Capital One® Platinum Credit Card
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Recommended Credit Score
Fair to Good
(580 - 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.
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.
Best for free credit monitoring
- Annual Fee:
- $0
- Purchase Intro APR:
- N/A
- Balance Transfer Intro APR:
- N/A
- Regular APR:
- 26.99% (Variable)
Bankrate Rating
The Capital One® Platinum Credit Card review was last updated on July 29, 2020.
Capital One® Platinum Credit Card: Details and benefits
The Capital One® Platinum Credit Card is great for people with fair credit looking to make lemonade out of lemons. After 6 months you can be automatically considered for a higher credit limit, which in turn can help improve your credit score with responsible use.
But if your primary goal is to build up your credit while using your card responsibly, 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 variable APR isn’t far off from the penalty APR most cards charge.
This card also comes with Mastercard Platinum benefits including car rental and travel protections.
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 variable 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.
Is it worth it for you?
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 variable APR is high, that won’t be an issue if you intend to pay off your balance every month.
If you like no annual fee options and can avoid paying the variable 26.99% APR, this may be a good starter card option for you.
But ultimately, 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.
Get the most value from Capital One Platinum Credit Card
You’ve got to be diligent in paying your bill on time and practicing healthy credit habits in order to get the most value from this card. Don’t spend more than you’re able to pay back each month and make your payments in full and on time consistently.
Capital One’s free CreditWise® tool can also be helpful as you build your credit. Use it to learn about how spending affects your credit score and to monitor potential fraud on your accounts.