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February 15, 2018

Capital One Platinum Review

Editorial Note: This content is not provided by the card issuer. Opinions expressed here are author's alone, not those of the issuer, and have not been reviewed, approved or otherwise endorsed by the issuer.
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Capital One Platinum is a no-frills, no annual fee credit card for people with average credit. Read this review before you apply.

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Overall Score

3.2

Interest Rates

3.0

Fees

3.5

Benefits

3.0
5-point scale (the higher, the better)

Pros and Cons

  • No Annual Fee
  • No rewards
  • No intro APR

Bottom Line

Good no annual fee credit card for people with average credit.

If you have limited credit, you know getting a credit card can be a challenge. You might not qualify for some popular cash back or low interest credit cards, but you might not have to resort to a secured credit card, either.

Read on for a full review of the Capital One Platinum.

How It Works

This card is straightforward. It won't earn a sign-up bonus or rewards, but it also doesn't carry an annual fee.

Here are some of the basics:

Capital One Platinum offers a no annual fee credit card to people with fair credit. You get access to a higher credit limit after you make your first 5 monthly payments on time.

Having an average credit score or limited credit history won't necessarily bar you from being approved for this card. In fact, it's geared toward people who want to build their credit. As long as you spend well below your limit and pay your balance on time each month, this card can be a big help.

Why We Like Capital One Platinum

Even for such a basic card, the Platinum does come with some nice features and perks. Here are some reasons this card might be for you:

  • No annual fee: Not having to pay an annual fee is always a plus, but especially in a card geared toward helping you improve your credit.

  • Monitor your credit: The Platinum helps you monitor your credit via CreditWise, displaying your TransUnion VantageScore 3.0 credit score. You'll be able to check your score and receive alerts when it changes.

  • Increase your credit line: When you pay your first 5 monthly payments on time, you'll be eligible to increase your line of credit. Keeping your spending well below the card's limit can help you to improve your credit score as well.

  • Upgrade to another card: Once you establish a positive history with your Capital One Platinum, you could be eligible to upgrade to another Capital One card: the Quicksilver. Even if you don't upgrade with Capital One, hopefully your improved credit history will make you eligible for other, more highly valued cards.

  • Fewer fees: This card comes with no foreign transaction fee and no balance transfer fee. The Platinum generally isn't a great candidate for balance transfers - considering its high variable APR - but it's always nice to not have to worry about extra fees.

Reasons You May Look Elsewhere

Considering this card doesn't carry an annual fee, there aren't too many downsides to using it. Still, there are a few reasons you might want to consider other options:

  • Low credit lines: As the Platinum is geared toward people with average credit, it offers relatively low credit lines: its minimum credit line is $300. Still, if you have average credit or a limited credit history, you might have a hard time being approved for a higher line of credit with other unsecured cards.

  • You carry a balance: The Platinum's high APR means carrying a balance on this card will result in having to pay a lot of interest. Most cards geared toward people with average credit come with a high APR, but they're not all quite as high as the Platinum's.

  • Your income doesn't qualify: In addition to having an "average" credit score, your income will need to meet a certain threshold. To determine if yours qualifies, you can do some quick math: your disclosed total annual income divided by 12 should exceed your monthly rent/mortgage payment by at least $425.

    Here's an example: Let's say you earn $30,000/year and pay $750 per month in rent. Your income would qualify because $30,000/12 = $2,500, and $2,500 is over $450 more than your monthly rent payment of $750.

How It Compares

When it comes to cards for people who need to build their credit, there are options. Here are some other options if your credit is just below or slightly above what the Platinum requires:

Capital One QuicksilverOne vs Capital One Platinum
The main draw for the QuicksilverOne is that it earns rewards - although the tradeoff is paying an annual fee. Other than that, these cards are similar.

 

Capital One® Platinum Credit Card

Capital One® QuicksilverOne® Cash Rewards Credit Card

 

Interest Rates and Fees

Purchase APR26.46% (Variable) based on your creditworthiness and other factors26.46% (Variable) based on your creditworthiness and other factors
Balance Transfers APR26.46% (Variable) based on your creditworthiness and other factors26.46% (Variable) based on your creditworthiness and other factors
Balance Transfer FeeNo balance transfer feeNo balance transfer fee
Annual Fee$0 annual fee$39 annual fee
 

Benefits and Features

Cash Back Rewards Cash Back Rewards: Earn 1.5% cash back on every purchase

Capital One Platinum: Pricing information including interest rates, rewards, benefits and fees was obtained on December 11, 2018 from published websites and is believed to be accurate, but not guaranteed.

Capital One QuicksilverOne: Pricing information including interest rates, rewards, benefits and fees was obtained on December 11, 2018 from published websites and is believed to be accurate, but not guaranteed.

Disclaimer: The information for the Capital One® Platinum Credit Card and Capital One® QuicksilverOne® Cash Rewards Credit Card has been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.

Capital One Journey vs Capital One Platinum
If you're a student, the Journey might be a better fit for you. It matches the Platinum on many fronts but sweetens the deal a bit with a small amount of cash back.

 

Capital One® Platinum Credit Card

Journey® Student Rewards from Capital One®

 

Interest Rates and Fees

Purchase APR26.46% (Variable) based on your creditworthiness and other factors26.46% (Variable) based on your creditworthiness and other factors
Balance Transfers APR26.46% (Variable) based on your creditworthiness and other factors26.46% (Variable) based on your creditworthiness and other factors
Balance Transfer FeeNo balance transfer feeNo balance transfer fee
Annual Fee$0 annual fee$0 annual fee
 

Benefits and Features

Student 
Cash Back Rewards Cash Back Rewards: Earn 1% cash back on all purchases. If you pay on time, you can boost your cash back to a total of 1.25% for that month.

Capital One Platinum: Pricing information including interest rates, rewards, benefits and fees was obtained on December 11, 2018 from published websites and is believed to be accurate, but not guaranteed.

Capital One Journey: Pricing information including interest rates, rewards, benefits and fees was obtained on December 11, 2018 from published websites and is believed to be accurate, but not guaranteed.

Disclaimer: The information for the Capital One® Platinum Credit Card and Journey® Student Rewards from Capital One® has been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.

Capital One Secured vs Capital One Platinum
The Secured is Capital One's alternative to the Platinum for people with bad credit. It reports to the 3 major credit bureaus, so you'll still be able to improve your credit with responsible usage. The major difference is that, like all secured cards, it requires that you put down a security deposit in exchange for a line of credit.

 

Capital One® Platinum Credit Card

Capital One® Secured Mastercard®

 

Interest Rates and Fees

Purchase APR26.46% (Variable) based on your creditworthiness and other factors26.99% (Variable) based on your creditworthiness and other factors
Balance Transfers APR26.46% (Variable) based on your creditworthiness and other factors26.99% (Variable) based on your creditworthiness and other factors
Balance Transfer FeeNo balance transfer feeNo balance transfer fee
Annual Fee$0 annual fee$0 annual fee
 

Benefits and Features

Secured Secured: Receive an initial $200 credit line with a security deposit of $49, $99 or $200, depending on your creditworthiness

Capital One Platinum: Pricing information including interest rates, rewards, benefits and fees was obtained on December 11, 2018 from published websites and is believed to be accurate, but not guaranteed.

Capital One Secured Card: Pricing information including interest rates, rewards, benefits and fees was obtained on December 11, 2018 from published websites and is believed to be accurate, but not guaranteed.

Disclaimer: The information for the Capital One® Platinum Credit Card and Capital One® Secured Mastercard® has been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.

Common Questions

  • Does the Capital One Platinum come with any perks?
    The Platinum carries the perks and benefits associated with the Platinum MasterCard program. You can browse the full details on Capital One's site.

  • Should I apply for the Capital One Platinum or the Capital One Secured?
    In short: that depends. You'll generally need to have a higher credit score to qualify for an unsecured card. The benefit is that, unlike with the Capital One Secured, you won't have to put down a security deposit in exchange for a credit line. That said, for people with below-average credit, the Secured can be helpful for building that credit back up.

    All other factors being equal - like your credit line, spending, and payment activities - neither card will have a stronger influence on your credit score.

  • Should I apply for a credit card with a low line of credit, like the Capital One Platinum, or a prepaid debit card?
    There are a few major differences between the Platinum and prepaid debit cards. To start, prepaid debit cards won't help you to improve your credit. Instead, they're an alternative for people who want to manage their budget but don't qualify for a checking account and/or don't have average credit.

Bottom Line

If your credit is just below qualifying for a standard rewards card but just above qualifying for a secured card, the Capital One Platinum is a solid choice. The fact that it doesn't carry an annual fee makes the Platinum a generally helpful card to have for people with fair credit - as long as you don't carry a balance.

Still, if you're applying for your first credit card or are a student, there are other options to consider. And if you don't mind paying an annual fee or getting by with a lower credit line, you can even find options that offer rewards.

Disclaimer: Opinions expressed here are author's alone. Please support CreditDonkey on our mission to help you make savvy decisions. Our free online service is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content.

Editorial Note: This content is not provided by Capital One. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Capital One.

Disclaimer: This content was first published on February 15, 2018. Information including APR, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check Capital One website for updated information.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. This site may be compensated through the Advertiser's affiliate programs.

Disclaimer: The information for the Capital One® Platinum Credit Card, Capital One® Quicksilver® Cash Rewards Credit Card, Capital One® QuicksilverOne® Cash Rewards Credit Card, Journey® Student Rewards from Capital One®, and Capital One® Secured Mastercard® has been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.

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Capital One Balance Transfer Offers


Capital One Quicksilver Review

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Compare Capital One Platinum to:


Introductory Bonus Cash BackCash Back RewardsNo Expiration on RewardsNo Limits on RewardsConciergeExtended Warranty$0 Fraud Liability
Intro APR for PurchasesIntro APR for Balance TransferRegular APRAnnual Fee
0% intro on purchases for 15 months
0% intro on balance transfers for 15 months
14.74% - 24.74% (Variable)
$0


StudentCash Back RewardsCar Rental InsuranceExtended WarrantyTravel Accident Insurance$0 Fraud Liability
Intro APR for PurchasesIntro APR for Balance TransferRegular APRAnnual Fee
N/AN/A
26.46% (Variable)
$0

Disclaimer: The information for the Capital One® Quicksilver® Cash Rewards Credit Card and Journey® Student Rewards from Capital One® has been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.


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About CreditDonkey®
CreditDonkey is a credit card comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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