Credit Cards Cards for Bad Credit

Platinum Credit Card from Capital One Review

overall rating

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The Platinum credit card from Capital One is a no-annual-fee option for people with average credit. It also has no foreign transaction fees and no penalty APRs. While this card starts off with a low credit limit, cardholders may be eligible for an increased limit after as few as five monthly payments.

Given that the card is designed for people with just fair credit, it carries a relatively high interest rate. However, you can avoid that high interest by paying off your balance each month.

Capital One Platinum Credit Card

Overall Rating
Capital One Platinum Credit Card
On Capital One's Secured Site.
Recommended Credit
Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Poor - Excellent
Regular APR (%) 22.99% variable
Annual Fee $0
Rewards Earning Rate This card does not offer a rewards program.
Balance Transfer Fee There is no standard balance transfer fee for this card.
Foreign transaction fee (%) 0%
how this card stacks up
When compared among all low cost cards in our database:
Low Fees
Security/Customer Experience
Low Interest
worst best

Full Review of Platinum Credit Card from Capital One

  • No annual fee

  • No foreign transaction fee

  • Quick credit limit increases

  • No one-time offer

  • No rewards

  • High interest rate

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. 

This Card is Best For

  • Avatar for Credit Builder Persona
    Motivated to create positive credit history
    Credit Builder

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.

Next Steps
For Capital One Platinum Credit Card
on Capital One's Secured Site.
Compare This Card
See how this card compares to similar cards
Capital One Platinum Credit Card
overall rating
Recommended Credit
Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Poor - Excellent
Regular APR (%) 22.99% variable
Annual Fee $0
Investopedia Credit Card Rating Methodology
Investopedia is committed to delivering the best credit card recommendations in the industry. We’ll tell you when a card is good, we’ll tell you when a card is bad, and we’ll only call a card the best if we would recommend it to our friends or family members.
Overall Star Rating Explained
To rate credit cards we objectively assess, score and weight nearly 100 individual card features which roll up into five major feature sets: fees, interest, rewards, benefits and security/customer service. Here’s how we weighted those feature sets for the overall star rating of a card:
We have applied our proprietary rating methodology to every generally-accepted credit card in the U.S. domestic market to allow consumers to make fully informed choices. It’s important to note that for our overall score that we make a number of assumptions about how you would be using your credit card:
  1. While we make no assumption as to whether balances are carried on a given card we do assign varying weights to all credit cards’ introductory APR (if present) in addition to the regular, long term purchase and balance transfer interest rates.
  2. We utilize BLS (U.S. Bureau of Labor Statistics) income and average category spending data to calculate annual earnings rates for rewards cards that offer cash back, points or miles rewards at a set rate on all spending or in consideration of bonus rewards for certain spending categories, like gasoline, groceries, restaurants or travel.
  3. We determine the maximum points value of rewards cards by dividing the points, cash back or miles required to exchange for the retail price of the most valuable redemption option (for example, in the case of a card that offers a domestic roundtrip airline ticket as a redemption option vs. another redemption option of lesser value that requires the same amount of points or miles to acquire, we would base the rewards value on the airline ticket).
  • Cards that are selected best overall in their respective categories generally feature most if not all of the following attributes:
  • Low or Reasonable Fees Credit card fees come in many forms but the primary ones involve those for annual card membership and balance transfer. There are a myriad of reward and non-reward card options that charge no annual fee but for the many that do assess an annual fee the cost is often justified by their lucrative ongoing rewards and initial signup bonuses. Balance transfer fees are occasionally waived during introductory periods with certain cards, a factor which is heavily and positively weighted in our scoring model for cards offering this benefit. When charged, balance transfer fees range between 3% - 5%, which we grade accordingly. Other standard fees can generally be avoided, such as those for paying late or taking cash advances but we rate those relative to other cards in the market for reference, though with less weight assigned
  • Competitive Interest Many cards offer 0% introductory APR on purchases and balance transfers for varying lengths and then revert to a permanent or regular APR (based on a variable rate tied to the prime rate) that applies to any balances not paid in full. We rate both introductory APR percentage and length (in months) along with the midpoint of the variable regular APR interest rate range.
  • Valuable Rewards Credit card reward programs can be based on cash back, points or travel rewards (which can be generic or travel partner-specific, as with airline and hotel co-brand card programs). For cards that offer rewards we determine the value per dollar spent along with average redemption values and assign more favorable ratings to cards that offer superior consumer value. We also assign value to sign-up bonus offers and their initial spending requirements, when present.
  • Excellent Benefits Credit card benefits cover a range of offerings like concierge service, TSA Pre-check, auto rental coverage, travel accident insurance, lost luggage assistance and free credit scores. We rate cards on the number and level of over a dozen standard and upscale benefits and provide extra weighting emphasis for those travel-related perks that apply to premium travel cards when present.
  • Solid Security/Customer Service Security and customer service features like lost or stolen card replacement, being able to lock one’s card from an issuer app and 24 hour customer support are becoming more standard across the card market and we provide a significant amount of weighting to features in this area.
  • You can also read the full version of our methodology for a more in-depth look at how we assess cards and award them the best in various categories.