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Last updated on March 10th, 2021
Capital One® Platinum Credit Card
Receive a Higher Credit Limit After 5 On-Time Payments
- Get access to a higher credit line after making your first 5 monthly payments on time
- Enjoy unlimited access to your credit score and tools to help you monitor your credit profile with CreditWise from Capital One®
- No annual fee and $0 fraud liability coverage if your card is ever lost or stolen
- Rent a car with your credit card and you can be covered for the damage due to collision or theft
- Regular Purchase APR: 26.99% variable based on the Prime Rate
- Balance Transfer APR: 26.99% variable based on the Prime Rate
- Balance Transfer Transaction Fee: 3% of the amount of each transferred balance that posts to your account at a promotional APR that we may offer you. None for balances transferred at the Transfer APR.
- Cash Advance APR: 26.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Late Payment Penalty Fee: Up to $40
- Over Limit Penalty Fee: None
At a Glance
Anyone looking to build up their credit should consider the Capital One® Platinum Credit Card, which grants cardholders with average credit access to a higher credit line after showing they’re responsible by making their first 5 monthly payments on time. The card’s interest rate encourages paying down one’s balance every month, creating the habits that will help users attain that better credit score they’re striving for.
Ideal for Those Who:
- Do not want to pay an annual fee
- Want to build up your credit quickly
- Enjoy the freedom and convenience of mobile banking
Capital One® Platinum Credit Card Review
While the Capital One® Platinum Credit Card certainly isn’t the most exciting card on the market, it is attractive because it has no annual fee, built-in features to improve your credit score, and guarantees a minimum credit line of $300. Other draws include fraud coverage if the card is lost or stolen, 24/7 account access via mobile banking, and unlimited access to the free credit monitoring tool, CreditWise.
However, if you were hoping to earn rewards while you rebuild your credit or managing your existing credit card debt you’ll have to look elsewhere. The Platinum Credit Card does not offer cash back (unlike Captial One’s similarly structured Journey Student Card which isn’t only for students), no signup bonus, or introductory APR for purchases or balance transfers.
Credit Building Perks
The Platinum Card’s purpose, to build and improve credit scores, is also its greatest strength. Whereas most cardholders’ credit limits are subject to the whims of their card issuers.
Capital One guarantees that after 5 months of on-time payments will automatically make you eligible for a credit limit increase. As long as your spending stays the same, this boost can positively impact your credit utilization which plays a big part in determining your credit score.
Other Card Benefits
There are a number of other standard card benefits available which cater to traveler needs: Auto rental insurance, travel accident insurance and 24-hour travel assistance should your card get stolen and you need an emergency cash advance or card replacement. Capital One cards don’t carry foreign transaction fees, making them great options for traveling abroad.
This card does not offer price protection should you find items at a lower price elsewhere, but it does offer an extended warranty on eligible purchases.
Should You Apply for the Platinum Credit Card from Capital One?
Overall, the card in of itself is fine, but there are so many other better options for Fair credit scores that it’s hard to find any real appeal for this card.
Capital One’s Journey Student Card is a nearly identical option that’s available to everyone (not just students) and also offers an increased credit line after 5 months with no annual fee and a minimum credit line of $300. Opting for the student card, however, will give you the opportunity to earn 1.25% back on all purchases.
Aside from having no rewards (cash back or otherwise) it’s quite surprising that a card that’s intended to help improve credit would not have financial tools to assist cardholders with existing debt. The APR is high – which would necessitate that cardholders pay their balances off in full each month in order to avoid exorbitant interest payments – yet it doesn’t offer an introductory 0% APR to try and offset it.
Despite Capital One’s reputation for high-value rewards cards, their credit-building Platinum Credit Card is a little more than a glamorized secured card, sans deposit. There are certainly much more enticing options for poor credit out there than this one.