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Capital One Platinum Credit Card Review

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This article was last updated Aug 14, 2018, but some terms and conditions may have changed or are no longer available. For the most accurate and up to date information please consult the terms and conditions found on the issuer website.

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 26.96% (Variable).

  • Access a higher credit line by making first 5 monthly payments on time

  • Pay no annual fee

  • 26.96% (Variable)

Highlights
  • Pay no annual fee
  • Get access to a higher credit line after making your first 5 monthly payments on time
  • Fraud coverage if your card is lost or stolen
  • Use online banking to access your account, even from your smartphone, with our mobile app
  • 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 strengthen your credit for the future with responsible card use

See additional details for Capital One® Platinum Credit Card

More Info

Where this card stands out in its category

A great feature of this card is the higher line of credit you may 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 may 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.

  • Unlimited 1.5% Cash Back

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

  • 26.96% (Variable)

Highlights
  • Earn unlimited 1.5% cash back on every purchase, every day
  • Earn cash rewards without signing up for rotating categories
  • Get access to a higher credit line after making your first 5 monthly payments on time
  • 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

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 26.96% (Variable) 26.96% (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.


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