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Capital One® Platinum Credit Card

Capital One® Platinum Credit Card

 

Rated 3/5 stars by our editorial team

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Your Rating:

3.1/5.0 from 38 Offer Ratings
Over the Past 60 Days!

(38 ) Over the Past 60 Days!

  • Regular Purchase APR 24.74% (Variable)
  • Intro Purchase APR N/A
  • Intro BT APR N/A
  • Annual Fee $0
  • Credit Needed

    Average/Fair/Limited

  • Card Brand Mastercard®

Highlights

Card Fees

Expert Review of the Capital One® Platinum Credit Card

  • 3.0

    Regular APR

  • 2.0

    Intro APR

  • 3.0

    Fees

  • 2.0

    Benefits

  • star rating 3.0 /5

    Overall Rating

Who the card is best for

The Capital One® Platinum Credit Card is a good choice for people with Average/Fair/Limited credit that want to improve their credit. It has a $0 annual fee, and you can also use CreditWise® from Capital One®, a tool that lets you see your credit score and get credit tips on how to manage your credit properly. (CreditWise® is free for everyone, not just Capital One cardholders.)

This card is designed for people with less than perfect credit who are looking to build credit, so people who have good or excellent credit should look at other cards that have rewards programs or more perks. Also, if you think you may carry a balance, this card isn’t the best option since the interest rate is very high at 24.74% (Variable).

Where this card stands out in its category

A great feature of this card is the higher line of credit you receive when you make your first five monthly payments on time. This can come in handy if you don’t initially get approved for a large line of credit. Another great feature is no foreign transaction fee, allowing you to save on the 2-5% fee many other cards charge on purchases made outside the U.S.

Where this card falls short in its category

The Capital One® Platinum Credit Card doesn’t have a rewards program, so you won’t be able to earn points or cash back on your spending. Although this isn’t ideal, it may be for the best, because you can focus on building your credit score without the temptation of rewards.

Additional card benefits

The Capital One® Platinum Credit Card has several added features:

  • Access a higher credit line: When you make your first five monthly payments on time, Capital One will give you a higher credit line.
  • CreditWise®: Access your free credit score, credit report and helpful tools to monitor your progress. There is also a credit simulator that can tell you the possible impact of financial decisions like paying off debt or increasing a credit limit.
  • Platinum Mastercard® benefits: You may benefit from various features including extended warranty, auto rental insurance, travel accident insurance, 24/7 travel and roadside assistance protection, price protection, and more.

How to use it most effectively

You can see the most value with the Capital One® Platinum Credit Card by using it for all of your purchases and paying your statement in full and on time each month. This way, you practice responsible credit behavior and can improve your score. Another key point is spend as little of your available credit as possible — a good rule of thumb is to limit your spending to 20% of your credit limit. The amount of your credit you use is known as credit utilization and this is a key factor in determining your credit score. Keeping a low utilization can improve your score.

This card is a good choice when traveling outside the U.S. because there is no foreign transaction fee — meaning you can make purchases abroad without paying an extra fee.

Compare it with the Capital One® QuicksilverOne® Cash Rewards Credit Card

The Capital One® Platinum Credit Card and Capital One® QuicksilverOne® Cash Rewards Credit Card are both for people with average credit, but they differ in two key ways: annual fee and rewards. The Capital One® QuicksilverOne® Cash Rewards Credit Card has a $39 annual fee, and although this is one of the lowest annual fees on the market, it can be an issue for some people. However, the annual fee may be worth it because it has a cash back program where you can earn 1.5% Cash Back on every purchase, every day. On the other side, the Capital One® Platinum Credit Card has a great $0 annual fee but no rewards program. Ultimately, the card that you choose depends on whether you want to pay an annual fee to get rewards or are willing to forgo rewards for a card without an annual fee.

Here’s a breakdown of the key features of each card:

  Capital One® Platinum Credit Card Capital One® QuicksilverOne® Cash Rewards Credit Card
Annual Fee $0 $39
Balance Transfer Fee None N/A
Regular Purchase APR 24.74% (Variable) 24.74% (Variable)
Rewards Non-rewards Card 1.5% Cash Back on every purchase, every day
Foreign Transaction Fee None None

Bottom Line

The Capital One® Platinum Credit Card is a good $0 annual fee card for people with Average/Fair/Limited credit looking to improve their credit score.

Ongoing Information

Consumer Reviews

  • star rating mask

Offer Rating

3.1/5.0

38 Total Ratings

5 Star
 
 
(5)
4 Star
 
 
(7)
3 Star
 
 
(16)
2 Star
 
 
(6)
1 Star
 
 
(4)

Your Rating

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+21 users submitted a rating without a full review

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4 Found this review helpful

By: | Jan 18, 2018

This card is a great choice if your trying to build your credit. It's one of the only ones that don't charge an annual fee with what's available when you might have less then good/excellent credit. I would highly recommend this card!

105 Found this review helpful

By: | Sep 29, 2016

The Capital One Platinum Credit Card is wonderful. The card has a fair interest rate and is accepted everywhere. There is no annual fee to use this card. It is a great first time card. There is no charge for balance transfers and the online site has a lot of account management tools. I have called customer service twice and they were super with the help they provided. I highly recommend this card.

114 Found this review helpful

By: | May 31, 2016

I find this a great card to start building or rebuilding your credit up. I also really like that you can get your real credit score without paying another company, and it seems to update every week. I can look and see what has changed and even if it has only changed by one point, I still know. I also like the website overall, I find it easy to make a payment, view my transactions, and pretty much anything else I need. The only thing I dont like is the direct debit from your bank account because it does not always post through the bank right away, although that is more the fault of the bank then C1, but if they had real time debit payments it would be much better. The card itself has given me no problems since it is a Mastercard, accepted just about anywhere.

109 Found this review helpful

By: | May 3, 2016

Capital One is my favorite credit card for many reasons. First, they offer many different types of cards that allow you to choose from many different rewards. Secondly, they have a good reputation, and always look out for their customers. Also, their interest rates are some of the most competitive around.

108 Found this review helpful

By: | Aug 23, 2015

I applied and was approved. No fees were charged to me no annual fee no application fee and I like this card. Apply for it and pay it off every month.

110 Found this review helpful

By: | Apr 9, 2015

great card..will refer to people who are rebuilding their credit back up...like me...lol

109 Found this review helpful

By: | Feb 24, 2015

This card is good, good for starters and fair credit, ok credit limit but expect a membership fee. When I applied, it says $0 for the first year and $19 after that, totally misleading, first month in there's a $39 membership fee already posted to my account. Going to call customer service tomorrow to get it removed or something.

105 Found this review helpful

By: | Feb 3, 2015

thanks..Capital one got me started on my credit, only people who cared enough to give me a chance.. Thanks again.

2 Replies

By: Patricia Robinson Bookhart-Dash | Mar 9, 2016

I am glad that Capital One gave me the chance to be responsible with this card. I also like the reviews and testimonies! Thanks Capital One!!!

By: Jeanne Morse | Mar 1, 2018

Yes, I also agree with everything you have said. Thanks.

101 Found this review helpful

By: | Oct 8, 2014

Kind of high interest rate, but besides that it is a good card.

106 Found this review helpful

By: | Oct 8, 2014

Best first card to have. One of the first cards to get approved for with minimal credit history. The limit was so low but extremely helped establishing credit history. They keep on increasing limits as you use the card more and more without making a hard enquiry. Superb customer care. Referral bonus missing :(

106 Found this review helpful

By: | Oct 8, 2014

I really liked this card for the first year since there was no annual fee. It definitely helped me to build my credit back up. The tools that they offer to you to help manage your credit and account are great. The downside to this card is there is no rewards and the APR/Interest Rate is high. But I guess when you are trying to build your credit you don't really need rewards to use the card more than you need too! I would recommend this card to anyone trying to build up their credit.

99 Found this review helpful

By: | Oct 8, 2014

the rates are ok but the customer service is pretty awful unless you can get a supervisor

112 Found this review helpful

By: | Oct 7, 2014

I really liked this card when I first got it a few years back. I was rebuilding my credit after a bankruptcy. My limit was 5,000 which I thought was great. I don't use the card much and always pay off my balance on time every month. At first the card didn't have any fees then all of a sudden I get a notice they will start charging a $3 fee every month. I think this is crazy, especially during the months when I don't even use the card, I am still stuck with a $3 monthly fee. Other then that, it is a good card to carry.

105 Found this review helpful

By: | Oct 7, 2014

As others said, original rate wasn't great, but for starting credit after a divorce the card was a lifesaver.

100 Found this review helpful

By: | Oct 7, 2014

The Capital one card is a pretty good card but I would have to say there is nothing all that special about it. I has no annual fee which for me is a must, but after the first year there is a $19 annual fee. I think I may drop it then. I don't want an annual fee. It was easy to apply for and get approved. The card arrives quickly so that is good. Rewards though are just so, so. The interest rates for the card as well as fees and the like are just the same as any other card out there.

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