The Capital One Platinum Credit Card is a credit-builder card designed for people with fair credit.
It has no annual fees, foreign transaction fees, or complicated rewards structures.
The card is also easy to get approved for, helping you establish a credit history or bounce back from having poor credit. While you won’t get high credit limits, you’ll have a chance of increasing it after making on-time payments within 6 months.
This credit card review will cover everything you need to know about this card to determine if you should add this card or a different card to your wallet. Let’s dive right in.
Welcome Bonus
The Capital One Platinum Card does not offer a welcome bonus. This is quite common for most credit-building cards – those that are targeted at first-time credit card holders and people with fair credit scores.
Earning Rewards
The Capital One Platinum Card does not offer a rewards program either, because it’s a basic credit card to help you build credit.
No Annual Fee
The Capital One Platinum has no annual fee, allowing you to build your credit without a yearly fee.
Card Benefits and Perks
The Capital One Platinum card might not feature a welcome bonus or a rewards program, but it does offer several other benefits.
No Foreign Transaction Fees
This card has no foreign transaction fees on purchases outside the U.S., which is helpful if you travel internationally to help you avoid paying a 3% fee on those international purchases.
Can Qualify with Fair or Average Credit
The Capital One Platinum card is perfect for individuals with fair or average credit. It’s basically a beginner credit card that can help build your credit history, so you can request for a credit limit increase or qualify more premium cards in the future.
Higher Credit Line Available in Six Months
The Capital One Platinum initially offers a low credit limit to its cardholders, but if you make your payments on time for six consecutive months, you may get a credit limit increase.
Remember, a credit limit increase can help improve your credit score significantly.
Capital One Mobile App
Capital One has an excellent mobile app that gives you easy access to your account any time, letting you keep track of your spending and manage your finances conveniently.
No Security Deposit
Most credit building cards come with opening fees or security deposits, but you won’t have to pay anything when applying for the Capital One Platinum card.
Free Credit Score Monitoring
Capital One offers a service known as CreditWise. This service allows you to monitor your credit score anytime and it’s completely free to use.
Pros and Cons
Pros
No annual fee
Higher credit limit available in six months
Can qualify with average credit
Free credit score monitoring
Cons
No welcome bonus
No rewards program
Alternatives to the Capital One Platinum
Now that you know about this credit card’s various benefits and pros and cons, it’s time to see its alternatives.
Each of these requires at least a “Good” credit score, which is generally above 670.
Capital One VentureOne Rewards Credit Card
The Capital One VentureOne Rewards Credit Card (review) has no annual fee and provides a straightforward 1.25 miles on every purchase plus elevated rewards on travel portal bookings. While the earning rate isn’t spectacular, you’ll still get valuable redemption options through airline and hotel transfers or travel statement credits.
Welcome Bonus: bonus_miles_full
Earn Rewards: 5x miles on hotels and rental cars booked through Capital One Travel; 1.25x miles on all other eligible purchases.
Card Benefits: No foreign transaction fees, secondary rental car insurance, extended warranty, and 0% Intro APR for 15 months on purchases and balance transfers, after that, a reg_apr,reg_apr_type APR.
Transfer Partners: Accor (2 to 1), Aeromexico, Air Canada Aeroplan, Air France-KLM Flying Blue, Avianca LifeMiles, British Airways, Cathay Pacific, Choice Privileges, Emirates, Etihad, Finnair, I Prefer Hotels (1 to 2), Japan Airlines(2 to 1.5), JetBlue (5 to 3), Qantas, Qatar, Singapore KrisFlyer, TAP Air Portugal, Turkish Airlines, Virgin Red, and Wyndham Rewards.
Chase Freedom Unlimited®
The Chase Freedom Unlimited® (review) sets itself apart with 1.5% back on non-bonus purchases, plus higher rewards in select categories including dining and travel. This flexible rewards card becomes even more valuable when paired with a premium Chase card, allowing you to transfer your rewards to travel partners.
Welcome Bonus: bonus_miles_full
Earning Cash Back: 5% back on travel purchased through Chase Travel℠; 3% back on dining at restaurants, including takeout and eligible delivery services; 3% back on drugstore purchases; 1.5% back on all other purchases
CaBenefits: Purchase protection, extended warranty, trip cancellation and interruption insurance, secondary rental car insurance, and 0% intro APR for 15 months from account opening on purchases and balance transfers, after that reg_apr,reg_apr_type APR applies;
Is The Capital One Platinum Credit Card Worth It?
If you are in the market for your first credit card or are trying to build your credit score, the Capital One Platinum Card is a great option. You won’t have to pay f0r foreign transaction fees, annual fees, and security deposits, so you can save some money which can be used towards paying your debt instead.
However, one of the card’s best features is it allows you to increase your credit limit in only six months, which can help improve your credit or give you some good credit to start with.
