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Capital One Platinum Credit Card – Full Review

Name: Capital One Platinum Credit Card – Full Review
Item: Capital One Platinum Credit Card
Rating: 4
Author: Alex Miller

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"Great choice for those with no credit history or a low credit score."

The Capital One Platinum card is great for those looking to build up their credit score and credit history, without paying a deposit or annual fee.

Learn More (at our partner's secure site)

Alex Miller

- Updated: May 20, 2023, 2:55am CDT|

2Comments

If you’re ready to get serious about building or rebuilding your credit, you’ll want a credit card for which approval is probable, one that has a simple structure and is easy to manage, and ideally, has some benefits you can use. This is where the Capital One Platinum Credit Card really shines.

Pros

No annual fee
Free credit monitoring

Cons

Does not earn rewards
The high APR can be costly if you carry a balance

Capital One Platinum - Card Snapshot

Welcome Bonus & Info (Partner Content)
- No annual or hidden fees. See if you're approved in seconds
- Be automatically considered for a higher credit line in as little as 6 months
- Help build your credit through responsible use of a card like this
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Get access to your account 24 hours a day, 7 days a week with online banking from your desktop or smartphone, with Capital One's mobile app
- Check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier. Just hover your card over a contactless reader, wait for the confirmation, and you're all set
- Pay by check, online or at a local branch, all with no fee - and pick the monthly due date that works best for you
Card Categories:
- Credit Card Reviews
- Credit Cards with No Annual Fee
Related Articles
- Benefits of the Capital One Platinum Card

Great Card If

You’re looking for a card to build your credit
You want a card with no annual fee or security deposit

Don't Get If

You already have a good credit score
You want to earn credit card rewards

Capital One Platinum - Fees

Annual Fee
- $0
Foreign Transaction Fees
None
Interest Rates
- 29.99% Variable
Late fees
- Up to $40
Balance Transfers
- 29.99% Variable
Cash Advance APR
- 29.99% Variable

The Ideal Cardholder

As mentioned earlier, it’s possible to improve your credit without incurring expenses. The Capital One Platinum card facilitates this by not charging an annual fee, providing free tools to help you manage your credit, and providing complimentary useful benefits.

No Annual Fee or Security Deposit

You do not need to pay an annual credit card fee or come up with a security deposit to start the credit improvement process. One of the big benefits of the Capital One Platinum card is that it does not charge an annual fee and, unlike secured credit cards, there is no upfront deposit needed to be approved.

Convenient and Simple Online Account Access

Capital One provides an easy-to-use mobile app for managing your Capital One Platinum card. You can set up handy payment reminders, keep track of your transactions, and monitor your account at any time. You can also manage your account online on your laptop or PC.

Free Credit Monitoring

Keep an eye on how you’re progressing towards your goal of good credit with the CreditWise tool. Capital One provides unlimited access to keep track of your credit score and tools to help you manage your progress.

Pick Your Own Due Date

Selecting a payment due date that coincides with your paycheck may help you keep your account current and make building an on-time payment history easier.

Earn a Higher Credit Limit

Be automatically considered for a higher credit line in as little as 6 months.

No Penalty APR for Late Payments

Many credit cards impose a severe elevated APR when payments are made after the due date. The Capital One Platinum card does not. You would just pay the normal APR, which is shown in the tables below.

Alternative Cards To the Capital One Platinum Card

Secured Credit Cards

Secured credit cards are easy to qualify for and can help you jump-start your credit building journey. For more information, see our list of secured credit card options for those with bad or no credit.

Self

A Credit Builder account with the company, Self (formerly Self Lender), can create a credit history where none existed. The account is basically a CD that is held with the company, you make payments until it is paid off, and in the meantime, Self reports your activity to all 3 credit bureaus. Read all about this credit-building alternative in this complete guide to Self.

We’ve compared the Capital One Platinum card to some other popular cards:

Featured Image Credit: Capital One

Frequently asked questions

Is the Platinum card from Capital One worth it?

The Capital One Platinum card is worth it if you do not have a credit history or have at least fair credit and want to build or rebuild your credit. Since the card does not charge an annual fee, it can be a cost-effective way to start the process.

If you cannot qualify for a rewards-earning credit card, the Capital One Platinum card could be a plausible alternative to make progress towards a better credit score without paying an annual fee.

Is the Capital One Platinum card a secured card?

The Capital One Platinum card is not a secured credit card and therefore does not require the upfront security deposit that is required with a secured card in order to be approved.

The Capital One Platinum card is a normal unsecured credit card with an assigned credit limit, credit management tools, and benefits you can use. The card also reports your activity to all 3 credit bureaus on a monthly basis making it an appropriate option for building or rebuilding credit.

Does the Capital One Platinum card earn miles or points?

The Capital One Platinum card was designed to help build or rebuild credit. It does not earn miles or points. It also does not require an excellent credit score to be approved, like most reward-earning credit cards. Additionally, it does not charge an annual fee.

Does the Capital One Platinum card have an annual fee?

No, the Capital One Platinum card does not charge cardholders an annual fee.

About Alex Miller

Alex has been traveling for over 25 years and from a young age was lucky enough to set out on numerous family trips all over the world, which gave him the travel bug. Alex has since earned tens of millions of travel points and miles, mainly through maximizing every opportunity to earn the most points possible on each dollar spent.

2 comments

Mary Ann Schweers June 11, 2022

6/11/022 When will I get a statement showing the balance due?
Card #XXXXXXXXXXXXXXXX

Christine Krzyszton June 12, 2022
Hi Mary Ann. Please understand that we are not Capital One. We are Upgraded Points, a blog specializing in credit card rewards and travel resources. You can contact Capital One via the number on the back of your card or log in to your online card account for this information. I have removed your credit card number from your comment for security purposes.
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