Edited by: Stella Shon
& Kellie Jez
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Fair to Good (580-739)
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.
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.
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.
You do not need to pay an annual credit card fee (rates & fees) 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.
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.
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.
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.
Be automatically considered for a higher credit line in as little as 6 months.
Many credit cards impose a severe elevated APR when payments are made after the due date. The Capital One Platinum card does not (rates & fees) . You would just pay the normal APR, which is shown in the tables below.
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.
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:
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 (rates & fees), 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.
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.
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 (rates & fees).