Great Card If
- You’re looking for a card to build your credit
- You want a card with no annual fee (rates & fees) or security deposit
Don’t Get If
- You already have a good credit score
- You want to earn credit card rewards
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.
Capital One Platinum Card Benefits
No Annual Fee or Security Deposit
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.
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 (rates & fees) . 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:
