Capital One Platinum Credit Card Review [2021]: Build Credit, Not Debt

The Capital One Platinum Credit Card is a great match for someone looking for a simple card to use while increasing their credit score.
Last updated Apr 29, 2021 | By Brett Holzhauer

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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 are designed specifically for people with no credit who are looking to build it or people who have less than good credit and are looking to rebuild it. Having and responsibly using a credit card could help you build on the five factors that determine your credit score: payment history, credit utilization (the amount of your available credit you are using), 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

Benefits

  • 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

Drawbacks

  • No early spend bonus
  • No rewards

In this Capital One Platinum Credit Card review

Who should get the Capital One Platinum Credit 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 a regular interest rate that is higher than average. Accruing interest on your credit card is something you could avoid with different credit cards.

Card basics

Credit card issuer Capital One
Credit card network Mastercard
Annual fee $0
Early spend bonus None
Rewards rate None
Recommended credit score Fair
Foreign transaction fee None

Capital One Platinum Credit Card benefits and perks

  • Credit building or rebuilding: If you’re someone with limited credit or a fair 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 and make your monthly payments on time, then you may be considered for a higher credit limit as quickly as six months after account opening.
  • $0 annual fee: The Capital One Platinum Credit Card has an annual fee of $0.
  • Travel purchases and coverage: If you enjoy traveling, this Platinum Mastercard comes with travel insurance 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. CreditWise can help you track your credit score progress and assist you with other financial tools. It is available on mobile app for both iOS and Android phones.

Drawbacks to this card

  • No rewards program: This card does not offer any points or miles on your purchases nor does it have a sign-up bonus. If you want to earn rewards, you'll need to look for a different credit card.
  • High APR: There is no intro interest rate on this card and the regular variable APR is comparatively high. So, as part of rebuilding or building a positive credit history, you'll want to be diligent about paying this card off each month on time to avoid costly interest charges. Make sure you understand how credit card interest works before you start using any credit card.

Capital One Platinum Credit Card FAQs

What is the credit limit for a Capital One Platinum Card?

The minimum credit limit for the Capital One Platinum Credit Card is $300. Capital One will make a hard inquiry to your credit report, and your credit limit will be determined based on your application and creditworthiness.

Can I have two Capital One Platinum credit cards?

Yes, you can have two Capital One Platinum cards. However, you can’t be the primary cardholder of both 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 other credit card offers that is updated regularly by Capital One. You can check there 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 likely be made more available if you’re being careful not to make late payments.

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.

What credit score do I need for the Capital One Platinum Credit Card?

You are more likely to be approved for the Capital One Platinum Credit Card if you have at least a fair credit score. According to Experian, one of the three credit bureaus, a FICO score between 580 to 669 is generally considered to be fair.


Other cards to consider

Despite many myths out there, credit cards can raise your credit score if used responsibly and if you make on-time payments. If the Capital One Platinum Credit Card 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 Secured MasterCard® from Capital One. 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

Special Offer

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
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
Secured Mastercard® from Capital One
Secured Mastercard® from Capital One
  • $200 initial credit line after making minimum security deposit
  • Consideration for higher credit line as soon as 6 months after account opening
  • No annual fee
  • Pick your monthly due date

Author Details

Brett Holzhauer Brett Holzhauer is a graduate of the Walter Cronkite School of Journalism at Arizona State University. He writes about using points & miles for travel, travel industry news, utilizing credit cards as financial leverage, and investing for the future. He has been featured in publications such as The Points Guy, Million Mile Secrets, The Money Manual, Recruiter, Travel Pulse, and Bald Thoughts. He is a full-time digital nomad with his wife, Kiersten.