Platinum Credit Card from Capital One Review

Full Review of Platinum Credit Card from Capital One

Pros Explained

• No Annual Fee: You won't pay an annual fee to have this card, which is a good deal when you haven’t established great credit yet or are rebuilding your credit.
• No Foreign Transaction Fee: Even though the Platinum credit card from Capital One has no rewards component it does travel well. When you use the card outside of the United States, you can make purchases in either U.S. dollars or the local currency, without incurring an additional fee. 
• Quick Credit Limit Increases: You could see a credit limit increase after as little as five months of on-time payments. So make sure you pay a couple of days ahead to ensure your payments post on time. Also, remember to keep balances low, which will boost your credit score over time.

Cons Explained

• No One-Time Offer: If you have just average credit, you likely won't qualify for a bonus on any card without an annual fee. So while a con, it's on par with other cards you might consider.
• No Rewards Program: This is a no-frills card for building credit. However, it’s a no-frills card with no annual fee. 
• High Interest Rate: If you have good or excellent credit, you could most likely qualify for a card with a much lower interest rate. The APR on purchases for this card is above 22%, so if you expect to carry a monthly balance, you'll pay a steep price. 

The Platinum card from Capital One is for someone with average credit who's looking to build or rebuild their credit without paying an annual fee—and who doesn’t particularly care about earning rewards. The potential for getting a credit limit increase in as little as 6 months is also a nice perk.

However, this is not the best card for someone who already has good or excellent credit. It's also inappropriate if you’re looking for a rewards card. The same company offers a cash-back option for people with similar credit through its QuicksilverOne by Capital One card. That card provides 1.5% percent in cash back and carries a $39 annual fee. 

Given that annual fee, the QuicksilverOne card is a better deal, as long as you plan to charge at least $2,600 per year on it, as that could justify the fee. The drawback is that you may want to get rid of it after a year when your credit improves and you can qualify for a rewards card without an annual fee. However, you could keep the Platinum card open after getting a new card because it won't cost you anything and the longevity of that account will benefit your credit score.

Standard Benefits

• Emergency card replacement
• Tap to pay
• Virtual card numbers

Cardholder Experience

Capital One, the company that issues this card, ranked fifth out of 11 and received a below average score in the J.D. Power 2020 U.S. Credit Card Satisfaction Study.

All Capital One cardholders (and even non-customers) can get access to CreditWise, which provides free VantageScore 3.0 credit scores and credit fraud monitoring. CreditWise monitors your report at TransUnion, one of the three major national credit bureaus, and alerts you to any significant changes, such as accounts that have been reported as delinquent. It will also notify you if someone might be misusing your Social Security number, based on information from Experian, another of the three major bureaus.

The Capital One customer service call center is available 24/7 at 800-277-4825. In addition, cardholders can text for answers 24/7 through Capital One’s Eno service. 

Security Features

Capital One credit cards come with a slew of security features. In addition to the ability to create virtual card numbers through Eno, cardholders have $0 liability for fraudulent purchases, receive immediate text alerts of suspicious transactions, and can lock their cards from the mobile app.

If you lose your card, Capital One will replace it for no charge, with standard delivery taking a few days. 

Fees to Watch Out For

The Platinum credit card by Capital One is a no-annual-fee card without many surprise costs. The fees it does charge, such as for late payments and cash advances, are industry standard. 

Our Verdict

The Platinum credit card from Capital One is an ideal card for people with average credit who want to build their credit history. It’s not appropriate for rewards seekers because it doesn’t offer any. But with no annual fee, there's no risk in keeping it, and once you’ve established a solid credit history, you can upgrade to a card that does offer rewards without an annual fee in the future.