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3. Capital One Platinum Credit Card review

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538

reviews

4.3

Rating: 4.3 out of 5.

Great for no annual fee

Annual Fee: $0

The average credit score for members who have matched with this card or similar cards is 616

The average credit limit for members who have matched with this card or similar cards is $2,846

Explore more about this card:

• Pros and cons
• In-depth Editorial review
• Member reviews

Here’s the average credit limit of members who matched their Capital One Platinum Credit Card or similar cards.

% of members by credit limit range

The average credit limit for members who have matched with this card or similar cards is $2,846, with $300 being the most common.

Here’s the average credit score of members who matched their Capital One Platinum Credit Card or similar cards.

% of members by credit score range

The average credit score for members who have matched with this card or similar cards is 616, with 589 being the most common. Note this is just one of the deciding factors when it comes to getting approved.

This content is curated by Intuit Credit Karma’s Editorial team using data from members who were approved for this card or similar cards, or who self-matched this card or similar cards. Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse this content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

Member stats

Updated daily

52%

Average credit utilization (or what percent of the card’s credit limit is being used) of members who matched with this card or similar cards.

45 years

Average age of members who matched this card or similar cards.

$78,544

Average annual income of members who matched this card or similar cards. Note: Income may be estimated for some members by Credit Karma and may differ from members’ actual incomes.

Pros and cons

Image: yes

$0 annual fee

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Good for consumers looking to build credit

Image: Con

No rewards

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

• $0 annual fee
• Designed for people with fair credit (as defined by Capital One)
• You may be eligible for a higher credit line in as little as six months
• Includes fraud coverage
• Comprehensive account monitoring (so you’ll be notified if there’s anything suspicious)

These benefits are a boon for cardholders — especially if you’re trying to boost your credit.

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 a small credit line of just a few hundred dollars. A small credit line 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 travel 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. The most common reason you might apply for this card is to build your credit. This card has a $0 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.

Not sure the Capital One Platinum Credit Card is for you? Here’s an alternative.

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.

But there are credit cards with an annual fee that you might want to consider. For example, the Credit One Bank® Platinum Visa® for Rebuilding Credit is another good option for consumers looking to build their credit.

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

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.

If your goal is to build credit and have a hassle-free card, the Capital One Platinum Credit Card could be a good fit. It’s all about understanding your goals for a credit card before you apply.