Business Insider's personal finance team compared the Capital One Platinum Credit Card to the best cards for building credit and found it to be a standard choice for individuals with average or fair credit scores. This card is designed for those who may be students, new to credit, or looking to rebuild after financial setbacks, offering a straightforward path without the burden of annual fees or foreign transaction charges.
Note: This review focuses on the non-secured Capital One Platinum card. To learn about the Capital One Platinum Secured Credit Card, which requires a security deposit up front, read our Capital One Platinum Secured Card review.
Capital One Platinum Card Review
$0
N/A
29.74% variable
N/A
Average, Fair and Limited
- Automatically be considered for a higher credit line in as little as 6 months
- No annual fee
- No extra benefits and no rewards
The Capital One Platinum Credit Card is worth considering if you're new to credit or trying to improve your credit score. While it doesn't earn rewards or offer many benefits, it could be a good stepping stone in your credit journey — and you won't pay an annual fee or foreign transaction fees.
- No annual or hidden fees. See if you're approved in seconds
- Be automatically considered for a higher credit line in as little as 6 months
- Help build your credit through responsible use of a card like this
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Get access to your account 24 hours a day, 7 days a week with online banking from your desktop or smartphone, with Capital One's mobile app
- Check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier. Just hover your card over a contactless reader, wait for the confirmation, and you're all set
- Pay by check, online or at a local branch, all with no fee - and pick the monthly due date that works best for you
Whether you're a student with a limited credit history or someone who's bouncing back after some financial hiccups, getting approved for the best credit cards can be challenging. Fortunately, there are cards specifically geared toward those with average or "fair" credit — defined by FICO as a score in the 580–669 range.
The Capital One Platinum Credit Card falls under this umbrella, and it's one of the best credit cards for bad credit.
Unlike some starter credit cards, the Capital One Platinum Credit Card doesn't charge an annual fee or add foreign transaction fees — and it's an unsecured card, so you don't have to put down a cash deposit as collateral.
The card doesn't offer any rewards, such as a welcome bonus or cash back on your spending. That said, if your aim is to improve your credit score, the Capital One Platinum Credit Card does offer a useful feature. After six months, you'll automatically be considered for a credit line increase, which can potentially help boost your credit score by increasing the amount of credit available to you.
The card's user-friendly features make it accessible for those eager to enhance their credit profiles. In the following sections, we will delve into the key benefits and characteristics that distinguish it from its competitors.
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Discover it® Secured Credit Card
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Self Visa® Credit Card
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Capital One Quicksilver Secured Cash Rewards Credit Card
Capital One Platinum Card Rewards
If you're looking to earn points, miles, or cash back, you're out of luck — the Capital One Platinum Credit Card doesn't offer a welcome bonus, and you won't earn rewards for your spending. That might not matter to you if you're just starting out and are focused on building your credit history, but if you've already established a decent financial track record, you may want to look at one of the best rewards credit cards instead.
Credit-Building Potential
How the Capital One Platinum Helps Build Credit
The Capital One Platinum Credit Card offers automatic credit line reviews after six months of on-time payments, allowing cardholders to increase their credit limit. A higher limit helps lower your credit utilization ratio — the percentage of available credit you're using — which plays a significant role in improving your credit score.
Additionally, the card has no annual fee, meaning you can keep it open indefinitely without extra cost. Maintaining the account long-term increases the average age of your credit accounts, another important factor in building credit. The card also gives you free access to Capital One's CreditWise tool, allowing you to monitor your credit and track improvements over time. CreditWise is one of our picks for the best credit-monitoring services.
Tips for Using the Capital One Platinum to Improve Your Credit Score
To build credit effectively, it's essential to pay your balance in full every month. Not only will this avoid costly interest charges from the card's APR of 29.74% variable, but it will also establish a strong payment history — one of the most critical components of your credit score. Keeping your credit utilization below 30% is another key strategy. For example, if your credit limit is $1,000, keep your balance under $300 to show responsible usage.
Paying on time is crucial since even one missed payment can negatively impact your score. Setting up automatic payments or reminders can help ensure you stay on track. Use the card regularly for small purchases, like groceries or subscriptions, to demonstrate active credit usage. Once you qualify for a credit limit increase, maintain the same spending habits to further lower your utilization and strengthen your score.
Capital One Platinum Card Annual Fee and Other Costs
Annual Fee
The Capital One Platinum Credit Card doesn't charge an annual fee, so you can keep it for the long term without worrying about a yearly cost and potentially improve your credit score by increasing the average age of your accounts.
APR Rates
The Capital One Platinum Credit Card is not a good choice if you need to carry a balance from month to month because it charges a very high 29.74% variable APR.
Paying off your balance in full each month is key to building your credit score (and saving money on interest), but if you need to make a large purchase and pay it off over time, one of the best zero-interest credit cards would be a better bet.
Other Associated Fees
This card is also a solid choice to bring with you if you're traveling abroad because it doesn't add foreign transaction fees to international purchases. On other cards, these fees can be 3% or more, so if you're out of the country, it's important to pack a card that doesn't charge them.
And, like with most other cards, you may be charged for certain scenarios, including:
- Balance transfers ($0 at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you)
- Cash advances
- Late payments
Capital One Platinum Card Benefits and Features
It doesn't earn rewards, and as a credit card for beginners, it's pretty lean on benefits. However, it does offer a few features that are helpful for building credit and monitoring your finances.
Automatic Credit Line Reviews
The Capital One Platinum Credit Card offers automatic credit line reviews after six months of on-time payments. If eligible, cardholders may receive a credit limit increase without needing to apply, which can positively impact their credit utilization ratio.
Capital One CreditWise
Capital One CreditWise is a free program that offers credit monitoring and identity theft protection. It's available to everyone — you don't need the Capital One Platinum Credit Card to enroll — but it's a handy feature, especially if you want to keep a close eye on changes to your credit score.
Fraud Coverage
Capital One provides several layers of fraud protection with its Platinum Card. Cardholders benefit from $0 fraud liability, meaning you won't be held responsible for unauthorized charges made on their account.
Other Security Features
In addition to fraud coverage, the Capital One Platinum Credit Card, like many other credit cards, comes with these security features:
- Card lock: Even if you've just misplaced your card (or if it's lost or stolen), you can lock your card to prevent it from being used — and easily unlock it if you find your card again
- Security alerts: Capital One will flag potentially suspicious activity on your account and, if you've added your phone number to your account, immediately alert you
$0
N/A
29.74% variable
N/A
Average, Fair and Limited
- Automatically be considered for a higher credit line in as little as 6 months
- No annual fee
- No extra benefits and no rewards
The Capital One Platinum Credit Card is worth considering if you're new to credit or trying to improve your credit score. While it doesn't earn rewards or offer many benefits, it could be a good stepping stone in your credit journey — and you won't pay an annual fee or foreign transaction fees.
- No annual or hidden fees. See if you're approved in seconds
- Be automatically considered for a higher credit line in as little as 6 months
- Help build your credit through responsible use of a card like this
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Get access to your account 24 hours a day, 7 days a week with online banking from your desktop or smartphone, with Capital One's mobile app
- Check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier. Just hover your card over a contactless reader, wait for the confirmation, and you're all set
- Pay by check, online or at a local branch, all with no fee - and pick the monthly due date that works best for you
Capital One Platinum Card Comparison
Capital One Platinum Credit Card vs. the Discover it® Secured Credit Card
The Discover it® Secured Credit Card is designed to help users build credit while offering cash-back rewards. Notably, it requires no credit score to apply, making it accessible for those new to credit. A refundable security deposit of at least $200 is required and has no annual fee. Like the Capital One Platinum Credit Card, the Discover it® Secured Credit Card also includes features like $0 fraud liability, ensuring users aren't held responsible for unauthorized purchases. The Discover mobile app also allows users to track their credit score and manage rewards effectively, similar to CreditWise.
Both the Capital One Platinum Credit Card and the Discover it® Secured Credit Card are aimed at individuals looking to establish or rebuild their credit. They offer valuable tools for credit monitoring and account management, providing a straightforward approach to credit building without the burden of annual fees.
The cards contrast in terms of rewards and application requirements. While the Discover it® Secured Credit Card allows users to earn cash back on every purchase and offers an unlimited dollar-for-dollar match of all cash back earned at the end of the first year, the Capital One Platinum Credit Card does not provide rewards or a welcome bonus. Additionally, the Discover card is a secured credit card requiring a security deposit, whereas the Capital One Platinum Credit Card is unsecured, allowing cardholders to start building credit without the need for an initial deposit.
Read our Discover it Secured card review.
Capital One Platinum Credit Card vs. the Petal® 2 "Cash Back, No Fees" Visa® Credit Card
The Petal® 2 "Cash Back, No Fees" Visa® Credit Card is designed for individuals looking to build credit while earning rewards. It has no fees, including no annual or foreign transaction fees. Cardholders can earn 1% to 1.5% cash back on everyday purchases and 2% to 10% cash back at select local and national merchants through personalized offers. The Petal app also allows users to track their credit score and freeze their card for added security, and it utilizes advanced fraud detection technology.
Both the Capital One Platinum Credit Card and the Petal® 2 "Cash Back, No Fees" Visa® Credit Card are aimed at helping individuals establish or improve their credit, with a focus on low fees and credit monitoring tools. Unlike other cards designed to help build or rebuild credit, they do not require security deposits. However, they differ significantly in their offerings. The Petal® 2 "Cash Back, No Fees" Visa® Credit Card provides cash-back rewards on purchases, while the Capital One Platinum Credit Card does not offer any rewards.
Read our Petal 2 Visa Credit Card review.
Capital One Platinum Credit Card vs. the Citi® Secured Mastercard®
The Citi® Secured Mastercard® is tailored for individuals looking to build credit through a secured credit card. Upon approval, users must provide a security deposit ranging from $200 to $2,500, which determines their credit limit. This card comes with no annual fee and offers features like $0 liability on unauthorized charges, providing peace of mind for cardholders. Users can also choose from various payment due dates and benefit from tools like auto pay and account alerts to help manage their finances. Additionally, cardholders receive free access to their FICO score online and can take advantage of Mastercard® ID Theft Protection™ at no extra charge.
Both the Capital One Platinum Credit Card and the Citi® Secured Mastercard® are designed to help users establish or rebuild their credit. They emphasize low fees and provide essential tools for monitoring credit health. Neither card offers rewards, so if your credit is strong enough to qualify for a card that earns cash back, that may be preferable.
In contrast, one important difference between the two cards is that the Citi® Secured Mastercard® requires a security deposit, which sets the credit limit, while the Capital One Platinum Credit Card is unsecured and does not require a deposit. Ultimately, the choice will depend on whether users prefer an unsecured card or are willing to make a security deposit for additional features.
Read our Citi Secured Mastercard review.
Note: If you're looking to earn cash back while sticking with a Capital One card, we also have a full breakdown of the Capital One Platinum card versus the Capital One Quicksilver Cash Rewards card.
Capital One Platinum Card Pros and Cons
Advantages of the Capital One Platinum Credit Card
- No annual fee: The absence of an annual fee allows cardholders to focus on building their credit without worrying about additional costs cutting into their budget. This makes it an appealing choice for those just starting their credit journey.
- Automatic credit limit reviews: Cardholders are automatically considered for credit limit increases after six months of on-time payments. A higher credit limit can reduce your credit utilization ratio, improving your credit score over time.
- No foreign transaction fees: Unlike many other credit cards that charge a 3% fee on foreign transactions, the Capital One Platinum Credit Card allows you to make international purchases without additional costs, making it an ideal companion for travel.
- Security and fraud protection: The card offers $0 fraud liability for unauthorized transactions, real-time security alerts, and the ability to lock the card through the mobile app. These tools provide peace of mind by minimizing the risk of unauthorized use.
- Access to credit monitoring tools: Capital One provides access to CreditWise, a free credit monitoring service, even for non-cardholders. This tool helps track your credit score and alerts you to key changes that could impact your credit health.
Potential Drawbacks and Considerations
- High APR: The card's 29.74% variable APR is significantly higher than average, making it less suitable for those who need to carry a balance. Cardholders should aim to pay off their balances in full each month to avoid accruing interest charges.
- Lack of rewards or bonuses: Unlike many other cards, the Capital One Platinum Credit Card does not offer cash back, points, or travel rewards. This makes it less appealing for individuals who are looking to maximize value from everyday spending.
Limited benefits: The Capital One Platinum Credit Card offers basic credit-building features but lacks perks even for a beginner card such as cash back or an intro APR. Users looking for more robust benefits will need to explore other options. - No introductory APR offer: Unlike some other credit cards, the Capital One Platinum Credit Card does not offer an introductory 0% APR period for purchases or balance transfers. See our guide to the best credit cards with 0% intro APR offers if that's what you're looking for.
Capital One Platinum Card Customer Reviews and Ratings
To provide a comprehensive view of the Capital One Platinum Credit Card, we explored customer feedback from various online platforms, including Reddit, Trustpilot, and other forums where users share their experiences.
Many customers appreciate the opportunity to build credit without incurring any fees. They value the Capital One Platinum Credit Card as a stepping stone to improving their credit profiles, especially when compared to other cards that require a security deposit or annual fee. While some users express that other financial institutions may offer more robust credit cards with better rewards and benefits, they are thankful for the chance to start building credit with a no-fee option.
However, not all feedback is positive. Some customers report that Capital One is rather conservative with credit limit increases, even after the six-month review period, leaving customers feeling frustrated about their progress. Additionally, reviews on Trustpilot tend to lean negative, with complaints regarding unhelpful customer service and unresolved issues related to fraudulent activity on accounts. These comments don't guarantee you'll have a negative experience with the card or the issuer, though — if you have any friends or family who are customers, it's worth asking about their experience, too.
How to Apply for the Capital One Platinum Card
Step-by-Step Guide to Applying for the Capital One Platinum Credit Card
While the Capital One Platinum Credit Card is accessible to those with fair or limited credit, a few strategies can enhance your approval chances:
- Pre-approval: Start by using Capital One's credit card pre-approval tool to check your eligibility without affecting your credit score. This step can give you confidence before moving forward with the application.
- Gather required information: Collect the necessary personal information for your application, including your Social Security number, income details, employment information, and housing costs. Having this information ready can streamline the application process.
- Check your credit report: Review your credit report for any inaccuracies that might impact your application. Dispute any errors with the credit bureaus to ensure your information is accurate and up-to-date.
- Assess your debt-to-income ratio (DTI): Consider your current debts in relation to your income. Lowering your DTI by paying down debts can strengthen your application.
- Submit your application: Once you have all your information ready and have taken the necessary steps, go ahead and submit your application online through the Capital One website.
- Monitor your application status: After submitting, you can check your application status online or via the Capital One mobile app to stay informed about the outcome.
Approval Odds and Tips for a Successful Application
The Capital One Platinum Credit Card is designed to help individuals build credit, making it accessible even for those with fair credit or who are new to credit. To enhance your chances of approval, start by checking your credit report for errors, as inaccuracies can negatively impact your application.
Additionally, reducing your outstanding debts can improve your debt-to-income ratio (DTI), further strengthening your profile.
Be mindful of submitting multiple credit applications in a short timeframe, as this can lead to hard inquiries that temporarily lower your score. Finally, consider using Capital One's pre-approval tool to assess your eligibility without affecting your credit score, allowing you to apply with greater
Capital One Platinum Card Frequently Asked Questions
What are the main benefits of the Capital One Platinum Credit Card?
The main benefits of the Capital One Platinum Credit Card include no annual fee, access to a higher credit line after making your first six monthly payments on time, and no foreign transaction fees. The card also offers fraud coverage, access to CreditWise from Capital One, and various account management tools.
How does the Capital One Platinum Credit Card help build credit?
The Capital One Platinum Credit Card helps build credit by reporting your payment history to the three major credit bureaus. Responsible use, such as paying on time and keeping your balance low, can improve your credit score over time. Additionally, the opportunity for a higher credit line after timely payments can further boost your credit utilization ratio.
How can I maximize the benefits of the Capital One Platinum Credit Card?
To maximize the benefits of the Capital One Platinum Credit Card, use the card regularly but keep your balance low relative to your credit limit. Pay your bill on time each month to build a positive payment history. Take advantage of the higher credit line offer by making your first five payments on time. Utilize the CreditWise tool to monitor your credit score and progress.
How does the Capital One Platinum Credit Card compare to other credit-building cards?
Compared to other credit-building cards, the Capital One Platinum Credit Card stands out for not requiring a security deposit and for the potential to eventually get a higher credit line. However, it lacks a rewards program, unlike some other cards aimed at building credit. It's important to compare features such as APR, fees, and additional benefits when choosing a credit-building card.
Is the Capital One Platinum a good credit card?
The Capital One Platinum Credit Card is a good card for folks who are trying to build their credit score. But if your credit score is already good or better, there are lots of better credit cards that earn rewards and come with more benefits.
What credit score is needed for the Capital One Platinum card?
If you've got at least fair credit or a limited credit history, you're eligible to apply for the Capital One Platinum Credit Card. FICO considers a credit score of 580 to 669 to be fair or average. However, Capital One has its own definition of fair credit: Those who've defaulted on a loan in the last five years, or those with a limited credit history (having had a credit card or other credit for less than three years, including students, people new to the US, or authorized users on someone else's credit card).
Why You Should Trust Us: How We Reviewed the Capital One Platinum Card
We evaluated the Capital One Platinum Credit Card in comparison to similar credit cards geared to those with fair or average credit. Our experts considered several factors, including:
- Ease of use — Is the card and its features easy to understand, or are there complicated rules?
- Earning potential — Does the card come with a welcome bonus and/or rewards for spending? If so, are there restrictions?
- Benefits — Starter credit cards aren't known for offering tons of benefits. Unique perks and features to help you build your credit score are a plus, though.
- Fees — If there's an annual fee, do the card's benefits and rewards make it worthwhile? Are there other fees to be mindful of?
Here's a guide to how we rate credit cards at Business Insider for a detailed look at our methodology.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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***Terms, conditions, and exclusions apply. Refer to your Guide to Benefits for more details. Travel Accident Insurance is not guaranteed, it depends on the level of benefits you get at application.
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
