Capital One Platinum Credit Card Review 2024 (2024)

Capital One Platinum Credit Card: Review

Is the Capital One Platinum Card good?

It depends on what you define as “good.” The Capital One Platinum Credit Card allows for a good opportunity to get a card that doesn’t require a security deposit or an annual fee, and cardholders who manage their accounts responsibly can improve their credit histories.

However, compared to other credit cards, this card is lacking in perks. It doesn’t earn rewards and has no partner benefits or statement credits, but if your goal is to build your credit history with an unsecured credit card, the Capital One Platinum may be a good option.

Capital One Platinum Credit Card: Highlights

• No annual fee
• Doesn’t earn rewards
• Chance of a credit limit increase after 6 months of responsible use
• Has fraud liability protection and credit monitoring tools
• 29.99% variable APR
• Doesn’t require a security deposit

Who is the Capital One Platinum Card best for?

The Capital One Platinum Card is for individuals with lackluster, but not very bad, credit scores (we recommend at least a 580 FICO score). It can be used to help build credit without paying an annual fee or putting up a security deposit. This card is not for people looking to earn rewards on their purchases, as it doesn’t earn any.

Capital One Platinum Credit Card: Rewards

The Capital One Platinum Mastercard does not come with a rewards program. That also means there isn’t a welcome offer — an option for earning quick cash back or other rewards if you spend a certain amount within a short period.

Rates & Fees

Fees

• Annual fee: $0
• Late payment fee: Up to $40
• Balance transfer fee: 4% if you were offered a promotional APR; no fee at the regular APR
• Foreign transaction fee: None
• Cash advance fee: 5% of the total charge or $5, whichever is more

Interest Rates

• Regular APR: 29.99% variable APR
• Introductory APR on purchases: No introductory APR offer on this card
• Balance transfer APR: 29.99% variable APR unless you are offered a promotional balance transfer APR
• Penalty APR: No penalty APR for late payments

Credit limit

Capital One doesn’t publish a specific credit limit range for the Capital One Platinum Credit Card. The credit limit you are offered depends on factors such as your FICO score, current debt load and your income.

According to reports from cardholders, credit limits may range from $300 to $3,000. It’s more likely that you’ll be approved on the lower end of the range to start unless you already have good credit.

Capital One Platinum Credit Card: Benefits

• Automatic credit card limit reviews. If you pay your statements on time, manage your balance well and keep your other existing debts in good order, you might be approved for a credit limit increase just six months after opening this card.
• Reports to all three credit bureaus. Capital One reports your payment and account history to all three major credit bureaus— TransUnion, Equifax and Experian. This is a critical benefit for anyone looking for ways to build credit because timely payments only have a positive impact on your credit history if they’re reported.
• No penalty APR. While you will pay a late fee if you miss a payment — and may take a hit on your credit report if you’re 30 days late or more — this card doesn’t charge a penalty APR. Other cards raise your interest rate temporarily after a late payment, but your regular APR remains the same on the Platinum card from Capital One.
• 24/7 customer service access. If you have questions about your account, need to pay a credit card bill or have any other issues, you don’t have to wait for customer service lines to open. Cardholders can call 24 hours a day, seven days a week and speak to a customer service representative about their issue.
• $0 fraud liability protection. This card comes with $0 fraud liability. This means you aren’t held responsible for unauthorized charges made on your card if it’s lost or stolen.
• Add an authorized user. If you’re trying to build credit jointly with someone, such as a spouse, you can add an authorized user to your account so you both benefit from the positive credit activity.
• Emergency card services. You can quickly get a replacement card if yours is stolen or lost. That’s especially helpful if you’re traveling and relying on your card to help get you home.
• Credit monitoring and security alerts. Capital One lets you set up security notifications via phone, email or text message. It will send you a notification if unusual activity hits your card. You also get access to CreditWise, Capital One’s credit monitoring service. You can see credit report information from Experian and TransUnion via this program. You can also track your FICO score to understand how your current situation and actions impact your credit.
• Card lock. If you can’t put eyes on your credit card and aren’t sure if it was stolen or lost, you can lock it quickly in the Capital One Mobile app. When a card is locked, no one can use it. If you find your card a few hours or even days later and realize it was simply misplaced, you can unlock it in the mobile app so you can use it.

Capital One Platinum Credit Card: Drawbacks

No rewards

While many credit cards earn rewards on eligible purchases, the Capital One Platinum Card doesn’t offer any. This card is first and foremost meant to help users build their credit responsibly. Sometimes earning rewards can encourage people to spend more money than they should, so this could be a potential benefit— removing the incentive to earn cash back or points, thereby limiting your spending.

High APR

If you pay off your credit card balance every month, you won’t pay any interest expenses. If you carry a balance from month to month, you begin to accrue interest on that debt until you pay it off. The Capital One Platinum’s interest rate is high — 29.99%, so if you do carry a balance, you’ll be met with some less-than-ideal charges. Even with a lackluster credit score, you may be able to get approved for a card with a lower interest rate.

Not for bad credit scores

Capital One Platinum, while it’s meant to help people rebuild their credit, still requires a fair credit score to qualify. That’s a FICO score of 580 or higher. If your score is lower than that, you may want to take a look at the best credit cards for bad credit. On the other hand, if you have good, very good or exceptional credit, you’ll likely get approved for this card, but you may want to explore other options first.

See: Best Credit Cards for Bad Credit or The Best Credit Cards of 2024

How the Capital One Platinum Card compares

Capital One Platinum Credit Card vs. Capital One Quicksilver Cash Rewards Credit Card

Those who are more interested in a rewards credit card and who have excellent credit might prefer the Capital One Quicksilver Cash Rewards Credit Card over the Platinum card.

Here’s a quick look at how these cards stack up against each other.

Even without digging deeper, you can see that the Quicksilver card is a better choice if you have the credit score to get approved.

Learn more: Capital One Platinum vs. Quicksilver

Capital One Platinum Credit Card vs. Capital One Platinum Secured Credit Card

The Capital One Platinum Card and the Capital One Platinum Secured Credit Card have similar perks and fee structures, but the Platinum Secured requires a security deposit to open your account.

Let’s see how these cards stack up:

If your score is too low to qualify for the Capital One Platinum Card, its secured counterpart may be a good option.

Should you get the Capital One Platinum Credit Card?

You might consider the Platinum card a middle step on the road to building credit and improving your credit score. It could be a good option if you have average or slightly lower credit and don’t want a card that comes with an annual fee.

You can get some benefits out of this card if you keep the balance low to avoid large interest expenses and always pay your statement on time. Because Capital One reports to all three credit bureaus, you can build a positive credit history that may help you get approved for a better credit card with reward options in the future.

If you don’t think the Capital One Platinum card is the best credit card for you, check out our other reviews for Capital One cards to see if one of these is a better fit.

• Capital One Venture Rewards Credit Card review
• Capital One Venture X Rewards Credit Card review
• Capital One SavorOne Cash Rewards Credit Card review
• Capital One Quicksilver Student Cash Rewards Credit Card review
• Capital One SavorOne Student Cash Rewards Credit Card review
• Capital One QuicksilverOne Cash Rewards Credit Card review

FAQ: Capital One Platinum card