Capital One Platinum Credit Card review: An attractive unsecured option for credit-builders
Cardholders who want to build credit but don’t want to pay a security deposit or annual fee can find a happy – but limited – medium with the Capital One Platinum.
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Snapshot
4.2
Bottom line
The Capital One Platinum Credit Card is a solid choice for people looking to build credit. You won’t earn rewards or have access to many perks, but it will help you learn to manage your credit effectively. But, beyond helping you to build your credit, this card doesn’t have much to offer.
Intro offer
N/A
Annual fee
$0
Regular APR
29.74% (Variable)
4.0
Cardholder rating
Extra perks
Online tools
Customer service
Information safe
4.2
Bankrate score
Cost of membership
Ease of building credit
APR
Features
Card Details
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Capital One Platinum Credit Card Overview
Whether you’re graduating from a secured card or looking for a starter card, the Capital One Platinum Credit Card is a great choice for building credit without distractions. You don’t earn rewards with the card, and it doesn’t offer many cardholder perks. However, it might still be a smart option for people with fair credit who may not yet be eligible for the best rewards cards on the market today.
If approved, you can take advantage of this option to help improve your credit with no annual fee and without tying up money in a security deposit. With few entry barriers and low ongoing costs, the Capital One Platinum card is no doubt one of the best unsecured credit-building card options on the market.
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Rewards
- This card does not offer rewards.
Expert Appraisal: Unimpressive
See our expert analysis -
Rates and fees
- Annual fee: $0
- Ongoing APR: 29.74% (Variable) APR
- Balance transfer fee: Balance Transfer Fee applies to balances transferred at a promotional rate
- Late payment fee: Up to $40
- Foreign transaction fee: None
- (See Rates & Fees)
Expert Appraisal: Typical
See our expert analysis -
Credit-building features
- CreditWise access
- Automatic credit increases reviews after six months
- 24/7 virtual chat assistance
Expert Appraisal: Good
See our expert analysis -
Other cardholder perks
- Emergency Card Services
- Mastercard ID Theft Protection™
- Fraud coverage for unauthorized charges
Expert Appraisal: Typical
See our expert analysis
Capital One Platinum card pros and cons
Pros
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Based on cardholder reviews, you’ll likely have a chance of approval with only fair credit, or a FICO score as low as 580.
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There’s an automatic account review after six months to see if you qualify for a higher credit limit, which could keep your credit utilization ratio low.
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There’s no annual fee to offset each year.
Cons
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The card isn’t part of a rewards program, meaning even cards with a low rewards rate can be more valuable in your wallet.
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It has no intro APR offers that could temporarily save on its high interest rate, a feature typical for no-annual-fee credit cards.
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The perks don't benefit you outside of credit building and card monitoring.
How to build credit with the Capital One Platinum card
The Capital One Platinum card can be great for credit building for a few reasons, but the main one is simple: it has no distractions. This card exchanges rewards and fancier card perks for the security and simplicity, mirroring a secured card but without the need for a security deposit. In fact, due to it not having an annual fee, it's potentially cheaper than carrying a secured card.
Since to the card lacks rewards, you don't feel the need to use it more than necessary, which is great since the interest for this card is quite high compared to the current average interest rates. Plus, the benefits may be limited but very useful. With CreditWise you can keep track of your credit score and learn how to improve it. The card's fraud protection makes sure you're not liable for purchases you didn't make. So, while it has some shortcomings, this card is a good tool for perfecting the basics of having a credit card.
Why you might want the Capital One Platinum card
The Capital One Platinum card takes a low-fee, low-maintenance approach to building credit. Although it lacks rewards value, it is convenient for cardholders with average credit who prefer a no-frills card as they work towards a good credit score.
Credit building: Focused approach to building credit responsibly
If you’re building your credit score, with a credit card, it’s crucial to understand how a credit card can help you improve your credit before you apply. The Capital One Platinum card won’t distract you with enticing rewards or welcome offers. Instead, it lets you focus on building credit and includes some great features to guide you along the way. Here’s how it can help:
Automatic credit increase reviews
Capital One will automatically review your account for a credit line increase after six months of responsible card use. Since a higher limit makes it easier to keep your credit utilization low, this perk is especially useful for anyone who plans to hold onto the card long-term. If approved, a credit increase after an automatic review is a great alternative to opening an additional card and adding a hard pull to your credit report.
Unlimited CreditWise Access
While CreditWise gives you snapshots of your credit score from TransUnion and Experian, it’s also a great tool for finding out why your score fluctuates. It gives suggestions on how to increase your score and can alert you when there is a change to your report, such as delinquent accounts or credit inquiries.
Assistance with Eno
Eno is Capital One's virtual assistant that can help you keep track of recurring charges, put reminders on free trials and provide helpful spending insights. It also assists in keeping your card safe by alerting you of suspicious activity and duplicate charges. This way, nothing sets back your credit journey.
Minimal fees: A favorable pick for cardholders looking to skip extra costs
The Capital One Platinum card charges as few fees as possible with the Platinum card not charging foreign transaction fees or an annual fee. (See Rates & Fees)
The card does charge late payment and cash advance fees, but these fees combined should be incentive enough to deter you from making late payments or withdrawing cash advances. Cash advances accrue interest from the transaction date, so you should avoid cash advances whenever possible. Plus, making late payments could damage your credit score. Because the Capital One Platinum charges for both of these, do your best to stay on track when it comes to using your card, making payments and building credit.
Perks: Thin but convenient perks make this card competitive
This card isn’t bursting with extra perks and benefits like you might find with other cards. It only includes fraud coverage for unauthorized charges, emergency card services and Mastercard ID TheftProtection™. However, these perks offer enough security for those trying to fast-track their way to good credit and qualify for better cards with more lucrative rewards rates, perks and benefits.
These perks are also a nice security blanket for first-time cardholders who might be wary of the risks associated with using credit cards. In 2024, credit card fraud was the number one reported instance of fraud to the Federal Trade Commission, with over 650,000 fraud reports. Mastercard’s ID TheftProtection can help if you’re ever the victim of identity theft and, along with $0 fraud liability for unauthorized charges in the event your card is lost or stolen, Capital One can send emergency card replacements and cash advances (if you have available credit).
Why you might want a different card for average credit
Although this card's low-maintenance features might be attractive, it lacks value when it comes to rewards, a welcome offer and its ongoing APR. It’s a great card for building credit because it curbs distractions like earning rewards, but responsible cardholders could benefit from the value and security of rewards cards for fair credit.
Rewards: Lacks basic rewards for your purchases
Other cards in this credit score range offer rewards for purchases. The rates aren’t stellar and don’t compare well with the rewards rates of cards for good credit, but this is an area where the Capital One Platinum card fails to measure up to the competition. The Capital One Platinum doesn't earn rewards, but other cards may typically earn up to 5 percent back for eligible purchases and flat-rate credit cards can offer of up to 2 percent back per purchase. These other rewards cards for fair or average credit have the edge, because earning just a fraction back for your spending is a great way to minimize costs.
If you’re a responsible cardholder with a demonstrated history of on-time payments for all of your debts, rewards may not be much of a distraction and the Capital One Platinum may lack value for you. However, if you’re new to credit cards, then you might want to focus on the importance of building credit — which the Capital One Platinum is perfect for.
Welcome offer: No bonus for first year spending
Like rewards rates, welcome offers are a great way to earn a chunk of money back for your spending. Cards in this credit range don’t have the highest welcome offers available, but many come with decent bonuses for everyday spending. Cardholders can earn up to $200 (after meeting the card's spending requirement) with some cards for fair credit.
Using a credit card makes overspending easy, and chasing a welcome offer that may normally be out of reach is an example of irresponsible card use. If you can manage the requirements, or it matches with your normal spending habits, welcome offers can be a nice addition to your new credit card. But if you feel you may overspend to attain a welcome offer, then you should look at a basic card without an intro offer like the Capital One Platinum.
High APR: Carrying a balance will accumulate large interest charges
This card’s APR is a sky-high 29.74% (Variable), which is on par with the typical penalty APR on many other cards (See Rates & Fees). If you’re building credit, it’s a great idea to avoid carrying a balance at all. It will only make your credit journey more difficult because you’re utilizing more of your credit than you can pay off monthly. A balance you carry will accrue interest, hinder your score over time and make paying your balance more difficult. But if you tend to carry a balance on your card, then you might want to consider a card with a lower APR.
How the Capital One Platinum compares to other credit cards for fair or average credit
If you’re considering credit cards for fair credit, you’ll probably find a limited number of options. If you don't overspend, a rewards card can be the better option. Depending on how much you spend with your card, you might be able to cover the annual fee and earn money while building your credit.
Annual fee
Intro offer
Rewards rate
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Annual fee
Intro offer
Rewards rate
Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply. Earn unlimited 1.5% cash back on every purchase, every day.
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Annual fee
Intro offer
Rewards rate
Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments. 1% cash back on eligible purchases right away.
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Bankrate’s Take — Is the Capital One Platinum right for me?
The Capital One Platinum is a smart option if you need a card for fair credit but want a no-annual-fee credit card (See Rates & Fees). If you are approved, be sure to use your card responsibly, keep a low balance and always pay your credit card bill early or on time. If you take those steps, you’ll be on your way to a better credit score and a more lucrative rewards credit card in no time. This card is a great fit for:
- Credit builders who are just getting started or continuing their credit-building journey from a secured card.
- Students who prefer a low-maintenance, no-frills starter card over a student credit card.
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
*Information about the Petal® 2 "Cash Back, No Fees" Visa® Credit Card has been collected independently by Bankrate. The card details have not been reviewed or approved by the issuer.
Alternative picks
Want a bit more from your credit card? Here are some other options for those with fair/average credit.
Frequently Asked Questions
How we rated this card
Our proprietary card rating system takes into account a mix of factors when scoring credit cards for students and people building credit, including each card’s cost, APR, credit-building tools and more.
We analyzed over 50 of the most popular cards designed for students and people with no credit history, bad credit or a fair credit score and scored each based on where its key features stood in relation to others in its category.
Here are some of the key factors that gave this card its score:
What cardholders think
Capital One Platinum Credit Card
In May 2024, Bankrate collaborated with third-party SliceMR to survey 6160 cardholders nationwide. Bankrate and Slice MR collected, averaged and presented website analytics and cardholder responses to six questions on a 5-point scale. Responses are based on individual cardholder’s product details, and therefore cannot be verified for accuracy. Users received an incentive for their feedback. User ratings are unedited and have not been reviewed or approved by credit card issuers, nor do these ratings reflect Bankrate’s own reviews of these cards.
Community Reviews
* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.
Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.
