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Capital One Platinum Credit Card review

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Holly D. Johnson Twitter logo @ClubThrifty  in  Fair Credit How we rate our cards  |  Advertiser Disclosure
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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.
Apply Now On Capital One's secure website

Best for free credit monitoring

Annual Fee:
$0
Purchase Intro APR:
N/A
Balance Transfer Intro APR:
N/A
Regular APR:
26.99% (Variable)
Terms and Restrictions Apply

Bankrate Rating

Best for fair credit

  • 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

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 eligible cardholders the chance to improve their credit and prove their creditworthiness so they can move up to a better credit card later on.

Capital One Platinum 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.

Capital One Platinum: 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

Capital One Platinum  Capital One QuicksilverOne Cash Rewards Credit Card Credit One Bank® Platinum Rewards Visa

 
Rewards rate None Earn an unlimited 1.5% cash back on all purchases Earn 5% cash back on the first $5,000 spent each year on gas, grocery, internet, cable, satellite TV, and mobile phone service purchases, as well as 1% back on all other purchases
Welcome bonus None None None
Annual fee $0 $39 $95
Credit required Fair to Good Fair to Good Fair

If you’re looking at credit cards for fair credit, you’ll probably find that you have a decision to make. You can find a credit card for fair credit that offers rewards on your spending, but you’ll probably have to pay an annual fee for the privilege.

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 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.

The Credit One Bank Platinum Rewards Visa can be a good option as well since you earn 5 percent back on up to $5,000 spent in select categories each year, which would net you $250 in rewards each year if you maxed this out. Then again, a $95 annual fee applies, so it may not be worth it to you if you don’t spend enough to earn a considerable amount in rewards.

Bankrate’s Take—Is the Capital One Platinum worth it?

The Capital One Platinum is a smart option to consider if you need a credit card for fair credit but you’re adamant about not paying an annual fee. 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.

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
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