Credit Cards Cards for Bad Credit

Platinum Credit Card from Capital One Review

overall rating

No annual fee, ideal for people with average credit

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The Platinum credit card from Capital One is a no-annual-fee option for people with average credit. It has no foreign transaction fees and no penalty APRs. This card starts with a low credit limit, but cardholders may be eligible for an increased limit after as little as six months.

The Platinum card is designed for people with fair but not necessarily good credit, so it carries a relatively high interest rate. But 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 (%) 29.99% variable
Annual Fee $0
Rewards Earning Rate This card does not offer a rewards program.
Balance Transfer Fee 3% of the amount of each transferred balance that posts to your account at a promotional APR that we may offer you.
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

Pros & Cons

  • 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 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.

CreditWise 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 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.


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.

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 (%) 29.99% 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.