March 2, 2021

Model Desac

It’s Time to Fly

Capital One Platinum Card Review

5 min read

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Capital One Platinum Credit Card

Capital One Platinum Credit Card

  • Intro bonus: No current offer
  • Annual fee: $0
  • Regular APR: 26.99% (Variable)
  • Recommended credit score: (No Credit History)

The Capital One Platinum card is a no annual fee card that makes a worthwhile option for raising or building credit, especially if you’re looking for an alternative to secured credit cards. Establish healthy credit habits and avoid this card’s high interest rate by charging only purchases you can afford and paying them off in full and on time each month.

At a Glance

  • No annual fee
  • Free, unlimited access to your credit score via Capital One’s CreditWise tool
  • $0 fraud liability if your card is lost or stolen
  • 26.99% variable APR

Pros

  • No annual fee or foreign transaction fees

  • Fraud coverage

  • Automatic credit line review

  • Price protection

Cons

  • No rewards

  • High APR

  • No introductory offer

Additional Card Details

The Capital One Platinum card is a no-frills, no annual fee credit card for building credit. In as little as six months, you may be considered for a higher credit limit with automatic credit line reviews.

You’ll also get $0 liability fraud coverage if your card is lost or stolen, pay no foreign transaction fees, and easily monitor your credit with Capital One’s CreditWise. It’s a free program and it won’t hurt your credit score.

You’ll also get access to Platinum Mastercard benefits, which include price protection, travel accident insurance, roadside assistance, extended warranty, and more. Price protection is a fairly rare benefit which protects you against price fluctuations by reimbursing the difference in price after you’ve purchased an item.

It does not come with any cash back rewards or the ability to earn Capital One miles for travel, nor does it offer a welcome bonus.

Should You Get This Card?

This card is a good option if you’re looking for a simple, no-annual-fee credit card to build credit or make some basic purchases. Because you can get approved with less-than-stellar credit or little credit history, Capital One Platinum makes a good credit-building alternative to more limiting secured credit cards.

One of the Capital One Platinum card’s best credit-building perks (and added incentive to practice good credit habits) is its automatic credit line increase after the first six months, if you pay your bills on time. If you’re looking to build or raise your credit, this feature can work in your favor by reducing your credit utilization ratio — the amount of your available credit that you are using.

This card can also be worthwhile if you’re traveling abroad since it doesn’t charge any foreign transaction fees — but if you’re looking to get a credit card with travel perks, look elsewhere, to one of several cards offering travel-related benefits. 

A significant downside of this card is its high APR: a variable rate of 26.99%. This is significantly higher than many other no annual fee cards, and it will result in higher interest charges if you plan to carry a balance. We recommend paying your credit card bills in full when at all possible to avoid paying any interest charges, let alone at a rate close to 30%.  

How to Use the Capital One Platinum Card

To get the most out of the Capital One Platinum card, keep it simple. Don’t charge more than you can afford to pay off at the end of the month, and pay your bills on time — especially in the first six months — so you can potentially get a higher credit limit automatically. 

It’s a solid card for everyday purchases because it does not come with an annual fee. That said, you won’t earn points, miles, or cash back on any purchases.

We do recommend using this card for purchases when prices may fluctuate so you can take advantage of price protection benefits. 

It’s also a decent choice for future international travel thanks to no foreign transaction fees and travel protections. But if you’re looking to earn bonus points on airfare or hotels, you’d be better off with a card like the Chase Sapphire Preferred. It charges a $95 annual fee, but you’ll earn 2x points on flights and hotels, and have the ability to use Chase Ultimate Rewards points to book travel either via partners or the Chase travel portal.

While you should pay your balance in full every month, it’s even more important to do so with the Capital One Platinum since it has such a high APR (26.99%). Carrying a balance may also have a negative effect on your credit score. If you’re more likely to carry a balance for any reason, you might look to other no annual fee cards with lower APRs, such as the Wells Fargo Platinum Card or HSBC Gold Mastercard® credit card.

Capital One Platinum Compared to Other Cards

Capital One Platinum Credit Card

Capital One Platinum Credit Card

  • Intro bonus:

    No current offer

  • Annual fee:

    $0

  • Regular APR:

    26.99% (Variable)

  • Recommended credit:

    (No Credit History)

  • Learn moreexterna link icon at our partner’s secure site
Citi® Secured Mastercard®

Citi® Secured Mastercard®

  • Intro bonus:

    No current offer

  • Annual fee:

    $0

  • Regular APR:

    22.49% (Variable)

  • Recommended credit:

    (No Credit History)

  • Learn moreexterna link icon at our partner’s secure site
Capital One QuicksilverOne Cash Rewards Credit Card

Capital One QuicksilverOne Cash Rewards Credit Card

  • Intro bonus:

    No current offer

  • Annual fee:

    $39

  • Regular APR:

    26.99% (Variable)

  • Recommended credit:

    (No Credit History)

  • Learn moreexterna link icon at our partner’s secure site

Bottom Line

EDITORIAL INDEPENDENCE

As with all of our credit card reviews, our analysis is not influenced by any partnerships or advertising relationships.

The Capital One Platinum card is a solid beginner-level credit card. If you’re looking for a card to help build or raise your credit, it’s certainly worth considering.

This card does not have an annual fee, but you also cannot earn cash back or other bonus rewards. And despite its high APR, it can help you improve your credit (if you practice good credit habits), while enjoying benefits such as price protection, extended warranty and the chance to automatically raise your credit limit after six months.

Frequently Asked Questions

You’ll need an average credit score (630 – 689) for the best chances of approval for the Capital One Platinum card.

No, the Capital One Platinum card does not have an annual fee.

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