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Capital One Platinum Credit Card Review

Capital One Platinum Credit Card Review

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This article was last updated Aug 14, 2020. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.

If you’re looking for a credit card that’s designed for consumers with average/fair/limited credit and could be used to improve your credit score, the Capital One Platinum Credit Card could help you.

In addition to offering unlimited access to your credit score, the $0 annual fee card automatically reviews your credit line after six months to see if you qualify for a higher credit limit. Know that your initial credit limit may be low, which is typical for cards marketed to individuals looking to rebuild their credit profiles.

We take a close look at the Capital One Platinum Credit Card and show how it compares to the Capital One QuicksilverOne Cash Rewards Credit Card — which is also designed for people with fair/limited credit.

  • Be automatically considered for a higher credit line in as little as 6 months

  • Pay no annual fee

  • 26.99% (Variable)

Highlights
  • Pay no annual fee
  • Be automatically considered for a higher credit line in as little as 6 months
  • Fraud coverage if your card is lost or stolen
  • Use online banking to access your account, even from your smartphone, with our 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
  • Get access to your account 24 hours a day, 7 days a week
  • Help build your credit through responsible use of a card like this

See additional details for Capital One Platinum Credit Card

More Info

Capital One Platinum Credit Card pros

Designed for applicants with average/fair/limited credit.  According to Capital One, average/fair/limited credit includes those who have defaulted on a loan in the past five years or have had their own credit card or other credit for less than three years.

Tools to help build credit. Along with reporting your card usage to the three major credit bureaus (Experian, Equifax and TransUnion), Capital One will automatically begin reviewing your account at six months to see if you qualify for a higher credit line.

Plus, cardholders receive free and unlimited access to your credit score and tools to help monitor your credit through CreditWise from Capital One.

Limited fees. The Capital One Platinum Credit Card comes with a $0 annual fee. As for foreign transaction fees? There are none. Additionally, if you pay your bill late, you won’t be subject to a penalty APR (though you will be charged a late fee of up to $39).

CreditWise from Capital One review

Additional Capital One Platinum Credit Card benefits:

  • Auto rental collision damage waiver. When you use your card to rent an eligible vehicle, you’ll receive coverage for damage due to collision or theft.
  • Extended warranty. Get additional warranty protection on eligible items purchased using your card.
  • Travel accident insurance. Receive automatic insurance for a covered loss at no additional charge when you use your card to purchase your fare.
  • Account alerts through Eno. In addition to monitoring your account for unusual charges and more, Eno helps you track spending and provides access to virtual card numbers.

Capital One Eno review

Capital One Platinum Credit Card cons

No rewards program. The Capital One Platinum Credit Card does not offer a sign-up bonus or rewards for the purchases you make using the card.

But when building or establishing credit, it’s best to focus on practicing responsible credit card usage — i.e. paying your bill on time and in full each month and keeping your credit utilization ratio low — rather than racking up rewards.

High APR. If you carry a balance from month to month on your Capital One Platinum Credit Card, you will be subject to a high purchase APR of 26.99% (variable). That said, high interest rates are relatively common for credit cards designed to help you build or establish credit.

How To Use a Credit Card to Build Credit

Compare it with the Capital One QuicksilverOne Cash Rewards Credit Card

  • 1.5% Cash Back on every purchase, every day

  • No rotating categories, cash back won't expire for the life of the account and no limit to how much you can earn

  • 26.99% (Variable)

Highlights
  • Earn unlimited 1.5% cash back on every purchase, every day
  • Earn cash rewards without signing up for rotating categories
  • Be automatically considered for a higher credit line in as little as 6 months
  • Monitor your credit profile with the CreditWise® app, free for everyone
  • $0 fraud liability if your card is ever lost or stolen
  • No limit to how much cash back you can earn, and cash back doesn't expire for the life of the account
  • Help strengthen your credit for the future with responsible card use
  • Get customized alerts and manage your account with the Capital One mobile app

See additional details for Capital One QuicksilverOne Cash Rewards Credit Card

More Info

The Capital One Platinum Credit Card and Capital One QuicksilverOne Cash Rewards Credit Card are similar in that they are both intended for people looking to add positive information to their credit profiles and offer the same APRs and benefits, including automatic credit line reviews at six months, auto rental collision damage waiver and extended warranty. But the cards differ in two key ways: annual fees and rewards.

The Capital One QuicksilverOne Cash Rewards Credit Card offers a rewards program and charges an annual fee of $39. Even with the annual fee, the ability to earn cash back on every purchase may be worth it, depending on how much you use the card.

See how the two cards stack up side by side in the table below.

Capital One Platinum Credit Card vs. Capital One QuicksilverOne Cash Rewards Credit Card

 Capital One Platinum Credit CardCapital One QuicksilverOne Cash Rewards Credit Card
Annual fee$0$39
Rewards ratenon-rewards card1.5% cash back on every purchase, every day
Purchase APR26.99% (variable)26.99% (variable)
Balance transfer APR26.99% (variable)26.99% (variable)
Balance transfer fee$0$0
Foreign transaction feesNoneNone

The Capital One QuicksilverOne Cash Rewards Credit Card offers a solid flat rate of 1.5% cash back on every purchase, every day. Cash back, which never expires as long as your account remains open, can be redeemed for statement credits, checks or gift cards. You can also use your cash back rewards to cover recent purchases made with the card.

Just know, you’ll need to charge at least $217 a month to the Capital One QuicksilverOne Cash Rewards Credit Card to earn enough cash back to cover the card’s $39 annual fee.

Capital One QuicksilverOne Cash Rewards Credit Card review

Which credit card is best for me?

Because the Capital One Platinum Credit Card and the Capital One QuicksilverOne Cash Rewards Credit Card are both designed for individuals with average/fair/limited credit histories, they’re each good options if you’re looking to boost your credit profile.

But if you want to earn cash back on every purchase, the Capital One QuicksilverOne Cash Rewards Credit Card may be a better fit — as long as you charge enough to offset the cost of the annual fee each year.

Before applying for either card, Capital One offers a prequalification tool to see gauge whether your odds of being approved are good. However, know that being prequalified doesn’t guarantee you’ll be approved for the card, but it does give you a better idea of your chances.

How to Prequalify for a Capital One Card


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