2021 Review: Capital One Platinum Credit Card
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The Capital One Platinum Credit Card is designed for people with limited credit history. It can be used to build your credit before you move on to better cards with reward programs and advanced benefits.
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Our Rating: 4 Out of 5 Stars
Why We Like It
- Designed for average credit scores, giving people an unsecured option to improve their credit
- No annual fee, so no cost overall if you avoid paying interest and are responsible with the card
- No foreign transaction fee
- You may be automatically considered for a higher credit line after six months
- Track one of your VantageScores
- View aspects of your TransUnion credit report for free
Why It Could Be Better
- No rewards
- Benefits are very basic
The Capital One Platinum Credit Card is specifically designed for people with fair or average credit, to help build a positive credit history.
If you imagine a plain credit card, this is probably the kind of card you’re thinking about. There are no rewards to earn, no introductory interest rates, and no impressive benefits.
However, there’s also no annual fee, making it a potentially free way to improve your credit to the point where you can qualify for a more rewarding card. You’ll be able to monitor one of your VantageScore 3.0 credit scores, getting advice to improve it as you go.
There’s nothing particularly bad about this card, but nothing too special about it either. Being made for average credit, it just lacks the nice rewards and benefits that some other cards have. But if you don’t have the best credit this could be the right card for you.
Insider Advice: Getting the Most Out of Your Card
- Practice responsible habits: Build your credit with this card by using it responsibly. Eventually you’ll be able to qualify for a card with a valuable rewards program.
- Pay your whole bill: Aim to pay your entire statement balance in full every billing period. This will prevent interest from accruing on purchases and it will be good for your credit too.
- Take it when you travel: Use this card outside the country because there are no foreign transaction fees (unless you have a rewards card without foreign transaction fees to use instead).
- Keep an eye on your credit scores: Check the CreditWise tool to monitor one of your VantageScores, and view parts of your TransUnion credit report.
- Keep it around: Don’t close out this card if you end up getting a more rewarding one — keep it but don’t use it, if possible. Having more open credit is good for your credit scores because it can improve your credit utilization.
There are no rewards for using this card, like points or cash back. Instead, its main function is to help you manage your spending and build credit.
- Higher credit line: You may be automatically considered for a higher credit line after six months.
- Capital One CreditWise: The CreditWise service provides free access to one of your VantageScore 3.0 credit scores, based on your TransUnion credit report. You can monitor your score over time and get alerts about any changes. Anyone can enroll in the CreditWise service, cardholder or not.
The Terms & Fees
|Purchase APR||Balance Transfer APR||Cash Advance APR|
|26.99% Variable||26.99% Variable||26.99% Variable|
|Annual Fee||Foreign Transaction Fee|
|Balance Transfer Fee||Cash Advance Fee|
|$0 at this Transfer APR||3% of the amount of the cash advance, but not less than $10|
|Penalty APR||Late Fee||Returned Payment Fee|
|None||Up to $40||None|
All very simple and easy to understand here. You’ll have no annual fee, and no foreign transaction fee.
If you carry a balance from month to month you’ll be charged interest at the rate above. But if you pay off your balance in full each month, you’ll never be charged interest on purchases. You can use this strategy to make this card completely free to use, and it will be good for your credit utilization too.
The Bottom Line
The Capital One Platinum Credit Card is designed for people who are looking to improve their credit scores. It’s made for average or fair credit, so if you’ve had trouble qualifying for other cards this one could be a good option for you.
There are no rewards, but you’ll be able to keep an eye on your TransUnion credit report, and the VantageScore 3.0 that’s based on it.
Overall, it’s not a bad option if you have fair or average credit and are looking to improve it with a credit card. For no annual fee, it can be completely free as long as you avoid interest. But there are some other cards made for the same level of credit which do offer some cash back. Check out some of those alternatives below.
How Do I Apply for the Capital One Platinum Card?
You can apply now for this card securely by following the link below. Capital One will check your credit with one or all three major credit bureaus when you apply.
Many applicants will get an instant decision in just a few seconds. But in some cases it may take longer, and Capital One may request more information from you.
What Credit Scores Do I Need to Qualify for the Platinum Card?
It’s recommended that you have fair credit before you apply.
For fair credit you would need credit scores that fall within the ranges of 580–669 for FICO and 650–699 for VantageScore.
There are other factors that weigh into credit card issuers’ decisions, like income and monthly rent or mortgage payments. So even if your scores are lower than what’s recommended you might be approved. However, that means that if your scores are higher, you might not make the cut.
Qualifications and Requirements
- Must be 18 to apply
- Personal identifying information: SSN, email address, residential address, phone number
- Financial information: Total annual income, monthly rent/mortgage, employment status
Frequently Asked Questions
What is the credit limit for the Capital One Platinum Credit Card?
It’s hard to definitively say what it’ll be, but it’ll likely be on the low side. You’ll likely start off with a credit limit of anywhere from $300–$1,000, and after six months, Capital One may consider increasing your limit.
Is the Capital One Platinum a secured credit card?
No, it’s an unsecured credit card so you won’t be asked to make a security deposit.
Are you looking for a secured card? We’ve put together a compilation of our top picks.
What benefits come with the Capital One Platinum card?
The main perk is potentially getting a higher credit line after your first six months with the card. Cards for fair credit, like the Capital One Platinum, typically come with relatively low credit limits, so getting a boost would be nice.
You can also monitor one of your VantageScore 3.0 credit scores, based on your TransUnion credit report, via the CreditWise service. But that tool is available to everyone, not just cardholders.
Take a look at a more in-depth explanation of the benefits.
Alternatives to the Capital One Platinum One Credit Card
Brendan has been writing about personal finance for over eight years, and is now taking on the challenge of bringing high-quality credit education to the masses. He makes sure that Credit Card Insider is covering the most important credit topics transparently and precisely, and that we have up-to-date reviews of credit cards so you can find cards that are right for you.
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