Earning rewards on the purchases you make can result in a lot of bottom-line value, whether you use those rewards for travel or accumulate cash-back to offset expenses.
We talk frequently about rewards-earning cards such as the Capital One Savor Rewards card featured in our article today. However, we realize that not everyone is in a position to qualify for this type of credit card.
With that thought in mind, in this particular article, we’ll be covering some useful information on the Capital One Platinum Credit Card for those who are not quite ready for a card that requires good to excellent credit.
Comparing these 2 cards could give you a perspective of how valuable a rewards-earning card can be and how successfully managing a basic card such as the CapOne Platinum card can elevate the quality of your card choices.
We’ll take a look now at what you’ll need to qualify for the CapOne Platinum card and CapOne Savor card and how the cards compare.
Minimum Qualification Requirements
According to Capital One, you’re encouraged to have at least a fair credit score to qualify for the CapOne Platinum card. Capital One also gives a description of a qualifying cardholder as “having defaulted on a loan in the past 5 years or having a limited credit history of less than 3 years.” Credit score creator FICO describes a fair credit score as one falling between 580 and 669.
For the CapOne Savor card, an excellent credit score is recommended. An excellent credit score, according to FICO, is a score that falls between 740 and 790. Capital One adds that a qualifying applicant has “never declared bankruptcy or defaulted on a loan, not been more than 60 days late on any credit card, medical bill, or loan in the last year, and has a loan or credit card for 3 years or more with a credit limit above $5,000.”
It is worth noting, however, that if your credit history closely matches the description of a qualifying applicant and your score is good (670 to 739), you may qualify for the CapOne Savor card.
Prior to applying for any credit card, you’ll want to find out where you stand currently. You can order a fee-free copy of your credit report from all 3 major credit bureaus via AnnualCreditReport.com.
Once you know your starting point, you can search for prequalified offers using the CardMatch tool. The tool can be used quickly and risk-free, with no hard inquiry being done on your credit report, to find out if you already have card offers available to you.
Capital One also has its own pre-qualification tool that requires more detailed information.
To learn more about pre-approval offers, you’ll want to review our article with all the information you’ll need on the topic.
Bottom Line: You will need a fair, or better, credit score to qualify for the CapOne Platinum card and a good to excellent score to qualify for the CapOne Savor card. You can find out if you already have card offers by using the risk-free CardMatch tool.
The CapOne Platinum card is designed primarily to build credit and does not earn rewards.
The CapOne Savor card, on the other hand, is one of the best cards available for earning rewards at restaurants with 4% cash-back on qualifying dining purchases. The card also earns 4% cash-back on entertainment purchases, including popular streaming services. There are additional earnings of 3% cash-back at grocery stores (excluding Walmart and Target) and 1% on all other purchases.
Plus, to jumpstart your cash-back earnings, the CapOne comes with a valuable welcome bonus. See the above snapshot insert for the current welcome bonus offering.
The CapOne Platinum card does not offer a welcome bonus.
The CapOne Savor card earns cash-back that can be redeemed for cash, statement credits, gift cards, or for shopping with Amazon. You can also redeem your cash-back via PayPal for purchases.
The CapOne Platinum card does not earn rewards.
Bottom Line: The CapOne Savor card is big on everyday earnings, offers a generous welcome bonus, and has simple redemption options. The CapOne Platinum card is designed primarily to build credit and does not earn rewards or offer a welcome bonus.
Everything Else You Need To Know
The CapOne Platinum card does not charge an annual fee. While the CapOne Savor card does have a $95 annual fee, if you spend more than $2,375 in 4% bonus categories each year, you will earn enough cash-back to offset the fee.
Pre-qualification or pre-approval tools do not guarantee you will be approved for any specific card, but they do give you an idea of the cards for which you’re most likely to be approved.
If approved for the CapOne Savor card, you should receive a minimum initial credit limit of $2,000.
The CapOne Platinum card is issued with a credit limit of $300. After as few as 6 months of positive transactions, Capital One can review your history and could grant you a higher credit limit. Also, you should be able to upgrade the card to a rewards-earning card after building a successful track record.
There is no charge for adding an authorized user to either card.
CapOne Platinum Card vs. CapOne Savor Card — Summary
We’ve covered a lot of information regarding our featured cards. Here’s a side-by-side comparison of both card’s features and benefits.
|Feature or Benefit||CapOne Platinum Card||CapOne Savor Card|
|Minimum Qualifications||Fair credit score of 580 to 669||Good to excellent credit score of 670 to790|
- 4% cash-back on dining
- 4% cash-back on entertainment, including popular streaming services
- 3% cash-back at grocery stores
- 1% all other purchases
- Cash, statement credits, Shop with Amazon, redeem via PayPal, redeem for gift cards
If you have limited credit, starting with the CapOne Platinum card may be a good first step towards securing a rewards-earning card.
If you have bad credit or no credit, however, you may want to learn more about your card options, including the best secured cards.
Additionally, this collection of cards that are well-suited for those with bad credit could offer some card options for which you’d qualify.
If you have elevated your credit to good or excellent, the CapOne Savor card is an excellent option for your next step card. Its earning categories focus on everyday spending and can result in accumulating a lot of rewards in a short amount of time.
For a broader look at Capital One cards, you’ll appreciate this list of some of the best Capital One cards available with an overview of each card’s features and benefits.
The information regarding the Capital One Savor Rewards card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.