Capital One Platinum Card Review | Nerd Wallet

Capital One Platinum Card Review | Nerd Wallet
3.3 0.0 0.0 0.0 0.0 18

#1

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#2

False promise to increase

Applied was approved for $500 was told after 5 payments would receive increase to $8000 called to see where card was in mail received multiple estimates of delivery times and that I would only receive $500 increase instead of 8000 card cancelled before it got to my mailbox bad first impression capital one! Chase is bigger and better and yes I am preferred. No need to go with this low end card company!


#3

Great Credit Rebuilding Tool

At 55 and having medical collection “bottom feeders” putting negative information on my credit reports I have to rebuild. Capital One gave that chance with this card. I was approved with a TU score 590 for $300. I use it responsibly and my score continues to climb. I’m basically setting myself up for a better future and retirement. No complaints here. Use responsibly, don’t carry a balance, keep at 30% or lower and your well on your way.


#4

Never increases credit

I’ve had this card for 3 years… never late on payments… always pay double the minimum… Never got a credit increase…


#5

Raised my score by 100+ points in 6 months

6 months ago, I had a 569 credit score on TU, no credit history aside from a 30 day closed, delinquent store card, 11-15k in student loans. Credit limit: $500

6 months later: 695 TU, approved for Venture One and BankofAmerica Travel for 5k each, for a total credit limit of 10,100. Kept credit utilization 10% or lower exact for first month of premium credit card.


#6

Stopped using it

One of the reasons i use a credit card, is to build my credit, those people stop increasing my credit limit, so i decided to stop and keeps going with others.


#7

Has been there for me and never had an issue

Credit Score was 540. Had several negative accounts reporting on my bureau. I applied for the card and to my surprise was approved for a $300 credit limit. Was told if I made my payments on time they would increase my credit limit to $500. I’ve used the card responsibility and paid my balance to $0 every month. After having the card for 2 years my credit score has jumped to 710. Just this week I was notified that my $500 credit limit was increased to $1500. I don’t get cash back or anything special for using the card. But it’s has giving me credit history which has helped with applying for loans exp. home and car. I told my sisters and brothers and they have also applied for the card and everything has happened to them as well. Great card to help you get back on track.


#8

DON’T WASTE YOUR TIME WITH THIS LOW END CARD!!!

When I started building my credit through credit repair.com, I had 38 negative items removed in a years time, and was ready to start the credit rebuilding process. CreditKarma.com recommended this BS card - in 11 months they only gave me a $200 credit increase… in which I had to send this a $200 deposit. And the worst part was that they won’t give me my deposit back until I close my account with them. What the HECK??? I also applied for he DISCOVER Chrome Card… They Gave me a $3000 limit - with a 713 TU Score. And I applied for The American Express Cash Everyday Card, and they gave me a $6000 limit with a 720 Equifax Score. Go with these two cards to rebuild your credit… and never be late on payments… and keep your usage rate below 30%. In six months to a year they automatically will increase your credit limits without you asking. Hope this helps guys.


#9

don’t use it anymore

they didn’t increase my limited in ten years.and I’m using my others because I have more limited.


#10

Educated Review

This card has been a great starter card. They help people with bad credit that have been denied everywhere else get back on their feet. A lot of people are complaining about no credit limit increase but I think they are missing the point. If you want a card with better perks, you need to apply for a better card. This card is a good get back on your feet card and nothing more. It is very helpful, the customer service is excellent, and Ive never had an issue with payments. Excellent card, excellent company, and Im very grateful they considered me when no one else would and now my credit score is going up thanks to their help.


#11

Will damage credit not build it

I had this card for 2 years and 7 months and while it helped me build my credit, the only way I could get back my deposit of 2000 was to lose the card/account as they have no way to make this unsecured as with other secured cards. I won’t recommend unless you plan to leave your security deposit indefinitely. After 6 months use of Bank of America they returned my deposit and made my card unsecured. There is no such path with capital one so try another card


#12

Another Educated Review

I agree with everything the guy who wrote “educated review” for the most part, but the fact is there are BETTER cards even for starting out. I got this card because my credit was a 540. I had to put the $99 down to secure it. I was given a $200 limit. They did raise my limit later to $500 without me asking. Now at the same time, I also got a Discover It secured card for a $200 deposit. The limit was $200. Discover also raised my limit to $500 around the same time as Capital One did. Then Discover raised my limit to $1,000 without me asking, which Capitol One did not (and also refused to do when I asked). At 8 months of making payments on time with Discover (and keeping my balances below 10%) they automatically refunded me my $200 deposit and sent me a new card (non secured) but with the same account number so I don’t lose any credit history. I called Capital One after 14 months of making payments all on time and keeping my overall balance below 10% and asked if they would refund me my security deposit, and they refused and said I would have to close the account to get my money back. At this time my credit score is now a 697. It is very irritating that Capital One will NEVER let me earn their trust to get my security deposit back, and Discover will automatically return it to you and increase you limits automatically as well. Now add all that on top of the fact that the Discover It card has a cashback rewards as well, and it is clear who the winner is. I am on here now to find a 3rd card that will eventually replace my Capital One card, as I plan to part ways with them as soon as I establish another year of history with one of their competitors. So the summary of this is, if you have $200 for a deposit, go with Discover It instead. The lower deposit might be tempting with the Capital One card, but keep in mind you will never get that money back from them unless you close the account which will ultimately make all the history of payments you made count for nothing. I wish I had just gone with Discover. Also most people think you have to have multiple cards with multiple different companies to further build credit, but that is not true. You can have two discover it cards, as long as each card has a different account number and it will still report as two separate cards on your credit history giving the same effect as having two different cards with two different companies.


#13

Capital One Secured to Unsecured

To everyone that says Capital One doesn’t graduate you from secured to unsecured… I actually just received an email today telling Mr that my card has been upgraded from secured to unsecured. It has been about a year from today that I got my secured card through capital one. I have read many reviews over the year saying that capital one doesn’t upgrade your card, and I was dissapointed being that I paid $500 for the deposit. But today I actually reviewed the email that I have been upgraded to unsecured and my $500 deposit I made a year ago was credited to my account ! Couldn’t be happier. So my advice to anyone else with this card is to just not give up. Keep your payments on time and keep your credit utilization low and it is likely you can get upgraded also.


#14

I like this card

Credit limit good rebuild


#15

Very easy to build credit with.

It was easy to qualify and easy to manage.


#16

Perfect for re-building credit

Capital One had my money for over 7 business days before acknowledging that fact. My first communication from them was on the 6th business day stating I have been approved and to make a deposit, which I already did when I applied. It bothered me the lack of communication.


#17

EXCELLENT CARD FOR BUILDING & REBUILDING CREDIT!

In May 2017 I paid Capital One $99 for secured card with a $300 limit. My credit had been ruined, thanks to a bitter divorce and an identity theft - that and the fact that I never checked my credit!
After the 5th month Capital One increased my limit to $500 and informed me via email. After the 8th month I received a letter from Capital One which stated that my card is now unsecured. All this in less than a year!! I never had a late payment and I always paid more than the minimum monthly payment of $25.
Capital One is GOOD, at least to me! I believe anyone who complains about Capital One must have made mistakes. I really knew nothing about building/rebuilding credit. I read one newspaper story about credit. It inspired me to try. Then I followed advice on YouTube for How to Rebuild Credit. I asked questions to them almost everyday.
And instead of keeping utilization under 30% I learned that it helps build credit faster if you keep it under 10%. Oh. I started one year ago with a score of 514. My score reached a high of 689. My score has recently dropped because I applied for and was approved for a second card with a $700 limit. If I make all payments on time for 7 months they will double my credit limit to $1,400.
My credit is climbing slowly. But I am on my way to a successful 720+, my goal.
Capital One is a great first credit card! If I had to do it all over again I would certainly begin with a Capital One secured card. I LOVE CAPITAL ONE!!
Capital One has a smartphone app on which you can follow every detail of your credit card account, make instant payments and there are Capital One Bank locations all over the United States.
I will always keep my first credit card from Capital One, as advised.


#18

Stay away

I had 2 secured cards with capital one with a credit line totaling $1500.00 I had 2 bounced payments in 4 years and they closed my account with no hesitation or warning of any kind. My credit score took a huge hit. I wasted time trying to build great history.


#19

Good for rebuilding Garbage when you build!

The card is okay if you are desperate for a card and have a decent credit score (Applied when my score was 650 after I received a pre-approval)
But once you get that card and start using it, you know it’s worthless. No points… No cash back… No rewards and low CL, and every time they increase your score they increase it $100 or $200
I’d suggest going through Discover first or AMEX before you apply for that card specially while they have pre-approval inquiry before you hurt your score!