Capital One® Platinum Credit Card

Robin Saks Frankel  in  Fair Credit Advertising Disclosure
Capital One Image

Recommended Credit Score

Limited to Average (0 - 740)

A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

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Best for people building credit

Annual Fee:
$0
Purchase Intro APR:
N/A
Balance Transfer Intro APR:
N/A
Regular APR:
26.96% (Variable)
Terms and Restrictions Apply

Bankrate Rating

Commonly used for: Pre-Qualified.

The Capital One® Platinum Credit Card is just one step up from having a secured credit card. You don’t have to put any collateral down, but it really doesn’t offer much else. In other words, don’t get this card unless you have few other choices in front of you.

Review

The Capital One® Platinum Credit Card can help those with just fair credit make lemonade out of lemons. If you make your first five payments on-time, you can get access to a higher credit limit, which in turn can help improve your credit score if you continue to pay your bill on time.

But if your primary goal is to build up your credit, you may be better off opening a secured card that offers some benefits, using that card until you’ve improved your credit and then moving on to a standard credit card with better terms.

The good news, if there’s any to be had, is if you make a late payment, this card carries no penalty APR. The bad news: The standard APR isn’t far off from the penalty APR most cards charge.

Who should get this card

This plain-vanilla credit card could be a good choice for those with thin credit files or fair credit history who don’t qualify for other cards. Although the standard APR is high, that won’t be an issue if you intend to pay off your balance every month.

Advantages
  • Unlike some secured credit cards, this unsecured card charges no annual fee.
  • You'll pay no foreign transaction fees if you use Capital One Platinum to make charges outside the U.S.
  • There is no balance transfer fee. Most cards charge 3% to 5% of the transferred balance.
Disadvantages
  • You'll earn no rewards with this card.
  • The APR is pretty high for an unsecured card.
  • Although there is no transfer fee, transferred balances are charged the same high APR as on purchases.

Fees and APR

  • This card charges no annual fee.
  • There are no foreign transaction fees for purchases made outside the United States.
  • There’s no balance transfer fee, but balances transferred carry the same interest rate as the purchase APR.
  • Purchase APR is a variable 26.96%.

Extras and perks

The biggest benefit of this card is the ability to get a higher credit limit if you make your first five on-time payments in a row.

This card also comes with Mastercard Platinum benefits including car rental and travel protections.

Capital One’s free Credit Wise tool can be helpful in teaching consumers how spending affects your credit score and to monitor potential fraud.