Last updated on April 11th, 2023
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Capital One Platinum Credit Card
Capital One Platinum Credit Card
Capital One Platinum Credit Card
- 29.99% variable based on the Prime Rate Regular Purchase APR
- 29.99% variable based on the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
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.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual or hidden fees. See if you're approved in seconds
- Be automatically considered for a higher credit line in as little as 6 months
- Help build your credit through responsible use of a card like this
- Enjoy peace of mind with $0 Fraud Liability so that you wo't be responsible for unauthorized charges
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Get access to your account 24 hours a day, 7 days a week with online banking from your desktop or smartphone, with Capital One's mobile app
- Check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier. Just hover your card over a contactless reader, wait for the confirmation, and you're all set
- Pay by check, online or at a local branch, all with no fee - and pick the monthly due date that works best for you
- Regular Purchase APR: 29.99% variable based on the Prime Rate
- Balance Transfer APR: 29.99% 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: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: 3% of the amount of the cash advance, but not less than $3
- Late Payment Penalty Fee: Up to $40
- Over Limit Penalty Fee: None
- You do not want to pay an annual fee
- You want to build up your credit quickly
- You 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. Those considering credit-builder options outside of Capital One should check out popular options, such as the Mission Lane Visa, Revvi Card, or the Merrick Bank Double Your Line Visa.
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 or average credit out there than this one. Those with good credit might consider a card with one of the longest intro APR periods – namely the Citi Simplicity® Card and Citi® Diamond Preferred® Card.
The information related to Citi Simplicity Card and Citi Diamond Preferred Card has been collected by BestCards.com and has not been reviewed or provided by the issuer or provider of this product or service.
