take for me to be approved?

You’ll find out about the status of your application almost as soon as you submit your online application. The bank typically sends a letter with your approval status in 7 to 10 business days.

I got the card — now what?

Getting this Capital One credit card can work well in rebuilding your credit, provided you keep your spending in check and make payments on time.

  • Track your spending. Monitor your transactions online 24/7.
  • Watch out for accumulating interest. Since this Capital One credit card charges a relatively high APR, keep an eye on how much interest you end up paying in the long run. The sooner you pay off your balances, the better.
  • Avoid late fees. You can pay up to $35 for late payments.
  • Contact customer service. Get in touch with Capital One for answers to your questions.

Bottom line

You might qualify for the Capital One Platinum Credit Card if you have less-than-perfect credit. If you have excellent credit, you may want to compare credit cards with lower APRs.

Common questions about the Capital One Platinum Credit Card

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