Building credit can seem like a steep, uphill battle. You might feel lost and have no idea where to start. Don’t feel discouraged. Everyone must start building their credit at some point, and simple steps can make a dramatic difference in your credit score.
Credit cards like the Capital One® Platinum Credit Card (learn more) are designed specifically for people looking to build or rebuild their credit. Despite many myths out there, credit cards can raise your credit score if used responsibly. Having a credit card will help you build on the five factors that determine your credit score: payment history, amounts owed, credit history length, credit mix (different types of credit), and new credit.
In this Capital One Platinum Credit Card review, you’ll learn about the features of this card, as well as answers to commonly asked questions.
Rebuild Your Credit With No Annual Fee
- Consideration for higher credit line as soon as 6 months after account opening
- No foreign transaction fee
- Access to CreditWise for credit profile monitoring
- No annual fee
- No early spend bonus
- No rewards
Who should get this card?
If you’re looking to build or rebuild your credit or you simply have an average credit score at present, this card may be a great fit for you. And if you’re also looking for additional perks outside of building credit, the Capital One Platinum Credit Card does pack some power.
Additionally, if you do any amount of traveling, this card provides travel insurance coverage in case something goes wrong while you’re away from home. Also, it comes with extended warranty protections for eligible items purchased with the card.
However, if you tend to carry a balance month to month, you may want to consider a different card, as the Capital One Platinum Credit Card has an interest rate of 26.99% (variable). This interest rate is higher than average, so avoiding paying this could save you a large amount of money. Accruing interest on your credit card is something you could dodge with a different credit card.
|Early Spend Bonus||None|
|Recommended Credit Score||Fair|
|Foreign Transaction Fee||None|
Top card benefits
- Credit building or rebuilding: If you’re someone with a limited or not-the-best credit score, the Capital One Platinum Credit Card is built for you. You’ll get an initial credit line that may be lower than you desire, but if you use this card responsibly you may be considered for a higher credit limit as quickly as six months after account opening.
- No annual fee: The Capital One Platinum Credit Card doesn’t have an annual fee.
- Travel purchases and coverage: If you enjoy traveling, this card has coverages such as auto rental collision damage waiver (secondary coverage) and travel accident insurance. And, since the card doesn’t have foreign transaction fees, you can spend overseas without any extra charges attached.
- Extended warranty: Doesn’t it always seem like expensive items start to break right after their manufacturer's warranty expires? With the Capital One Platinum Credit Card, eligible items purchased using the card can be covered for double the original warranty, for up to one year.
- Credit score monitoring and tools: Keeping an eye on your score is important when building or rebuilding your credit. With this card, you’ll have access to CreditWise from Capital One, which can help you track your credit score progress and assist you with other financial tools.
What is the credit limit for a Capital One Platinum Card?
The minimum credit limit for the Capital One Platinum Credit Card is $300. Your credit limit will be determined based on your application and ability to pay back your balances.
Can I have two Capital One Platinum credit cards?
Yes; however, you can’t be the primary cardholder of two accounts. You could potentially open one Capital One Platinum Credit Card as the primary cardholder and also be an authorized user on a card opened by someone else.
How do I upgrade my Capital One Platinum Card?
You can upgrade your Capital One Platinum Credit Card through your account’s online portal. In your portal, there’s a section for card offers that’s updated regularly by Capital One. You can check here to see if you’re eligible for a possible upgrade.
Calling the customer service number on the back of your card and discussing your upgrade options with a Capital One representative is also an option. Keep in mind that upgrades will be made available if you’re paying your monthly statements on time.
Does Capital One Platinum have rewards?
No, it doesn’t. If you’re looking for a credit card with rewards, check out the other recommended credit cards below.
Will Capital One automatically increase my credit limit?
With the Capital One Platinum Credit Card, your credit limit will be automatically considered for a higher credit limit as quickly as six months after account opening.
Other cards to consider
If the Capital One Platinum Card (learn more) doesn’t exactly fit your needs, there are other credit card options that would also be a great match for someone looking to build or rebuild their credit.
The Capital One® QuicksilverOne® is another great card for those with average credit. While the Capital One Platinum Credit Card doesn’t earn any rewards, the Capital OneQuicksilverOne does. You will earn unlimited 1.5% cash back on every purchase. 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, this card does come with a $39 annual fee.
If you need a secured credit card for rebuilding your credit, consider the Capital One® Secured Mastercard®. 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. This card also has access to the same travel and shopping protections as the Capital One Platinum Credit Card.
Rebuild Your Credit With No Annual Fee
Earn consideration for a higher credit limit as soon as 6 months after account opening
See how these cards compare:
Capital One® QuicksilverOne® Cash Rewards Credit Card
- 1.5% unlimited cash back on every purchase, every day
- Consideration for a higher credit line as quickly as 6 months after account opening
- CreditWise to monitor your credit score
Capital One® Secured Mastercard®
- $200 initial credit line after making minimum security deposit
- Consideration for higher credit limit in as few as 6 months
- No annual fee
- Pick your monthly due date