Credit Cards » Credit Card Reviews » Capital One Platinum Card: 2023 Review
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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.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Capital One Platinum Credit Card

Rewards Plan

None

Sign up Bonus

None

Credit Rating

Fair – Good

0% Intro

None

Annual Fee

$0

APR

30.74% (Variable)
Capital One Platinum Credit Card

Rewards Plan

None

Sign up Bonus

None

0% Intro

None

PROS

CONS

APR

30.74% (Variable)

Annual Fee

$0

Balance Transfer Fee

N/A

Credit Requirements

Fair - Good

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.

When using this credit card, you may qualify for a higher credit limit within 6 months of on-time payments and there is no annual fee. However, you won’t be able to participate in any rewards program and get the usual benefits as well any sign-up bonus. 

If you are looking for a low cost credit card with no deposit, Capital One Platinum Credit Card is a good pick.

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

In This Review

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.

Most credit cards have annual fees and they can be high fees running $95 to $295. A benefit you’ll enjoy with the Capital One Platinum card is not having to pay any annual fees. 

This allows you to use the card as long as you need to until your credit improves and then switch to another card without worrying about an annual fee for keeping the Platinum card.

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”.

Capital One Platinum Credit Card_Getting started

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

Capital One Platinum Credit Card_Getting started

 

Then, you fill in your contact and financial information.

Capital One Platinum Credit Card_Getting started

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

Capital One Platinum Credit Card_Getting started

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 card

Capital One Journey Student Card

discover-it-student-cash-back_5mNPw7i

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

Student College Credit Cards

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Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
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upgrade cash rewards

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Welcome Bonus:
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Welcome Bonus:
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Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Picture of Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

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$200 Earn a $200 bonus after you open & fund a Rewards Checking Plus account & make 3 debit card transactions within 60 days. If you previously opened a checking account through Upgrade or do not do so as part of this process, you are not eligible. Payout made within 60 days of meeting the conditions.

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The product offers that appear on this site are from companies from which this website receives compensation.

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Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

Credit Card Reviews Methodology

In order to determine the best possible credit cards, we look at things like fees, interest rates and rewards. We do this with companies that are associated with us as partners as well as other offerings. From there, we make a decision about what the best card is related to different categories and needs. We focus on interest rate cost & fees, especially the cost of carrying a balance, rewards – cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely usability – cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting. We also consider customer reviews.

We look at cards related to good or excellent credit ratings that will then provide a range of different benefits and improvements for someone who has these scores. We also look at low fees when it comes to those who have lower credit scores.