Apply now
on Capital One's secure site
Best for free credit monitoring
Capital One Platinum Credit Card
Rewards rate
N/AAnnual fee
$0Intro bonus
N/ARegular APR
26.99% (Variable)Recommended Credit Score
Fair to Good (580 - 740)Capital One Platinum Credit Card review
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Snapshot
3.7
Capital One Platinum Credit Card Overview
The Capital One Platinum Credit Card doesn’t let you earn rewards or score any meaningful cardholder perks, but it is available for consumers with fair credit who may not be eligible for the best rewards cards on the market today.
Keep in mind that a “fair” credit score is any FICO score that falls between 580 and 669, which puts consumers in a range where they can get approved for a limited number of unsecured credit cards. The Capital One Platinum gives those pursuing a credit card for fair credit the chance to improve their credit and prove their creditworthiness so they can move up to a better credit card later on.
Best of all, the card is available with no annual fee and does not require you to tie up money in a security deposit just to get started. With a low entry barrier and low ongoing cost, the Capital One Platinum card is no doubt one of the best unsecured credit-building card options on the market.
What are the advantages and disadvantages?
Pros
- Good chance at approval with only “fair” credit, or a FICO score as low as 580
- Automatic account overview after six months to see if you qualify for a higher credit limit
- No annual fee
Cons
- No rewards on your spending
- Limited cardholder perks
A deeper look into the current card offer
Quick highlights
- Rewards rate: None
- Welcome offer: None
- Annual fee: $0
- Purchase intro APR: N/A
- Balance transfer intro APR: N/A
- Regular APR: 26.99 percent variable APR
Current welcome bonus and rewards
The Capital One Platinum doesn’t offer a sign-up bonus or any rewards for your regular spending, which is typical among credit cards for fair credit.
Benefits
You’ll likely notice that the Capital One Platinum is fairly light on benefits, but you do get some perks that can help you improve your credit standing over time. This card also comes with a surprising number of insurance protections and travel perks considering there’s no annual fee.
Credit-related benefits
The Capital One Platinum website hints that you may start off with a low credit limit at first. However, Capital One also says they’ll automatically review your account after six months to see if you can qualify for a higher credit limit. You’ll also enjoy unlimited access to CreditWise from Capital One, which gives you access to your credit score and tools to help you track it over time.
Travel perks
This card comes with $0 fraud liability, emergency card replacement, security alerts, virtual card numbers from Eno and no foreign transaction fees.
Consumer protections
You’ll also get extended warranties on eligible items that come with a manufacturer’s warranty when you pay with your credit card.
Rates and Fees
The Capital One Platinum doesn’t charge an annual fee, but watch out for the 26.99 percent variable APR rate you’ll pay on purchases if you choose to carry a balance. A 3 percent cash advance fee (minimum $10) can also apply if you use your credit card to get cash out, and you could also be liable for a late payment fee up to $40 if you pay your bill beyond its due date.
How the Capital One Platinum compares to other credit cards for fair or average credit
If you’re looking at credit cards available with only a fair credit score, you’ll probably find that you have a decision to make. You can either opt for a bare-bones unsecured credit-building card like the Capital One Platinum card and pay no annual fee, or you can try for a card available with fair credit that also offers rewards on some of your everyday spending but requires you to put up a modest annual fee for the privilege. The latter can make a lot of sense—if you put a decent amount of spend on the card, you can easily cover the annual fee and actually earn money while building your credit just by using the card for your everyday spending. Here are a few of our favorite alternatives to the Capital One Platinum card:
Capital One Platinum Credit Card
Apply now
on Capital One's secure site
Annual fee
$0Sign up bonus
N/ARewards rate
N/ARecommended credit
Fair to Good(580 - 740)
Capital One QuicksilverOne Cash Rewards Credit Card
Apply now
on Capital One's secure site
Annual fee
$39Sign up bonus
N/ARewards rate
1.5%Recommended credit
Fair to Good(580 - 740)
Petal® 2 "Cash Back, No Fees" Visa® Credit Card
Apply now
on WebBank's secure site
Annual fee
$0Sign up bonus
N/ARewards rate
1%–1.5%Recommended credit
No Credit HistoryCapital One Platinum vs. Capital One QuicksilverOne
The Capital One QuicksilverOne Cash Rewards Credit Card is an alternative Capital One credit card to consider if you do want rewards since you earn 1.5 percent cash back on all your purchases with just a $39 annual fee this year. With this card, you’ll only need to spend $2,600 on your card within a calendar year to earn $39 in rewards to cover the fee. If you spend significantly more than that, you should end up “ahead” in terms of the rewards you earn every 12 months.
Capital One Platinum vs. Petal 2
The Petal® 2 “Cash Back, No Fees” Visa® Credit Card is a great option for credit-builders—especially those who have a solid income and financial history but are simply lacking in the credit score department. That’s because the issuer not only considers your score, but can also factor in alternative financial data like bill payment history in evaluating your application. The card not only charges no annual fee and offers a minimum starting credit limit of $300 (or as high as $10,000 depending on your financial background), but also comes with a minimum of 1 percent back on all purchases. You can even boost this rate to up to 1.5 percent back with 12 on-time monthly bill payments.
Bankrate’s Take—Is the Capital One Platinum worth it?
The Capital One Platinum is a smart option to consider if you need a card for fair credit but you’re adamant about sticking to a no-annual-fee credit card. If you sign up, you would be smart to use your card responsibly and wisely, keep a low balance and always pay your credit card bill early or on time. If you take those steps, you’ll be on your way to a better credit score and a more lucrative rewards credit card in no time.
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