Why did the unsecured credit card blush? It was caught swiping right on a fair credit score profile.
Yes, I used AI to generate this joke.
It’s not the worst, you’ve got to admit.
Or is it?
Well, the Capital One Platinum card is kind of the same.
Not your worst option to build credit, but certainly not the best one when it comes to rewards and intro offers.
Is it the card you’ve been looking for?
Let’s find out—
This article will show you:
- What the Capital One Platinum credit card is, and how it works.
- Its fees, bonuses, and other details.
- How it compares to other similar cards.
How Does the Capital One Platinum Card Credit Card Work?
Capital One Platinum credit card is designed to help you build or rebuild your credit score.
No annual fee goes hand in hand with no rewards and no intro offer.
Capital One reports your payment history to all three major credit bureaus, helping you establish a positive credit history over time.
If you make your payments on time, you may be eligible for a credit line increase after six months.
Is the Capital One Platinum Card Secured or Unsecured?
The Capital One Platinum comes in two versions—secured and unsecured. Both cards are available with no annual fee and have the same APR.
Capital One Platinum secured credit card requires a $49, $99, or $200 minimum refundable deposit. The amount you choose determines your credit line.
The unsecured version is for those with fair credit score, while the secured one is for rebuilding credit (including those who defaulted on a loan more than once).
Read on to learn more about the Capital One Platinum unsecured credit card.
Capital One Platinum Credit Card: Overall Card Review
Is Capital One Platinum a good credit card for beginners?
Capital One Platinum Mastercard is a great option for beginners who are looking to establish credit.
With no annual fee and a relatively low entry barrier (500–600 FICO), this card offers a solid foundation for building a credit history.
Key Capital One Platinum Mastercard® Credit Card Fees & Rates
|
Fee |
Detail |
|
Annual fee |
$0 |
|
APR |
29.99% |
|
APR for cash advances |
29.99% |
|
Balance transfer fee |
3% |
|
Cash advance fee |
Either $3 or 3% of the amount of each cash advance (whichever is greater). |
|
Foreign transaction fee |
0% |
|
Late fee |
Up to $40 |
Capital One Platinum card credit score needed
What credit score do you need for a Capital One Platinum card? Typically, it’s a fair credit score of 500 to 600 FICO.
You can check if you qualify for the card without a hard pull on your credit report.
Capital One Platinum Card: Pros & Cons
Pros
- Low entry barrier.
- Good for building credit.
- No annual fee.
- No foreign transaction fee.
- Credit limit increase after 6 on-time payments.
- Access to CreditWise to monitor credit score.
- 24-hour travel assistance services.
- Fraud coverage and alerts.
Cons
- High interest rate.
- No cashback or rewards program.
Our Honest Capital One Platinum Card Review
What we like
There are quite a lot of Capital One Platinum card benefits, although the card doesn’t offer any rewards or bonus programs.
Low entry barrier
The Capital One Platinum card welcomes those with fair credit—500–600.
Good for building credit
Think of this card as your credit score’s personal trainer, helping you flex your financial muscles and build a stronger credit profile.
No annual fee
Who doesn’t love freebies? This card keeps your wallet happy with zero annual fees to worry about.
No foreign transaction fee
Capital One Platinum card won’t charge you extra for making purchases abroad.
Credit limit increase after 6 on-time payments
It’s like a mini-promotion for your credit card. Make six on-time payments, and you could see a boost in your credit limit.
Access to CreditWise to monitor credit score
You can keep an eye on your credit score with the help of CreditWise for free. That way, you’ll always be on top of your financial situation—and once your score is higher, you’ll be able to choose a card with additional benefits (like a rewards program).
24-hour travel assistance services
Lost your card while globetrotting? The Capital One Platinum card has your back with round-the-clock travel assistance.
Fraud coverage and alerts
Capital One provides you with fraud coverage and alerting you to any suspicious activity.
Things to keep in mind
High interest rate
Capital One Platinum Mastercard® has a high APR of 29.99%.
The table below shows an example of how long it would take you to pay off $10,000:
|
APR |
Credit card balance |
Monthly payment |
Months to pay off |
Total interest paid |
|
29.99% |
$10,000 |
$300 |
73 |
$11,756 |
|
|
|
$400 |
40 |
$5,885 |
|
|
|
$500 |
29 |
$4,033 |
|
|
|
$1,000 |
12 |
$1,652 |
Learn exactly how much and for how long you’d need to pay off your credit card by downloading our free Credit Card Payoff Calculator.
No cashback or rewards program
Capital One Platinum credit card cash back isn’t available.
Capital One Platinum Card—Your Questions Answered
What is the highest credit limit for a Capital One Platinum MasterCard?
The highest credit limit for Capital One Platinum Mastercard will depend on individual creditworthiness and financial situation. For the secured option, it’s $1,000.
What is Capital One Platinum card customer service like?
Capital One Platinum card customer service has received mixed reviews from customers.
Good news is some cardholders have praised the customer service for being helpful, friendly, and responsive. They appreciate the ease of access to customer support through the Capital One mobile app, online chat, and 24/7 phone assistance.
The bad news is the usual—there are customers who complain about long wait times, difficulty in resolving issues, and occasional unhelpful representatives.
According to Credit Karma, the Capital One Platinum card has a customer service rating of 4.4 out of 5 stars based on almost 500 reviews.
Can you withdraw money from a Capital One Platinum credit card?
Yes, you can withdraw cash from a Capital One Platinum credit card—but it’s subject to fees and interest rates.
Can you use Capital One Platinum card at ATMs?
Yes, you can use the Capital One Platinum to withdraw cash.
How Does the Capital One Platinum Card Credit Card Compare?
High level comparison of Capital One Credit Cards
Capital One Platinum card vs. QuicksilverOne
Both Platinum and QuicksilverOne cards are issued by Capital One. You can get your hands on them if you have at least fair credit score (500–600).
(If you’re not sure what’s your score right now, you can easily check it here.)
The biggest difference between the cards is that the Capital One Platinum card is free but comes with no rewards program.
QuicksilverOne has an annual fee of $39 and a cash back on every purchase—1.5%, to be exact.
|
Card |
||
|
Credit score |
Fair |
Fair |
|
Annual fee |
$0 |
$39 |
|
APR |
29.99% |
29.99% |
|
Foreign transaction fee |
None |
None |
|
Cashback system |
No |
Yes, 1.5% cash back on all purchases |
|
Credit limit increase after 6 on-time payments |
Yes |
Yes |
|
Access to CreditWise to monitor credit score |
Yes |
Yes |
|
24-hour travel assistance services |
Yes |
Yes |
|
Fraud coverage and alerts |
Yes |
Yes |
Capital One Platinum MasterCard vs. Discover It Cash Back card
The Capital One Platinum card focuses on helping those with fair credit scores build their credit, offering no annual fee and no foreign transaction fees.
On the other hand, the Discover It Cash Back card is designed for users with good credit scores who want to maximize cashback rewards through rotating bonus categories, also with no annual fee.
You can earn up to 5% on purchases and at the end of your first year using the card, you get cashback match—one dollar for every dollar earned.
So, Discover It card is a good next step after you improve your credit score using the Capital One Platinum responsibly.
Tim Doman, an investment analyst and CEO of TopMobileBanks, lists these things as crucial to build a better credit score and upgrade to a better credit card:
“Payment history makes up 35% of your credit score, so make sure you make all of your payments on time. Another factor is the amount of debt you have. Credit utilization ratio makes up 30% of your credit score—always remember to keep it below 30%.
Other factors that can delay your credit-building efforts include applying for too much credit at once, having a short credit history and a high number of derogatory marks on your credit report, such as bankruptcies or collections.”
|
Card |
||
|
Credit score |
Fair |
Good |
|
Annual fee |
$0 |
$0 |
|
APR |
29.99% |
0% intro APR for 15 months on purchases and balance transfers until August 10, 2023. Then 16.74%–27.74% Standard Variable Purchase APR |
|
Foreign transaction fee |
None |
N/A |
|
Cashback system |
No |
Yes, 1%–5% and Cashback Match |
|
Credit limit increase after 6 on-time payments |
Yes |
N/A |
|
Access to monitoring credit score |
CreditWise |
FICO® Credit Score |
|
24-hour travel help services |
Yes |
N/A |
|
Fraud coverage and alerts |
Yes |
Yes |
Capital One Venture card vs. Platinum card
The Venture card is designed for those with good to excellent credit scores who love to travel and want to earn rewards doing so.
It offers 1.25–5 miles per dollar spent on purchases without any annual or foreign transaction fees.
In contrast, the Capital One Platinum card is tailored for those with fair credit scores who want to build or improve their credit history.
It doesn’t offer any rewards or sign-up bonuses, but it’s a good credit-building card. After some time of responsibly using it, you can upgrade to the Capital One Venture card.
|
Card |
||
|
Credit score |
Fair |
Good |
|
Annual fee |
0$ |
0$ |
|
APR |
29.99% |
29.99% |
|
Foreign transaction fee |
None |
None |
|
Cashback system |
No |
Yes, you’ll earn 1.25–5 miles per dollar on every purchase |
|
Credit limit increase after 6 on-time payments |
Yes |
N/A |
|
Access to CreditWise to monitor credit score |
Yes |
N/A |
|
24-hour travel assistance services |
Yes |
Yes |
|
Fraud coverage and alerts |
Yes |
Yes |
Related: Capital One Platinum alternatives reviews
Capital One Platinum Card Reviews (From the Web)
User reviews for the Capital One Platinum credit card are generally positive, with many cardholders appreciating its features.
It has over 300 five-star reviews on Credit Karma. Only 34 out of almost 500 were one-star reviews.
The card’s low entry barrier, no annual and foreign transaction fees, credit limits’ increase after making six on-time payments, and access to CreditWise seem to be the biggest benefits.
Capital One Platinum Card: Useful Links
Capital One Platinum card customer service
Capital One Platinum card customer service can be reached 24/7 through their phone line (1-877-383-4802), mail or online chat feature.
They also offer a mobile app for easy access to account information and customer service.
Capital One Platinum card app
Download the Capital One Mobile app on Google Play or App Store.
Capital One Platinum card application
Apply for the credit card Capital One Platinum on the issuer’s website.
Capital One Platinum card activation
To activate your new Capital One Mastercard Platinum, visit the issuer’s website.
Capital One Platinum card login
Login or sign up to your Capital One account here.
Is the Capital One Platinum Credit Card Good For Me?
The Capital One Platinum credit card is a good card for you if:
- You’re looking to build or improve your credit score.
- You want a card with no annual fee.
- Small credit limit is okay for you at the beginning (the card offers access to a higher credit line after making your first six monthly payments on time).
- You need fraud coverage and alerts for your peace of mind.
The Capital One Platinum credit card isn’t a good card for you if:
- You’re looking for rewards or a cashback program.
- You have a better than fair credit score and could choose a better credit card.
Overall, the Capital One Platinum credit card is a good option for people who are looking to build or improve their credit score and don’t need rewards or cashback programs.
If you are looking for rewards or cashback, find out more about 22 best cashback credit cards in 2023.
FAQ
Is Capital One Platinum hard to get?
The Capital One Platinum Mastercard is relatively easy to get for those with fair credit scores—that’s around 500–600 FICO.
If you’re not quite there yet, learn how to build your credit fast.
Is Capital One Platinum better than Discover It?
Capital One Platinum is better than Discover It for building credit from fair (500–600) scores. Other than that, Discover It offers better benefits, including cashback program and 0% intro APR for 15 months.
Click here to learn how to build credit to 700. A 700 credit score is considered good and could let you apply for Discover It or VentureOne Rewards for Good Credit.
What does Capital One Platinum upgrade to?
To upgrade from Capital One Platinum, consider the Capital One Quicksilver card. It offers 1.5% cash back on purchases, has no annual fee, and a sign-up bonus of $200 after spending $500 in the first three months.
If you build your credit score to more than 600, check the VentureOne Rewards for Good Credit.
Click here to learn how to build credit to 700.
How much should I spend if my credit limit is $1000?
Spend no more than $300 if your credit limit is $1,000. This is because it’s recommended to keep your credit utilization ratio below 30%. If you spend over 30% of your credit limit, it can negatively impact your credit score.
What is the hardest Capital One card to get?
Among the hardest Capital One cards to get are Capital One Venture Rewards, Capital One Spark Cash Plus, and Capital One Venture X Rewards credit card.
Can you pay bills with Capital One Platinum card?
Yes, you can pay bills with your Capital One Platinum card. To do so, simply log in to your Capital One account and set up bill pay.
You can also use your card to set up automatic payments for bills that are the same amount each month, such as your rent or mortgage.
It’s important to remember to pay off your balance in full each month to avoid accruing interest charges.
How long does it take to get your Capital One Platinum card?
Once approved, it typically takes 7–10 business days to receive your Capital One Platinum card in the mail. To ensure timely delivery, make sure your mailing address is accurate and up-to-date.
Once you receive your card, activate it immediately to start building your credit history.
