Capital One® Platinum Credit Card review

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In a Nutshell

The no-frills Capital One® Platinum Credit Card has no annual fee, no balance transfer fee, and is designed to help users build their credit. But watch out for the high variable APR of 26.98% on purchases and balance transfers.

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In order to get approved for many credit cards, you need good credit. But what if you have low or no credit?

Luckily, there are some credit cards out there designed with these consumers in mind. One of the best options to consider is the Capital One® Platinum Credit Card.

Using Capital One® Platinum Credit Card to build credit

Whether you’re just starting out or you’re working hard to build your credit, using a credit card responsibly can help you establish and build credit. Once approved for a card, it’s best to make full payments on time and keep your credit utilization low.


What we like Heads up
  • $0 annual fee
  • Good for consumers looking to build credit
  • No rewards

 

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Capital One® Platinum Credit Card

From cardholders in the last year

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  1. The rundown: Everything we like about the Capital One® Platinum Credit Card
  2. Heads up: What you should consider before applying for the Capital One® Platinum Credit Card
  3. Do the math: How to get the most out of the Capital One® Platinum Credit Card
  4. The competition: How the Capital One® Platinum Credit Card stacks up against similar cards
  5. Battle of the Platinum: Capital One® Platinum Credit Card vs. Credit One Bank® Platinum Visa® with Cash Back Rewards
  6. Bottom line: Is the Capital One® Platinum Credit Card right for you?
  7. Reviews roundup: What our members say about Capital One® Platinum Credit Card

The rundown: Everything we like about the Capital One® Platinum Credit Card card

On the surface, the Capital One® Platinum Credit Card looks like a simple, no-frills credit card, but there’s plenty to like about this card. Here are our favorite features:

  • Has no annual fee
  • Designed for people with average credit (as defined by Capital One)
  • You may be eligible for a higher credit line after making your first five monthly payments on time.
  • Includes fraud coverage
  • Comprehensive account monitoring (so you’ll be notified if there’s anything suspicious)
  • You can choose your due date

These benefits are a boon for cardholders — especially if you’re trying to boost your credit. Cardholders can keep tabs on their TransUnion VantageScore 3.0 credit score and credit profile through CreditWise® from Capital One®. Another free resource for keeping tabs on your credit is Credit Karma, which offers access to credit reports from TransUnion and Equifax.

“The card’s two strengths are that it’s not a secured card, so no deposit is necessary; and, you can have your credit limit increased after five consecutive months of on-time payments,” says J.R. Duren, a personal finance reporter at HighYa.com.

Additionally, this card comes with other consumer protections such as auto rental insurance, roadside assistance, extended warranty as well as price protection. As a card with no annual fee, these perks can save you money without any extra cost to you.

Heads up: What you should consider before applying for the Capital One® Platinum Credit Card

Depending on your credit, you may get approved for the card with their minimum credit line, which is $300. At such a small amount, this could affect your credit utilization depending on how much you spend. Your credit utilization is a big contributing factor in building strong credit scores.

Additionally, this card is pretty lackluster in the rewards department — no cash back, no miles. So if you’re interested in getting cash back or other rewards, this is probably not the card for you.

Do the math: Is the Capital One® Platinum Credit Card right for you?

Before applying for this card, consider the financial effect and see if it’s a good fit for you. Here are two common reasons you might apply for this card:

  1. Building your credit. This card has no annual fee, so it can be a good starter card. If you pay off your balances in full and on time, this card can help you build credit efficiently and effectively.
  2. Balance transfer. Though this card has no balance transfer fees, you should take a look at the card’s terms to understand what interest rates you’re subject to. If the APR is higher than your current APR, a balance transfer may not make financial sense.

The competition: How the Capital One® Platinum Credit Card stacks up against similar cards

The Capital One® Platinum Credit Card is a good fit if you’re looking to build or establish credit and not pay an annual fee.

However, there are other credit cards out there you might want to consider. For example, the Credit One Bank® Platinum Visa® with Cash Back Rewards is another good option for consumers looking to build their credit, plus earning rewards as it offers 1% cash back on qualified purchases.

The card has an annual fee of $0 to $75 the first year, $0 to $99 thereafter, and there’s no way for you to predict what annual fee will be assigned to you until your account is open.

What’s more, the amount of your annual fee will be subtracted from your available credit limit. Say Credit One gives you a $500 credit limit. If your annual fee is $75, your available credit limit will be $425.

With that in mind, and if your main focus is on building credit, the Capital One® Platinum Credit Card is the clear winner.

Battle of the Platinum: Capital One® Platinum Credit Card vs. Credit One Bank® Platinum Visa® with Cash Back Rewards

Capital One® Platinum Credit Card Credit One Bank® Platinum Visa® with Cash Back Rewards
Pros: No annual fee, helps build credit, access to credit score and monitoring tools and access to increasing credit limit. Pros: You can earn 1% cash back on qualified purchases as well as credit monitoring and zero fraud liability.
Cons: No cash back, miles or rewards Cons: Has an annual fee of $0-$75 the first year, $0-$99 thereafter; could have a high purchase APR.

Bottom line: Is the Capital One® Platinum Credit Card right for you?

If your goal is to build credit and have a hassle-free card, the Capital One® Platinum Credit Card could be a good fit. If you have good or excellent credit and you’re looking for a balance transfer, the Chase Slate® may be better for you: It’s all about understanding your goals for a credit card before you apply.


Reviews roundup: What our members say about Capital One® Platinum Credit Card

“Great for rebuilding!”

★★★★★

Jan 03, 2018

I applied for this card in October 2017 with a credit score of about 580 across the board. Credit karma suggested my approval odds were good. I was approved for a 300 CL. I keep my utilization low (below 30%) and now just 3 months later, my score is in the 650’s for both transunion and Equifax. I should add that I have an old cap one credit card in collections on my report.

–Credit Karma user Lisaismovingup

“Best choice I’ve made”

★★★★★

Feb 21, 2018

I got this card since CK said I had a good chance to get it and I was looking for ways to raise my score. So far in the 5( almost 6) months I’ve had this card my score has gone up almost 100 points. I started off with a 200 limit and they have already bumped it up to 500. With this card I’m slowly fixing my score that I had destroyed due to fraud and a divorce. I would strongly recommend this card to anyone looking to get their score on the right track.

–Credit Karma user atoombs22

“Awesome!”

★★★★★

Feb 15, 2018

In September 2017 I applied for a credit card for the first time ever. My credit score was not good because I filed bankruptcy in Feb 2017, but needed to rebuild myself. Capitol one took a chance, gave me a 300.00 limit. I have made my payments each month on time, and they uped my limit to 500.00 out of nowhere. My credit score has been going up on a regular monthly basis and I’m not asking for more money or more cards, as I like one with a small limit to better myself. This is a great start for those who qualify…be patient, and good things will happen for you too!

–Credit Karma user Roxpeaches

“Best way to start”

★★★★★

Feb 12, 2018

Started with a credit limit of $300, after 5 payments they raised my limit to $500. This card is a great way to start and paying the monthly bill in full is the best way to go, as well as staying under 10% utilization. I mostly use this for Gas, small monthly payments and if I exceed my 10% I pay it off before my due date. APR is high but if used properly you won’t have to pay interest (paying in full every month), it rebuilds credit and you see results. I highly reccommend as a great way to start building or repairing your credit.

–Anonymous Credit Karma user

“It’s fine for what it is”

★★★

Apr 09, 2017

$300 limit you can’t do much with, but it’s a good card to get you start back on a credit journey. Thanks to owning this card (and four months later upgrading to the Quicksilver – the one with no annual fee), my score increased and I was able to get approved for the Chase Freedom Unlimited with a $3,500 limit.

–Credit Karma user wkugirl497

 

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