Capital One Platinum Credit Card Review

Snapshot

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

Annual fee: $0

Editorial Review

The Capital One Platinum Credit Card is designed for those with fair credit. While Capital One doesn’t disclose underwriting standards, applicants should have a FICO score of at least 580, and 600 to 650 is an ideal range for this card. The card doesn’t charge an annual fee. At the same time, it also doesn’t pay any cash back rewards.

Pros & Cons

Pros

Ideal for those with fair credit

Reports payments to all 3 credit bureaus

No annual fee

Pick your monthly due date

Cons

No cash back or other rewards

No introductory 0% APR

Features and Benefits

Automatic Credit Line Reviews: Be automatically considered for a higher credit line in as little as 6 months.
CreditWise: Get unlimited access to your credit score and tools to help you monitor your credit profile.
Fraud Coverage: You’re covered by $0 Fraud Liability if your card is ever lost or stolen.
Tap to Pay: Check out faster and securely with your contactless card. Simply hold or tap your card on a contactless-enabled card reader and you are good to go.
Account Alerts: Set up personalized email or text reminders to help you stay on top of your account.

Who the card is best for

The Capital One Platinum Credit Card is best for those with fair credit (580 to 669) who plan to spend less than $2,600 on the card each year. It’s also idea for those wanting to improve their credit, as Capital One reports payments to all three major credit agencies.

Alternatives

For cash back card designed for fair credit, consider the Capital One QuicksilverOne card. It does, however, charge a fee. Based on our calculations, the fee is worth it if you plan to charge more than $2,600 to the card each year. Otherwise, the Platinum card is the better deal.

Approval Odds

Credit card companies consider a number of factors when evaluating an application. These factors may include income, debt, existing credit cards and, of course, the applicant's credit score.

While credit card issuers do not publish the criteria for approval, we collect publicly available data on credit scores for those who have been either approved or denied for a credit card. Keep in mind that we cannot verify this information and an issuer's credit score requirements can change over time.

Approved (04/01/2021): 533 (Not Provided)--$500 credit limit

Approved (08/01/2020): 673 (Not Provided)--$1,000 credit limit

Approved (12/18/2019): 664 (Equifax)--$1,000 credit limit

Approved (12/18/2019): 669 (Experian)--$1,000 credit limit

Approved (12/18/2019): 684 (TransUnion)--$1,000 credit limit

Approved (02/25/2020): 589 (Equifax)--$300 credit limit

Approved (02/25/2020): 595 (TransUnion)--$300 credit limit

Approved (02/25/2020): 630 (Experian)--$300 credit limit

Approved (11/28/2018): 574 (TransUnion)--$300 credit limit

Approved (11/28/2018): 575 (Experian)--$300 credit limit

Approved (11/28/2018): 593 (Equifax)--$300 credit limit

Denied (06/12/2020): 587 (Experian)

FAQs

Does the Capital One Platinum Credit Card give instant approval?

Capital One will try to provide a decision within 60 seconds of completing the online application. If additional information is needed, however, the application process can take 7 to 10 business days.

Is the Capital One Platinum Credit Card a good credit card?

Yes, for those with fair credit (580 to 669). While it doesn’t offer cash back rewards, it has no annual fee and reports payments to all three credit bureaus.

Will the Capital One Platinum card improve my credit?

Capital One does report payments to all 3 credit bureaus (Equifax, Experian and TransUnion). With on-time payments, your credit score an improve.

Will I get an instant decision on my Capital One Platinum card application?

Capital One does attempt to provide a decision within 60 seconds, but there is no guarantee. A decision could take as long as 7 to 10 business days.

Does the Capital One Platinum card require a security deposit?

No. It is a traditional credit card, not a secured card.

Can I qualify for the Capital One Platinum card if I’ve filed for bankruptcy?

Yes. Our research has uncovered numerous individuals discharged from Chapter 7 bankruptcy who have qualified for the card.

What credit score do you need to get the Capital One Platinum 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.

What credit limit will I get from the Capital One Platinum card?

The minimum credit limit is $300, however, users have reported starting limits as high as $1,000, $1,500 and even $3,000.