The Capital One Platinum Credit Card is a no fee card designed for those with fair credit. It offers tools to help you build your credit, 24/7 access to your account and fraud coverage. In this review, we’ll look at the card’s features, fees and benefits, along with alternatives to the Capital One Platinum Credit Card.
Snapshot
The Capital One Platinum Credit Card is a good choice for those with average credit. There is no annual fee, free access to your credit score, and an automatic credit line review in as little as 6 months. It comes with Tap to Pay for hands-free payments and works with digital wallets.
- No annual fee
- Get access to a higher credit line after making your first 5 monthly payments on time
- Fraud coverage
- Use online banking to access your account, even from your smartphone
- Pick the monthly due date that works best for you
- Get access to your account 24 hours a day, 7 days a week
- Help strengthen your credit for the future with responsible card use
Pros & Cons
What we like
- No annual fee
- Free credit score access
- Automatic credit line increase consideration
- Can help build credit
- Reports to all 3 major credit bureaus
What could be better
- No rewards
Features
The Capital One Platinum Credit Card offers the following features.
Card type: Starter, Fair Credit, Limited Credit, Average Credit
Issuer: Capital One
Contactless Payment: Tap to Pay, Apple Pay, Google Pay
Credit report pulled: TransUnion, Equifax and Experian
Annual fee: $0
Foreign transaction fee: $0
Account Alerts: Set up email or text alerts to monitor your account.
Autopay: You can set up Autopay so payments to the card are made automatically each month.
Virtual Card Numbers: You can use virtual card numbers when paying online to protect your actual card number.
Eno: Capital One uses technology called Eno to alert you if it detects unusual activity on your account.
Card Lock: Use the Capital One Mobile app to lock your card if it’s lost, stolen or misplaced.
Benefits
$0 Fraud Liability: You are not responsible for unauthorized charges if your card is lost or stolen.
CreditWise: See your credit score and receive alerts when TransUnion or Experian report changes to your credit report.
Capital One Platinum Credit Card Upgrade Options
Some claim you need a credit limit of several thousand dollars before an upgrade is possible, although we could not verify this information. Further, upgrades are often to either the VentureOne or QuicksilverOne, but generally not Savor or SavorOne. Some have reported being able to upgrade to a QuickSilver card after a few months.
Keep in mind, however, that this information is not from Capital One. It’s from forums I monitor to bring you the inside scoop. Once logged into your account, you can try this link to see what upgrade options are available.
Getting Approved
The Capital One Platinum Credit Card is designed for those with fair credit. Those with past bankruptcies can qualify for the card. In one case, an individual with a credit score in the mid-500s and a Chapter 7 bankruptcy discharge a year earlier qualified for the card. At the same time, Capital One denied one application with scores in the mid-500s because of too many recent inquiries.
Keep in mind that Capital One considers a number of factors in making its credit decisions. The above anecdotes give some idea of one’s odds of getting approved, but every case is different.
Is This Card for You?
Who the card is best for
The is ideal for those with fair or average credit, including those who have been discharged from bankruptcy. It’s one of the few credit cards in this class that doesn’t charge an annual fee and automatically considers a credit line increase in as little as six months.
Who might do better with a different card
Those who can qualify for a credit card offering rewards or a 0% introductory rate would do better with another card. For individuals with bad credit, a secured credit card may be a better option.
How Does the Capital One Platinum Credit Card Stack Up
The is considered one of the best cards in the fair credit category. It earns top marks because it doesn’t charge an annual fee and puts cardholders on a path to higher credit limits and eventual upgrade to Capital One rewards credit cards. Other cards that are worth considering in this category include the Petal 1 and 2 cards.
FAQs
Yes. It is an excellent card for those with fair or average credit.
No. It is a traditional credit card, not a secured card.
Yes. Our research has uncovered numerous individuals discharged from Chapter 7 bankruptcy who have qualified for the card.
Aim for a score of 570 or higher. While Capital One does not disclose a minimum score requirement, this card is designed for those with fair or average credit.
The minimum credit limit is $300, however, users have reported starting limits as high as $1,000, $1,500 and even $3,000.
Rating
Capital One Platinum Credit Card Rating
Summary
The Capital One Platinum Credit Card is ideal for those with fair to average credit looking to get their first card or rebuild their credit history. It charges no annual fee and offers free access to the cardholder’s credit score.
