Capital One Platinum Credit Card Review 2024

May 2024 · 11 minute read

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

Whether you're a student with a limited credit history or someone who's bouncing back after some financial hiccups, getting approved for the best credit cards can be challenging. Fortunately, there are cards specifically geared toward those with average or "fair" credit — defined by FICO as a score in the 580–669 range.

The Capital One Platinum Credit Card falls under this umbrella, and it's one of the best credit cards for bad credit. Unlike some starter credit cards, the Capital One Platinum Credit Card doesn't charge an annual fee or add foreign transaction fees — and it's an unsecured card, so you don't have to put down a cash deposit as collateral (see rates and fees).

Capital One Platinum Credit Card

Capital One Capital One Platinum Credit Card Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 2.38/5 Icon of check mark inside a promo stamp It indicates a confirmed selection. Perks

Help build your credit through responsible use. Be automatically considered for a higher credit line in as little as six months.

Annual Fee

$0

Intro APR

N/A

Regular APR

30.74% Variable

Intro Offer

N/A

Recommended Credit

Average, Fair and Limited

ProsConsInsider’s Take

The Capital One Platinum Credit Card is worth considering if you're new to credit or trying to improve your credit score. While it doesn't earn rewards or offer many benefits, it could be a good stepping stone in your credit journey — and you won't pay an annual fee or foreign transaction fees.

Product Details

Capital One Platinum Credit Card Review

If you're looking to earn points, miles, or cash back, you're out of luck — the Capital One Platinum Credit Card doesn't offer a welcome bonus and you won't earn rewards for your spending. That might not matter to you if you're just starting out and are focused on building your credit history, but if you've already established a decent financial track record, you may want to look at one of the best rewards credit cards instead.

That said, if your aim is to improve your credit score, the Capital One Platinum Credit Card does offer a useful feature. After six months, you'll automatically be considered for a credit line increase, which can potentially help boost your credit score by increasing the amount of credit available to you.

Insider's Featured Secured Credit Cards

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Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Earn unlimited 1% cash back on all other purchases.

APR

28.24% Variable

APR

28.24% (Variable)

Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel. Earn 1.5% cash back on every purchase with a refundable $200 minimum deposit.

APR

30.74% Variable

We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

Capital One Platinum Credit Card Rewards

The Capital One Platinum Credit Card doesn't offer a welcome bonus or earn rewards for spending.

Capital One Platinum Credit Card Benefits and Features

The Capital One Platinum Credit Card doesn't earn rewards, and as a credit card for beginners, it's pretty lean on benefits. However, it does offer a few features that are helpful for building credit and keeping an eye on your finances.

Automatic credit line reviews

After six months of on-time payments, Capital One will automatically consider you for a credit line increase. Getting a higher credit limit, combined with not carrying a balance, can improve your overall credit utilization ratio and potentially increase your credit score

Capital One CreditWise

Capital One CreditWise is a free program that offers credit monitoring and identity theft protection. It's available to everyone — you don't need the Capital One Platinum Credit Card to enroll — but it's a handy feature, especially if you want to keep a close eye on changes to your credit score.

Security features

The Capital One Platinum Credit Card, like many other credit cards, comes with security features that can help protect you against fraud:

Capital One Platinum Credit Card

Capital One Capital One Platinum Credit Card Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 2.38/5 Icon of check mark inside a promo stamp It indicates a confirmed selection. Perks

Help build your credit through responsible use. Be automatically considered for a higher credit line in as little as six months.

Annual Fee

$0

Intro APR

N/A

Regular APR

30.74% Variable

Intro Offer

N/A

Recommended Credit

Average, Fair and Limited

ProsConsInsider’s Take

The Capital One Platinum Credit Card is worth considering if you're new to credit or trying to improve your credit score. While it doesn't earn rewards or offer many benefits, it could be a good stepping stone in your credit journey — and you won't pay an annual fee or foreign transaction fees.

Product Details

Capital One Platinum Credit Card Annual Fee and Other Costs

The Capital One Platinum Credit Card doesn't charge an annual fee, so you can keep it for the long term without worrying about a yearly cost and potentially improve your credit score by increasing the average age of your accounts (see rates and fees).

It's also a solid choice to bring with you if you're traveling abroad, because it doesn't add foreign transaction fees to international purchases. On other cards, these fees can be 3% or more, so if you're out of the country it's important to pack a card that doesn't charge them.

The Capital One Platinum Credit Card is not a good choice if you need to carry a balance from month to month because it charges a very high 30.74% Variable APR. Paying off your balance in full each month is key to building your credit score (and saving money on interest), but if you need to make a large purchase and pay it off over time, one of the best zero-interest credit cards would be a better bet.

And, like with most other cards, you may be charged for certain scenarios, including:

Capital One Platinum Credit Card Comparison

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

Unlike the Capital One Platinum Credit Card, the Capital One QuicksilverOne Cash Rewards Credit Card earns rewards: 5% csh back on hotels and rental cars booked through Capital One Travel, and and 1.5% cash back on all other purchases. Also unlike the Capital One Platinum Credit Card, it comes with an annual fee, of $39. If you qualify, it could be worth it for the opportunity to earn rewards, though.

Read our Capital One QuicksilverOne Cash Rewards Card Review.

Capital One Platinum Card vs. Discover it Secured Card

The Discover it® Secured Credit Card is another alternative that earns rewards, and it has no annual fee. It earns 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter (then 1% back) and 1% back on all other purchases. Discover also matches all the cash back you've earned after your first 12 months with the card.

Read our Discover it Secured Card review.

Capital One Platinum Card Frequently Asked Questions (FAQ)

The Capital One Platinum Credit Card is a good card for folks who are trying to build their credit score. But if your credit score is already good or better, there are lots of better credit cards that earn rewards and come with more benefits.

If you've got at least fair credit or a limited credit history, you're eligible to apply for the Capital One Platinum Credit Card. FICO considers a credit score of 580 to 669 to be fair or average. However, Capital One has its own definition of fair credit: Those who've defaulted on a loan in the last five years, or those with a limited credit history (having had a credit card or other credit for less than three years, including students, people new to the US, or authorized users on someone else's credit card).

The Capital One Platinum Credit Card is not a secured credit card, so you won't need to put down a deposit to secure your credit line. That said, Capital One does issue a secured version of the card, the Capital One Platinum Secured Credit Card.

As long as you have at least fair credit and meet Capital One's other application criteria, you have a shot at being approved for the Capital One Platinum Credit Card. However, if you have bad credit, you're unlikely to get the card.

Why You Should Trust Us: How We Reviewed the Capital One Platinum Card

We evaluated the Capital One Platinum Credit Card in comparison to similar credit cards geared to those with fair or average credit. Our experts considered several factors, including:

Here's a guide to how we rate credit cards at Insider for a detailed look at our methodology.

Editor

Marketing Compliance Manager

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