Capital One Platinum Credit Card Review 2024 (2024)

• Capital One Platinum Credit Card Introduction
• Capital One Platinum Credit Card Fine Print
• Capital One Platinum Credit Card Quick Facts
• What Is The Capital One Platinum Credit Card Best For?
• Capital One Platinum Credit Card Rewards
• Capital One Platinum Credit Card Benefits
• How the Capital One Platinum Card Stacks Up
• Is the Capital One Platinum Card for You?
• Methodology

The Capital One Platinum Credit Card is a no-frills starter credit card designed primarily for those who have limited credit history or seek a credit-building card. Most of the time, cards aimed at this particular market carry an annual fee along with opening fees, and may require an upfront security deposit. This card, however, has none of those drawbacks.

Capital One allows potential customers to check for pre-qualified offers without impacting their credit via a hard credit check. Capital One typically checks all three credit bureaus when you submit an application, making pre-qualification an advantageous way to test the waters on your likelihood of approval.

With this card you can qualify for a credit line increase in as little as six months with responsible credit usage and on-time payments. Be aware that the card has a high APR, making it crucial to pay the balance in full each month.

The card’s lack of an annual fee and ability to receive a credit line increase automatically with responsible payment behavior are definitely advantages. But there are other cards on the market with similar attributes that offer rewards and other valuable perks.

Interest Rates

• APR: 29.99% (Variable)
• Purchase intro APR: N/A
• Balance transfer intro APR: N/A

Fees

• Annual fee: $0
• Balance transfer fee: Balance Transfer Fee applies to balances transferred at a promotional rate
• Foreign purchase transaction fee: None

• $0 annual fee
• No foreign transaction fee
• $0 fraud liability for unauthorized charges
• Accepted wherever Mastercard is accepted
• No welcome bonus or rewards program

• Automatic credit line reviews. Be automatically considered for a higher credit line in as little as six months.
• Emergency card services. In case your credit card is lost or stolen, you can get an emergency card replacement and a cash advance, subject to available credit.
• Mastercard ID theft protection. A service available to help Mastercard cardholders should you become the victim of identity theft.

Capital One Platinum Credit Card vs. Credit One Bank® Platinum X5 Visa®

For someone rebuilding credit, the Credit One Bank® Platinum X5 Visa® is a potential alternative. It offers a 29.74% variable APR on purchases and earns 5% cash-back rewards on the first $5,000 of eligible gas, grocery, internet, cable, satellite TV, and mobile phone service purchases each year, then 1% thereafter. All other purchases earn 1%. The card does carry an annual fee of $95 and a low initial credit limit. Many potential customers will find the fee structure, particularly an annual fee, difficult to look past, even after considering the ability to earn cash back.

Capital One Platinum Credit Card vs. Discover it® Student Cash Back

If you’re relatively new to credit cards, the Discover it® Student Cash Back card may compare favorably to the Capital One Platinum. It carries no annual fee and offers 5% cash back on everyday purchases at different places each quarter like grocery stores, restaurants, gas stations and more, up to the quarterly maximum once activated. Plus, automatically earn unlimited 1% cash back on all other purchases.

Additionally, at the end of a new cardholder’s first year Discover will provide an Unlimited Cashback Match™ - Discover will match all the cash back you’ve earned at the end of your first year. There's no minimum spending or maximum rewards. Remember, the Capital One Platinum does not provide any cash back.

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

Another Capital One product to consider is the Capital One QuicksilverOne Cash Rewards Credit Card (rates & fees). The rate and benefits are similar to the Platinum, though the QuicksilverOne offers 1.5% cash back on every purchase and 5% cash back on hotels and rental cars booked through Capital One Travel (terms apply). It would take $2,600 in spending to offset the $39 annual fee. If you can meet that expense threshold, the QuicksilverOne is the better option. Also, the cash-back benefit is versatile, and may be redeemed as a check, statement credit or to cover a recent eligible purchase.

For someone with average credit, the Capital One Platinum Credit Card is on the short list of viable options. Since Capital One reports to all three major credit bureaus, you may be rewarded for establishing a new history of responsible credit usage. The potential for additional credit extension is also a plus. Balance Transfer Fee applies to balances transferred at a promotional rate.

However, the high APR on this card is a detriment if you tend to carry a balance month to month. Plus, the low initial limit may make it difficult to maintain a low credit utilization percentage, which is critical when trying to improve your score. On the other hand, the average age of credit is another important consideration, and the $0 annual fee will make this card easy to keep around.

While this card may meet your credit-specific needs in the short term, it is best used as a stepping stone to cards with better features.

Forbes Advisor considers a variety of criteria when assigning credit cards a rating. The Capital One Platinum Credit Card was rated based on the following factors:

• No annual fee
• No foreign transaction fees
• Relative ease of approval
• Lack of welcome bonus offer
• Lack of ongoing rewards
• High APR

Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors come together to provide a star rating for each individual card.

To learn more about our rating and review methodology and editorial process, check out our guide on how Forbes Advisor rates credit cards.

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.