Credit Cards » Credit Card Reviews » Capital One Platinum Card: 2024 Review

Capital One Platinum Card: 2024 Review

We’d recommend the Capital One Platinum card if you can’t qualify for other credit cards that offer rewards programs and lower APR rates.

Article update: November 25, 2024

Article update:November 25, 2024

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Capital One Platinum Credit Card

Rewards Plan

None

Credit Rating

Fair – Good

0% Intro

None

Annual Fee

APR

29.99% (Variable)

Capital One Platinum Credit Card

Rewards Plan

None

0% Intro

None

PROS

CONS

APR

29.99% (Variable)

Annual Fee

Balance Transfer Fee

N/A

Credit Requirements

Fair - Good

Our Verdict
Pros & Cons

The Capital One Platinum Credit Card is an ideal option for those with average credit who need to take some time to build credit before they can qualify for a better rewards credit card. This credit card is designed for people with average credit, and it can help you get a good credit score without put down a deposit.

With this credit card, you may be eligible for a higher credit limit after 6 months of on-time payments, and there’s no annual fee. However, keep in mind that you won’t be able to earn rewards or enjoy typical benefits, including any sign-up bonus.

If you're looking for a low-cost credit card with no deposit, the Capital One Platinum Credit Card is a solid choice.

Build Your Credit / Higher Credit Limit
No Annual Fee
No Foreign Transaction Fee
Capital One's preapproval tool
No Rewards
No Sign Up Bonus

Benefits

Let’s take a look at the benefits of the Capital One Platinum card and see if it’s the right one for your wallet or not.

If you don’t have great credit and can’t qualify for a large credit line with most cards, then this one could be beneficial to you. You can use the Platinum card to build credit over time and you can get a credit limit raise after you make on-time payments for the first 5 months.

It’s a great perk considering most credit cards have low credit limits when you have a low or average credit score. Over time your credit line increases which reduce your credit utilization rate helping boost your score.

Many credit cards come with annual fees, which can range from $95 to $295. One advantage of the Capital One Platinum card is that it has no annual fee.

This means you can use the card for as long as you need to build your credit, and when you're ready to switch to another card, you won’t have to worry about an annual fee.

This card includes $0 foreign transaction fee, which can be great if you're spending some time abroad. Also, you get fraud liability, emergency card replacement, security alerts and some more cool travel perks.

Capital One's preapproval tool give you the option to check your eligibility for the Platinum card. The preapproval tool is a soft inquiry and will not affect your credit score, which is beneficial for those who are already concerned about their credit scores.

Drawbacks

Let’s take a look at the drawbacks of the Platinum credit card and see if it’s the right one for your wallet or not.

A major drawback of this credit card is that is has no rewards program where you earn cash back on purchases and no sign-up bonuses.

Considering the average credit card offers 1-2% cash back rates, if you spend $20,000 annually for example, that would be about $200 to $400 in cash back rewards.

This is what you’d be missing out on by choosing the no rewards Platinum card.

Unlike many other cards in the industry, the card doesn't offer any sign up bonus as well as other common credit card perks.

How To Apply For Capital One Platinum Credit Card?

Visit the Capital One Platinum home page, and click on “Apply now”.

The next page comes up where you can fill in your “Personal Information” like your names, date of birth etc.

Then, you fill in your contact and financial information.

Lastly, read through the agreement properly to know your eligibility, fees, costs, rates, etc.

Then click on “continue” to complete the process.

Is the Capital One Platinum Credit Card Right for You?

We’d recommend the Capital One Platinum card if you can’t qualify for other credit cards that offer rewards programs and lower APR rates. It has no annual fee and no foreign transaction fees which make it ideal for using freely anytime, anywhere.

However, the high interest rate can be a major drawback if you have an existing balance or don’t have the financial means to pay your balance in full every month.

Compare The Alternatives

There are several credit cards that could serve as an alternative to someone with average credit.

Like the Capital One Platinum, these credit card options are easier to qualify for making them ideal if you need to build up your credit score.


	Chime Credit Builder	Capital One Journey	Discover It Student Cash Back
Annual Fee	$0	$0	$0
Rewards	None None	Up to 1.25% earn 1% cash back and another 0.25% if you pay on time, so you can boost your cash back to a total of 1.25%	1-5% 5% cash back on activated rotating category purchases (up to $1,500 in purchases each quarter, then 1%) and 1% on all other purchases
Welcome bonus	None None	None $5 per month for 12 months on select streaming subscriptions when you pay on time	Match Bonus Match Bonus for the first 12 months
Foreign Transaction Fee	0%	None	$0
Purchase APR	N/A	29.99% (Variable)	18.24% – 27.24% Variable
	Read Review Learn More	Read Review Learn More	Read Review Learn More