Capital One Platinum Credit Card Overview
The Capital One Platinum Credit Card doesn’t allow you to earn rewards or gain significant cardholder privileges, but it’s for consumers with good credit ratings who may not qualify for the best rewards cards on the market today.
Remember, a “fair” credit score is any FICO score between 580 and 669, which puts consumers in an area where they qualify for a limited number of unsecured credit cards. Capital One Platinum gives those looking for a fair credit card the opportunity to improve their credit score and prove their creditworthiness so they can upgrade to a better credit card later.
The best part is that the card has no annual fee and you don’t have to make any deposits to get started. With low barriers to entry and low ongoing costs, the Capital One Platinum Card is undoubtedly one of the best unsecured credit card options on the market.
What are the advantages and disadvantages?
Pros
- Only “fair” credit or a FICO score of only 580 has a good chance of approval.
- Automatic account review after six months to see if you qualify for a higher credit limit.
- Cardholders will save some money with this no annual fee card.
Cons
- This card has no reward structure, so you won’t be rewarded for your purchases.
- This card lacks some of the perks and benefits one might expect from a fair credit card.
Get a deeper look at current map offers
Quick Highlights
- Reward rate: none
- Welcome Offer: None
- Annual fee: $0
- Purchase introductory APR: Not applicable
- Introduction to Balance Transfers APR: N/A
- Regular APR: 26.99% variable APR
Current Welcome Bonuses and Rewards
Capital One Platinum does not offer sign-up bonuses or any bonuses on your regular purchases, which is typical for a fair credit card.
More benefits for cardholders
You may find the benefits of Capital One Platinum to be very small, but you do get some additional benefits that can help you improve your credit score over time. Considering there is no annual fee, this card also comes with a surprising amount of insurance and travel perks.
Credit related services
While the initial credit limit for Capital One Platinum can be as low as $300, Capital One also says it will automatically review your account after six months to see if you qualify for a higher credit limit. You also get unlimited access to Capital One’s CreditWise, which lets you monitor and track your credit at any time.
Travel allowance
This card comes with $0 Fraud Liability, Emergency Card Replacement, Security Warning, Eno Virtual Card Number and No Foreign Transaction Fees.
Consumer protection
Paying with a credit card also extends the warranty on eligible items within the manufacturer’s warranty period.
Prices and Fees
There is no annual fee for Capital One Platinum, but please note that when you choose to credit, you pay a variable APR of 26.99% on your purchase. There may also be a 3% cash advance fee (minimum $10) if you withdraw with a credit card, and a late fee of up to $40 if you pay your bill after the due date.
How Capital One Platinum compares to other credit cards for fair or average credit
If you look at credit cards with only fair credit ratings, you may find that you need to make a decision. You can choose an unsecured credit card like the Capital One Platinum Card with no annual fee, or you can try a credit card with good credit that also offers rewards for some of your daily expenses but requires a modest annual fee increase Privilege Fee. The latter makes a lot of sense — if you put a decent amount on the card, you can easily pay the annual fee and actually make money while you build up money by using the card to pay for everyday expenses.
Best card combined with Capital One Platinum
If you can’t decide between the two, Capital One QuicksilverOne is a great card to pair with Capital One Platinum. QuicksilverOne offers cardholders the opportunity to earn rewards in the form of unlimited 1.5% cash back when building their balance. The combined credit limit of the Capital One QuicksilverOne and Platinum cards will provide cardholders with greater flexibility and the ability to maintain low credit utilization.
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