If you’re someone who’s struggled with credit in the past, then you already understand how difficult it can be to rebuild your credit. Oftentimes, the most difficult part of the credit-building process can be securing new credit accounts, but opening a new credit card could be key in improving your credit. It can feel like an endless loop of drowning in the effects of your lower credit score, with no end in sight.

Enter the ​​Capital One Platinum Credit Card. This unsecured Capital One credit card has higher approval odds for those with a fair to good credit rating. However, this card may not be ideal for everyone — even those with lower credit scores. Here’s more information about who should get the Capital One Platinum Credit Card.

When is the Capital One Platinum Card not worth it?

When your credit score is less than ideal

One of the main draws of this card is your higher approval odds with a lower credit score. You can get approved with this card even if you’ve got fair to good (580 to 740) credit. What’s more is that the Capital One Platinum Credit Card lets potential customers get preapproved without a hard inquiry on their credit reports.

Although you will start out with a credit limit on the lower side, the good news is that Capital One offers automatic credit line reviews with a minimum of six months of on-time payments. A higher credit limit can help you reduce your credit utilization ratio, which will have a positive impact on your credit score.

And to track your progress when rebuilding your credit, you can monitor your credit score and receive alerts if your credit report changes, for free, through Capital One’s CreditWise program.

When your funds are tight

We know that after recovering from a financial crisis, losing your job or paying off a major debt, you’re probably low on funds. The good news: The Capital One Platinum Card has virtually no fees, unlike other credit-builder products.

There’s no annual fee, foreign transaction fees or security deposit requirement, since it’s an unsecured credit card. As long as you don’t carry a balance, you can avoid interest charges, too. The 29.74 percent variable APR for this card can cause your interest charges to mount quickly, so paying off your balance each month will keep the cost of card ownership low.

Additionally, during the rebuilding process, you most likely want to make every purchase count, especially if your bank balance is less than optimal. Thankfully, your Capital One Platinum Card offers extended warranty protection on eligible items that come with a manufacturer’s warranty, when you pay with your credit card.

Who is the Capital One Platinum Card not worth it?

When you have a bad credit score

If your credit score is lower than 580, then you may not be eligible for this card. In this case, you should get a secured credit card like the Capital One Secured Platinum Credit Card. The nice thing about the Capital One Platinum Secured Card is that you only have to put down a minimum security deposit of $49 to receive a $200 credit limit.

Though secured cards may not seem as glamorous as unsecured cards, secured cards are a great way for you to learn to spend within your means and get into the habit of paying your credit card bill on time and in full. This is especially helpful for those new to credit or cardholders who’ve developed unhealthy financial habits. After six months of paying on time, Capital One will review your account, at which time you could be eligible for an upgrade to the unsecured version of the card: The Capital One Platinum Card.

When you have a good credit score

If your credit score is higher than 740 (technically considered a “very good” credit score), then you should pass on this card. You’ve likely already developed healthy credit habits if you’ve been able to attain this score, so you can qualify for and enjoy better benefits for your credit cards.

As a “prime borrower,” it would be better to get a Capital One card that allows you to earn rewards on your credit card spending. You could opt for a travel card like the Capital One Venture X Rewards Credit Card or a cash back card like the Capital One Quicksilver Cash Rewards Credit Card.

Should you get the Capital One Platinum Card?

Whether you’ve already passed the test with a secured credit card or want to start your credit-building journey with an unsecured credit card, the Capital One Platinum should be a strong consideration. This card features plenty of forgiving standards in the application process and makes it very easy to build credit with automatic account reviews and credit monitoring perks. These attributes make it great for anyone who wants to build or rebuild their credit when starting off with a lower credit score.

However, if your credit score is lower than fair, you may find it difficult to qualify for this card and should opt for a secured card instead. For those with already good or excellent credit, you can look at top travel credit cards or cash back cards to capitalize on your purchases and earn rewards, or else to fund your next big trip or put toward your new appliance.

The bottom line

No, this card isn’t a glamorous travel credit card or a profitable cash back credit card. But it performs well for the demographic it was designed for: subprime borrowers. Although this market segment has been stigmatized in the past, more and more issuers are offering respectable credit products to help people progress toward better credit scores.

The Capital One Platinum is a great example of a card that not only makes it easier for “thin-file” applicants to get a credit card, but also helps them on the way to better credit and financial habits overall. If you fall in this category, the Capital One Platinum card could be exactly what you are looking for.