Capital One Platinum Review: A Good Card for Average Credit
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3.5
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.
Pros
Qualify with average credit
No annual fee
No foreign transaction fee
Cons
High APR
No rewards
on Capital One's website
Compare to Other Cards
Annual fee$0 | Annual fee$0 |
Intro APRN/A | Intro APR10.99% intro APR on Balance Transfers for 6 months |
Recommended Credit Score |
Recommended Credit Score |
Detailed review: Capital One Platinum Credit Card
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 fees (see rates and fees). But for many, its standout feature may be that it also offers the chance to earn a higher credit limit after making on-time payments 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 for your credit score and wallet.
Capital One Platinum Credit Card: The basics
Card type: Fair credit.
Annual fee: $0.
Rewards: None.
Interest rate: The ongoing APR is 30.74% 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, but a late fee applies.
Fraud coverage.
Unlimited access to CreditWise, an app that monitors your credit profile.
Reporting to all three credit bureaus.
Benefits and perks
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 have a positive impact on your credit scores.
Get a report to all 3 major credit bureaus
A card that reports payments to all three major credit bureaus — TransUnion, Experian and Equifax — can help you build credit. These companies record the information used to calculate your credit scores, which is a key step in establishing credit.
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.
Drawbacks and considerations
Rewards
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 30.74% 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, 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 (see rates and fees). 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.
A fixed monthly payment
If you prefer to know what you’ll owe each month, the Upgrade Cash Rewards Visa® combines elements of credit cards and personal loans. When you use it as a credit card, balances are converted to installment loans. When you use it as a personal loan, funds are deposited into your bank account. Whichever option you use, you can pay back what you borrow in equal monthly installments at a fixed interest rate over a certain window of time. (Note: when you use your card as a personal loan, you'll also pay a 5% cash advance fee.) It’s friendly to those with average credit and it earns 1.5% cash back on all purchases. It has a $0 annual fee.
This card is friendly to those with less-than-perfect credit and it earns rewards. You'll earn 1.5% back on purchases, plus 5% back on hotels and rental cars booked through Capital One Travel. But it does have an annual fee.
How to decide if it's 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 and no foreign transaction fees can also add up to savings when you go out of town (see rates and fees).
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. See our list of best credit cards to find the best option for you.
on Capital One's website
