Is the Capital One Platinum a good credit card?
The Capital One Platinum card allows for a good opportunity to get a card that doesn’t require a security deposit or come with an annual fee, and cardholders who manage their accounts responsibly can improve their credit histories.
If you have a FICO credit score in the mid-500s to mid-600s, you might qualify for Capital One Platinum Credit Card.
Learn more about the Capital One Platinum Card
Capital One Platinum card benefits
Even though this Platinum credit card from Capital One would be considered a fairly basic beginner’s card, it does come with an array of benefits that may be helpful.
Automatic credit card limit reviews
Credit-builders looking to use this card as a stepping stone to higher credit limits or better rewards will be happy to know the lender automatically reviews accounts. If you pay your statements on time, manage your balance well and keep your other existing debts in good order, you might be approved for a credit limit increase just six months after opening this card.
Reports to all three credit bureaus
Capital One reports your payment and account history to all three major credit bureaus. Those are TransUnion, Equifax and Experian. This is a critical benefit for anyone looking for ways to build credit because timely payments only have a positive impact on your credit history if they’re reported.
Many people are surprised to find out that creditors don’t have to report to any, much less all, of the credit bureaus. When you’re shopping for a card to help you improve your credit, always check for this benefit.
No penalty APR
While you will pay a late fee if you miss a payment — and may take a hit on your credit report if you’re 30 days late or more — this card doesn’t charge a penalty APR. Other cards raise your interest rate temporarily after a late payment, but your regular APR remains the same on the Platinum card from Capital One.
24/7 customer service access
If you have questions about your account, need to pay a credit card bill or have any other issues, you don’t have to wait for customer service lines to open. Cardholders can call 24 hours a day, seven days a week and speak to a customer service representative about their issue.
$0 fraud liability protection
This card comes with $0 fraud liability. This means you aren’t held responsible for unauthorized charges made on your card if it’s lost or stolen. Just make sure to keep up with your statements or check your credit card activity online, and always report any questionable activity on your Platinum Mastercard as soon as possible.
Add an authorized user
If you’re trying to build credit jointly with someone, such as a spouse, you can add an authorized user to your account so you both benefit from the positive credit activity. Ensure you trust that person to manage their card well if you give them one, though. You can track spending in your online account by user to understand where charges are coming from.
Emergency card services
You can quickly get a replacement card if yours is stolen or lost. That’s especially helpful if you’re traveling and relying on your card to help get you home.
Credit monitoring and security alerts
Capital One lets you set up security notifications via phone, email or text message. It will send you a notification if unusual activity hits your card. For example, say you only use your card to pay for dining charges ranging from $10 to $20. If your card is suddenly used for a Sephora purchase totaling $200, that might trigger a notification for unusual activity.
This benefit is meant to help you keep your card safe, as you can check your statement and report any unauthorized charges immediately.
You also get access to CreditWise, Capital One’s credit monitoring service. You can see credit report information from Experian and TransUnion via this program. You can also track your FICO score to understand how your current situation and actions impact your credit.
Card lock
If you can’t put eyes on your credit card and aren’t sure if it was stolen or lost, you can lock it quickly in the Capital One Mobile app. When a card is locked, no one can use it. If you find your card a few hours or even days later and realize it was simply misplaced, you can unlock it in the mobile app so you can use it.
Capital One Platinum card rewards
The Capital One Platinum Mastercard does not come with a rewards program. That also means there isn’t a welcome offer — an option for earning quick cash back or other rewards if you spend a certain amount within a short period.
Capital One Platinum card fees, rates & limit
Before you can decide whether this Platinum credit card from Capital One is a good option for you or not, you should consider the fees and terms of the offer.
Capital One Platinum card fees
This card has no annual fee, which is a positive checkmark for it as a credit-building card. If you pay your balances off every statement cycle and don’t ever pay late, the lack of annual fee means you never have an expense associated with improving your credit history.
If you do miss a payment, even by a day, you may be charged a late payment fee of up to $40. The good news is that you won’t be hit with any penalty APR.
You may be allowed to transfer other credit card debt to this card. If you choose to do that, you’ll only pay a 4% fee if you were offered a promotional APR to do so. There is no fee for balance transfers at the regular APR.
This card doesn’t charge foreign transaction fees, which means you can use it to make purchases outside of the United States without incurring additional expenses. You will, however, pay a fee for using the card to get a cash advance at an ATM. The fee is 5% of the total charge or $5, whichever is more.
Capital One Platinum card interest rates
The interest rates for the Capital One Platinum Credit Card are:
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Regular APR: 29.99% variable APR
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Introductory APR on purchases: No introductory APR offer on this card
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Balance transfer APR: 29.99% variable APR unless you are offered a promotional balance transfer APR
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Penalty APR: No penalty APR for late payments
The APR associated with this card is somewhat high compared to many other options on the market. However, it’s not super high when compared to the average regular APR charged by credit cards designed for those with lackluster credit.
Capital One Platinum credit card limit
Capital One doesn’t publish a specific credit limit range for this card. The credit limit you are offered depends on factors such as your FICO score, current debt load and your income.
According to reports from cardholders, credit limits may range from $300 to $3,000. It’s more likely that you’ll be approved on the lower end of the range to start unless you already have good credit.
How the Capital One Platinum card compares
The Capital One Platinum credit card offers some benefits over other cards targeted to those with poor or fair credit scores.
First, you don’t necessarily need a great credit score to get approved for this card. At the same time, it doesn’t require a security deposit like many other credit-building credit card products do — including some Capital One credit cards. The lack of an annual fee also makes the Platinum card attractive.
However, there are some downsides to this card when compared to other options. One is the high APR. Even with a lackluster credit score, you may be able to get approved for a card with a lower interest rate. There’s also the fact that this card doesn’t offer any type of rewards structure. You might be able to get approved for a card with similar fees that also provides some minor cash-back benefits, even if you’re in an emerging credit stage.
Capital One Platinum vs. Quicksilver
Those who are more interested in a rewards credit card and who have excellent credit might prefer the Capital One Quicksilver card over the Platinum card.
Here’s a quick look at how these cards stack up against each other.
| Feature |
Capital One Platinum |
Capital One Quicksilver |
| Credit required |
Fair |
Excellent |
| Annual fee |
$0 |
$0 |
| Rewards |
None |
1.5% cash back on every purchase |
| Welcome offer |
None |
$200 cash back when you spend $500 in the first 3 months |
| Introductory APR offer |
None |
0% for the first 15 months for purchases and balance transfers |
| Regular APR |
29.99% variable |
19.99 – 29.99% variable |
Even without digging deeper, you can see that the Quicksilver card is a better choice if you have the credit score to get approved.
Is the Capital One Platinum card right for me?
You might consider the Platinum card a middle step on the road to building credit and improving your credit score. It could be a good option if you have average or slightly lower credit and don’t want a card that comes with an annual fee.
You can get some benefits out of this card if you keep the balance low to avoid large interest expenses and always pay your statement on time. Because Capital One reports to all three credit bureaus, you can build a positive credit history that may help you get approved for a better credit card with rewards options in the future.
If you don’t think the Capital One Platinum card is the best credit card for you, check out our other reviews for Capital One cards to see if one of these is a better fit.
How to apply for the Capital One Platinum credit card
Learn more about the Capital One Platinum credit card and apply directly online.
You may be able to check preapproval status without a hard inquiry on your credit report. This preapproval status helps you understand whether it’s wise to move forward with the full application.
To get approved for this card, you generally need at least fair credit. That’s a FICO score of 580 or higher. If you have good, very good or exceptional credit, you’ll likely get approved for this card, but you may want to explore other options first.
When applying for this card online, you’ll need your contact information, Social Security number and data about your income and how much your mortgage or rent is.
