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Capital One Platinum Credit Card Review

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The Capital One Platinum Credit Card is designed for those with limited credit or fair credit (FICO score of about 580 to 669). It has no annual fee and reports payments to all 3 credit bureaus.

Capital One Platinum Credit Card
Learn More
Our Rating
4.4/5.0
Welcome Bonus
None
Annual Fee
$0
0% on Purchases
None
Rewards Rate
None
0% on Balance Transfers
None

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

Allcards Rating: 4.7/5.0
  • 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)
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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.

About Rob Berger

Rob Berger is the founder of allCards.com. He's written about personal finance and investing since 2007 and is the author of the highly acclaimed book, Retire Before Mom and Dad. He is a former litigation attorney in the securities field and the Founding Editor of Forbes Advisor.