Credit Card Insider is an independent, advertising supported website. Credit Card Insider receives compensation from some credit card issuers as advertisers. Advertiser relationships do not affect card ratings or our Editor’s Best Card Picks. Credit Card Insider has not reviewed all available credit card offers in the marketplace. Content is not provided or commissioned by any credit card issuers. Reasonable efforts are made to maintain accurate information, though all credit card information is presented without warranty. When you click on any ‘Apply Now’ button, the most up-to-date terms and conditions, rates, and fee information will be presented by the issuer. Credit Card Insider has partnered with CardRatings for our coverage of credit card products. Credit Card Insider and CardRatings may receive a commission from card issuers. A list of these issuers can be found on our Editorial Guidelines.
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.
Credit Card Insider receives compensation from advertisers whose products may be mentioned on this page. Advertiser relationships do not affect card evaluations. Advertising partners do not edit or endorse our editorial content. Content is accurate to the best of our knowledge when it's published. Learn more in our Editorial Guidelines.
We give the Capital One Platinum Credit Card 4 out of 5 Stars. It provides a way to build credit for those who have fair credit scores, and unlike secured cards, doesn’t require a security deposit.
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.
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. It also has a few protection benefits that could come in useful.
The Capital One Platinum includes some of the basic perks that you get with most cards.
Purchase APR | Balance Transfer APR | Cash Advance APR |
---|---|---|
26.99% (Variable) | 26.99% (Variable) | 26.99% (Variable) |
Annual Fee | Foreign Transaction Fee |
---|---|
$0 | None |
Balance Transfer Fee | Cash Advance Fee |
---|---|
$0 | 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 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. Some basic shopping and travel protections are there if you need them, though they have quite a few restrictions.
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.
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.
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.
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.
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.
Most of the benefits consist of travel and shopping protections, including travel accident insurance and extended warranties.
You can also monitor one of your VantageScore 3.0 credit scores, based on your TransUnion credit report. But that tool is available to everyone, not just cardholders.
Take a look at a more in-depth explanation of the benefits.
The Capital One QuicksilverOne Cash Rewards Credit Card (Review) is pretty similar to the Platinum, with a few changes.
There’s an annual fee, but you’ll also gain the ability to earn rewards. So if you’re willing to pay a little more you could see a moderate return on your spending.
If you’re trying to decide between these two cards, ask yourself if you’ll spend more than $2,600 per year with it. If you will, go with the QuicksilverOne because you’ll end up with a net profit at the end of the year. If not, the QuicksilverOne will cost you money when you pay the annual fee. In that case you should go with the Platinum.
Spending Rewards |
---|
|
Although it’s marketed as a student card, you don’t actually need to be a student to apply for the Journey Student Rewards from Capital One (Review).
This card is also designed for average credit, which would be typical for a student who’s just starting to establish a credit history. But you can use it to improve your credit whether you’re a student or not. Unlike the Capital One Platinum, the Journey Student Cash Back features a reward program.
While it is relatively minimal, it’s nice to be able to earn some rewards while trying to rebuild your credit. And as long as you pay your bill on time, you’ll get a 25% bonus to your cash back. There’s no annual fee, and the benefits are pretty much the same as what you’ll get with the Platinum.
Spending Rewards |
---|
|
The Discover it® Secured (Review) is probably the best secured card available, and one of the few that come with rewards.
Before applying, it would be a good idea to check if you’re pre-qualified for any unsecured cards, from Discover or other issuers. If you’re not pre-qualified for any cards, the Discover it Secured is a good option.
Because this is a secured card, you’ll need to make an initial, refundable security deposit of $200–$2,500 which will form your credit line.
Thanks to Discover’s Cashback Match, you’ll earn a pretty great 4% cash back on gas and dining in your first year, which is more than some unsecured cards offer.
The benefits you’d receive from the Capital One card will likely be more impressive, as Discover doesn’t offer many protections. You’ll be able to check your FICO Score 8 credit score based on your TransUnion credit report, but like the Capital One tool, it’s available for everyone to use, not just cardholders.
So despite being a secured card, it would still be a more rewarding option. But if you don’t feel like paying a security deposit and are interested in getting covered by extra protections, perhaps the Capital One Platinum would still be a good call.
Spending Rewards |
---|
|
|
Introductory Bonus Offer |
---|
|
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.
Do you have a correction, tip, or suggestion for a new post? Contact us here.
The responses below are not provided or commissioned by bank advertisers. Responses have not been reviewed, approved or otherwise endorsed by bank advertisers. It is not the bank advertisers' responsibility to ensure all posts are accurate and/or questions are answered.