Capital One Platinum Review: A Good Card for Average Credit
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Our Take
4.4
The bottom line: This is an attractive option if you've got average credit. But the high interest rate means you won't want to carry a balance from month to month.
Full Review
on Capital One's website
on Capital One's website
Annual Fee
$0
Regular APR
26.99% Variable APR
Intro APR
N/A
Recommended Credit Score
Quick Facts
Pros & Cons
Pros
Qualify with average credit
No annual fee
No foreign transaction fee
Cons
High APR
No rewards
Alternate Pick: No credit check
OpenSky® Secured Visa® Credit Card
Hope for those with badly damaged credit
This card comes with an annual fee ($35), but it's what it doesn't require that really sets it apart. There's no credit check to apply, and you don't need a traditional bank account to qualify.
Compare to Other Cards
Annual Fee$0 | Annual Fee$0 | Annual Fee$35 |
Regular APR26.99% Variable APR | Regular APR17.39% Variable APR | |
Intro APRN/A | Intro APR10.99% intro APR on Balance Transfers for 6 months | Intro APRN/A |
Recommended Credit Score |
Recommended Credit Score |
Recommended Credit Score |
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Full Review
The Capital One Platinum Credit Card is a solid option for those with average credit. It has an annual fee of $0 and also charges no foreign transaction fee, but for many, its standout feature may be that it also offers the chance to earn a higher credit limit after you make payments on time in as little as six months.
Credit limits tend to be lower for those with average credit, so access to a higher credit line could be beneficial.
The Capital One Platinum Credit Card can make an effective addition to your wallet if your goal is to build credit or raise your credit limit.
Capital One Platinum Credit Card: Basics and benefits
BASIC CARD FEATURES
Card type: Fair credit.
Annual fee: $0.
Rewards: None.
Interest rate: The ongoing APR is 26.99% Variable APR. That's pretty high, so try to pay your bill in full every month so you don't get charged interest.
Foreign transaction fees: None.
Other features:
No penalty APR for late payments
Fraud coverage
Unlimited access to CreditWise, an app that monitors your credit profile
Platinum Mastercard benefits
Reporting to all three credit bureaus
KEY BENEFITS
Spend less on fees. You won’t earn any rewards on this card, but you will save money on fees. The Capital One Platinum Credit Card has a $0 annual fee, and you'll pay no foreign transaction fees on overseas purchases.
Earn the chance to boost your credit limit. Make payments on time and you could get your credit limit increased in as little as six months. A higher credit limit — if not used — could lower your credit utilization and improve your credit score.
Enjoy Platinum Mastercard benefits. Benefits include extended warranty coverage, price protection, auto rental insurance, travel accident insurance, travel assistance and roadside assistance. (Benefits may change over time.)
Get a report to all three major credit bureaus. A card that reports to all three major credit bureaus — TransUnion, Experian and Equifax — can help you build credit. You want good payment history recorded by all these bureaus because the information in your credit report is used to calculate your credit score.
Pick your monthly due date and payment method. It’s not unusual for credit cards to offer this opportunity, but they tend to be less transparent about it. Capital One gives you the option of choosing the due date that works best for you. This way, you can set a date that coincides with the paycheck you prefer. You can also choose whether to pay by check, online or at a local branch.
Avoid a penalty APR for late payments. If you ever forget a payment, the Capital One Platinum Credit Card won’t raise your APR if you’re late. You’ll still have to pay a late fee of up to $40, but you’ll avoid additional charges.
Capital One Platinum Credit Card: Drawbacks and alternatives
While you'll avoid certain fees with the Capital One Platinum Credit Card, you won't earn any rewards with it. Also, if you carry a balance on the card, it could get expensive. The ongoing APR is 26.99% Variable APR. And if you're looking for a card that earns rewards, other options may be a better match.
The Capital One QuicksilverOne Cash Rewards Credit Card offers cash back
The Capital One QuicksilverOne Cash Rewards Credit Card, for average credit, offers many of the same benefits as the Capital One Platinum Credit Card. This card earns an unlimited 1.5% cash back on every purchase, but it comes with a $39 annual fee. The cash back earned can offset this cost when you spend $2,600 or more annually with the card. If you don’t spend that much, the Capital One Platinum Credit Card is a better choice.
Is the Capital One Platinum Credit Card right for you?
The Capital One Platinum Credit Card could be ideal if you have average credit. The chance to earn a higher credit limit may offer the freedom to do more. The travel-friendly advantages — no foreign transaction fees and Platinum Mastercard benefits — can also add up to savings when you go out of town.
However, the card doesn't earn rewards, and its high APR could make it a deal breaker if you maintain a balance. This card is better used as a tool to improve your credit so that someday you can qualify for a card with lower interest rates.
on Capital One's website
Frequently asked questions
The Capital One Platinum Credit Card is available to applicants with fair credit or better, although eligibility isn't decided by credit scores alone. Your income, debts and other factors are also considered. Fair credit, also called "average" credit, is generally defined as a FICO credit score of 630 or higher.
It depends on your credit. The Capital One Platinum Credit Card is available to people with fair or average credit, while the Capital One Quicksilver Cash Rewards Credit Card — the issuer's popular cash-back card — requires good credit or better.
However, those with fair credit have a cash-back option in the Capital One QuicksilverOne Cash Rewards Credit Card. This card earns the same unlimited 1.5% cash back on all purchases as the regular Quicksilver-branded card, but it charges a $39 annual fee and lacks the new-cardholder bonus of the regular card. If your primary goal is simply to work toward good credit, and rewards aren't as important to you now, the $0-annual-fee Capital One Platinum Credit Card is a solid choice.
As long as you make your monthly payments on time, you can be automatically considered for a higher credit line in as little as 6 months.
You can choose the payment due date that works for you — such as setting it for the time of the month when your cash flow is best.
The Capital One Platinum Credit Card is a fine choice for those with fair or average credit. The $0 annual fee makes it possible to build credit at no cost. However, the APR on the card is on the high side, so it's best to pay your bill in full every month to avoid interest charges.
