Capital One Platinum Credit Card Review [2024]: Building Credit Doesn't Have To Cost You

Card basics

Who should get the Capital One Platinum Credit Card?

• People who want to rebuild their credit due to negative marks on their credit history
• First-time credit card applicants looking to build their credit from scratch
• International travelers who want to improve their credit

I've recommended this card to friends and family looking for a solid first credit card with no hidden fees to start building credit. I'd also recommend it as a tool for repairing credit to anyone with a negative mark or two on their credit report.

There are plenty of secured credit cards out there to help people build credit, but these often require a refundable security deposit that can start at around $200 and reach $1,000 or more, and some have annual fees. I appreciate that this card requires neither. It also comes with free credit score monitoring, which is easy to find but is a must for anyone working on their credit.

Who should skip it?

While this card is designed for building credit, you have the best chance of qualifying with fair credit or a FICO Score of at least 580. If you have poor credit, you may have to opt for a secured credit card. On the flip side, people with good credit can easily do better than this card. It doesn't earn rewards or have notable benefits, and the ongoing APR is staggeringly high.

Capital One Platinum Credit Card benefits

• Credit building or rebuilding: If you have limited or fair credit, the Capital One Platinum Credit Card is built with you in mind. It has more lenient credit requirements than most unsecured credit cards.
• $0 annual fee: The Capital One Platinum Credit Card has an annual fee of $0.
• Automatic credit line reviews: You’ll get an initial credit line that may be lower than you desire, but if you use this card responsibly and make your monthly payments on time, you may be considered for a higher credit limit as quickly as six months after account opening.
• Credit score monitoring tools: This card comes with CreditWise from Capital One, a free credit monitoring tool that lets you access your credit score and receive alerts about changes to your credit report. That said, most major credit card issuers offer free credit scores, and you don't have to be a Capital One customer to sign up for CreditWise.

Note that this card does not earn cash back rewards, points, or miles.

Other perks

• No foreign transaction fees: Capital One doesn't charge foreign transaction fees on any of its credit cards. This can make a big difference if you travel internationally. Considering many top no-annual-fee credit cards charge a 3% foreign transaction fee, this card could save you $3 for every $100 you spend abroad.
• Virtual card numbers: Capital One credit cards come with virtual card numbers you can use while shopping online to help protect you from fraud. Not every credit card offers this feature, though Citi and American Express may.
• 50% off beverages at Capital One Cafés: Most cardholders probably won't use this perk, but if you happen to live near one of 50+ Capital One Cafés around the U.S., you can stop in for free Wi-Fi and 50% off a beverage.

Drawbacks to this card

There are two major drawbacks to this credit card: It doesn't offer any rewards or bonuses, and it charges a high ongoing APR with no introductory offers. I don't see these as dealbreakers for people focused on building credit, but they can be if you already have good credit.

There are plenty of no-annual-fee credit cards that earn rewards, and some of them even come with welcome offers. If you have good credit, consider a flat-rate cashback credit card like the Citi Double Cash^® Card. There are even secured credit cards that offer rewards, like the Discover it^® Secured Credit Card.

Given this card's comparatively high APR, you don't want to carry a balance on it. Make sure you understand how credit card interest works and are diligent about paying it off each month. If I know I might have to carry a balance or finance a big purchase, I look for a 0% intro APR credit card I can pay off before the introductory period ends — but these often require good credit.

Other cards to consider

Despite many myths out there, credit cards can raise your credit score when used responsibly. If the Capital One Platinum Credit Card doesn’t exactly fit your needs, other options may be a better match.

Capital One QuicksilverOne Cash Rewards Credit Card

The Capital One QuicksilverOne Cash Rewards Credit Card is another great card for those with average or fair credit. It's a better option for rewards-seekers, as you'll earn unlimited 1.5% cash back on every purchase; plus 5% unlimited cash back on hotels and rental cars booked through Capital One Travel. This cash back can be redeemed for a statement credit, check, or gift card, or you can apply it directly to a recent purchase. However, you'll have to spend at least $780 on Capital One Travel hotels and rental cars or $2,600 on regular purchases each year to outweigh the card's $39 annual fee.

Capital One Platinum Secured Credit Card

If you don't think you'll qualify for the Capital One Platinum card, consider the Capital One Platinum Secured Credit Card. Your initial deposit will be either $49, $99, or $200. Once you make this first deposit, you’ll receive a $200 credit line. Similar to the Capital One Platinum Credit Card, your credit line may be increased after you demonstrate responsible use. I’d recommend this card over the unsecured Platinum only if you’re worried about approval or unchecked spending.

FAQs

Great Starter Card for Those With No Credit

Petal^® 2 "Cash Back, No Fees" Visa^® Credit Card

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Learn How to Apply

Current Offer

Reports to all three major credit bureaus

Annual Fee

$0

Rewards Rate

Unlimited 1% cash back on eligible purchases; after 6 on-time payments, earn 1.25% cash back; after 12 on-time payments, earn 1.5% cash back

Benefits and Drawbacks

Benefits

• Earn 1.5% unlimited cash back on all eligible purchases after 12 on-time payments
• 2% to 10% cash back on select merchants
• Great for those with little to no credit history
• No annual fee
• No foreign transaction fee

Drawbacks

• Not a great fit for those with poor or bad credit
• No balance transfers or cash advances

Card Details

• Reports to all three major credit bureaus
• Unlimited 1% cash back on eligible purchases; after 6 on-time payments, earn 1.25% cash back; after 12 on-time payments, earn 1.5% cash back