Platinum Credit Card from Capital One Review

Full Review of Platinum Credit Card From Capital One

Pros & Cons

Pros Explained

• No annual fee: You won't pay an annual fee for this card, which is a good deal if you haven't established great credit yet or you're rebuilding your credit.
• No foreign transaction fee: The Platinum credit card from Capital One has no rewards component, but it does travel well. You can make purchases without incurring an additional fee in either U.S. dollars or the local currency when you use the card outside the U.S.
• Quick credit limit increases: You could see a credit limit increase after as little as six months of on-time payments so make sure you pay a couple of days ahead to ensure that your payments post on time. Keep your balances low and this will boost your credit score over time.

Cons Explained

• No one-time offer: You likely won't qualify for a bonus on any card without an annual fee if you have just average credit. This is a con, but it's on par with other similar cards that you might consider.
• No rewards program: This is a no-frills card for building credit.
• High interest rate: You could most likely qualify for a card with a much lower interest rate if you have good or excellent credit. The APR on purchases for this card is above 29%, so you'll pay a steep price if you expect to carry a monthly balance.

Who This Card Is Best For

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 six months is a nice perk.

But this isn't 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. This card provides 1.5% in cash back and carries a $39 annual fee.

The QuicksilverOne card is still a better deal, even given that annual fee, as long as you plan to charge at least $2,600 per year on it. That could justify the fee.

The drawback is that you may want to get rid of the card after a year or so when your credit improves and you can qualify for a rewards card without an annual fee. But you can keep the Platinum card open after getting another 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
• Get access to your account 24 hours a day, seven days a week with online banking to access your account from your desktop or smartphone with Capital One's mobile app

Cardholder Experience

Capital One, the company that issues this card, ranked fourth out of 11 and received an below-average score in the J.D. Power 2022 U.S. Credit Card Satisfaction Study.

All Capital One cardholders and even non-customers have 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 it alerts you to any significant changes, such as accounts that have been reported as delinquent.

The Capital One customer service call center is available at 800-277-4825. Cardholders can also 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.

Capital One will replace your card for no charge if you lose it, 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.

Final Verdict

The Platinum credit card from Capital One is ideal 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 there's no risk in keeping it with no annual fee, and you can upgrade to a card that does offer rewards without an annual fee after you've established a solid credit history.

FAQs

Is the Capital One Platinum credit card good for beginners?

The Platinum card from Capital One can be a nice credit-building tool for someone with average credit who's just starting out. You can get your foot in the door and start building your credit without paying an annual fee if you qualify.

What is the credit limit for Capital One Platinum?

Your credit limit for any credit card will depend on your credit score and your borrowing history. Capital One says, "We will determine your credit line after a review of your application and your ability to pay." But Capital One offers a potential credit limit increase after as few as six months of timely payments.

What is the minimum income for Capital One Platinum?

Capital One indicates that your monthly income must exceed your monthly mortgage or rent payment by at least $425 for you to qualify for this card. Your monthly income is your total annual income divided by 12.

What is the difference between a Capital One card and a Capital One Platinum card?

Capital One offers more than 30 different credit cards as of March 2023, including student cards, business cards, personal cards, and secured cards. The differences can be significant and wide-ranging, so Capital One provides a comparison tool you can use to find the best one for you.