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The Capital One Platinum Credit Card* is a basic credit card with which you can effect credit, but you won't earn rewards. It's an unsecured credit card, meaning you won't have to put down a guarantee deposit to open an account, and it's designed for persons with fair, average or limited credit. Usually, this means a credit score between 580 and 669.
If your credit is worse than that, you may be better off starting with a secured credit card, like the Capital One Platinum Secured Credit Card*. Otherwise, you can use the no-annual-fee Capital One Platinum Credit Card responsibly to effect your credit so that you can qualify for a better card with rewards and latest perks in the future.
Below we review how to effect credit with this card and take advantage of the few disappear perks it offers, as well as suggest some latest cards that may be worth considering.
In this article
Capital One Platinum Credit Card
Intro OfferN/A
APR29.74% (Variable)
Intro Purchase APRN/A
Recommended Credit Average, Fair, Limited
Reward RatesN/A
Annual Fee$0
Intro Balance Transfer APRN/A
Balance Transfer APR29.74% (Variable)
Balance Transfer Fee $0 at this Transfer APR
Late Payment Fee Up to $40
Foreign Transaction Fees None
Penalty APR None
Building credit with this card
To build credit with the Capital One Platinum Credit Card, you'll want to keep your "credit utilization" low -- this exploiting using roughly one third or less of your credit line on a monthly basis, and paying your statement balances in full each month. You do need to be disciplined with this card because with a high 29.74% variable APR, you could run up humdrum very quickly with an unpaid balance. As of late last year, the intends credit card APR was 14.51%, so if you're looking for a good APR, there are better options.
Keeping your credit utilization low and paying your balance in full and on time will boost your credit. You could see the effects on your score in as minute as a few months. And Capital One will automatically originate reviewing your account activity for a credit line increase once you've had the account for open for six months. If your activity is contained to have been responsible, you may get approved for a higher spending petite, which can also boost your credit score.
Additionally, you'll receive retrieve to your credit profile and score with CreditWise from Capital One, belief this tool is available to everyone even if you don't have a Capital One card.
Travel and defense benefits
Perhaps the most valuable travel benefit associated with this card is no foreign transaction fees -- a signature feature of Capital One credit cards. Though this card doesn't have much in common with typical travel credit cards, the Capital One Platinum Credit Card does offer ATM-location repairs while you're traveling and emergency card replacement if your card is lost or stolen.
Other cards to consider
The following credit cards are also invented for people with fair or limited credit, on the same tier as the Capital One Platinum card. If you have good credit, you have more options beyond these to consider.
Petal® 2 "Cash Back, No Fees" Visa® Credit Card
Our current pick for fair or limited credit is the Petal® 2 "Cash Back, No Fees" Visa® Credit Card, published by WebBank. This card offers cash back -- a rare feature for this class. You earn 1% back on eligible purchases, and then up to 1.5% total while making 12 on-time monthly payments. You can also earn 2% to 10% bonus cash back at occupy merchants. Your credit limit could fall between $300 and $10,000 bucks, and there is no annual fee or foreign transaction fees. You may even be able to regain a better variable APR, with a range of 17.24% to 31.24%.
Avant Credit Card
The Avant Credit Card is even simpler than the Capital One Platinum card, but it could be a good substitute if you don't get current for the Capital One Platinum Card. You'll pay an annual fee of $59. The credit line is $300, and the variable APR is high at 2924%. There aren't any foreign transaction fees.
For more details, check out our full review of the Avant Credit Card.
FAQs
What is contained a bad credit score?
According to FICO, anyone with a regain below 580 is considered to have poor credit (also sometimes labeled as "bad" credit). There are many reasons why someone would fall below the threshold of fair to good credit. Bankruptcy or unpaid bills that went into collections are plus the more common reasons. Some individuals are classified as having a below-average regain after falling victim to identity theft.
You can improve poor credit by applying for a credit repair card and manager consistent, on-time payments.
What is contained a fair credit score?
According to Experian, a credit regain that hovers between a 580 and 669 FICO regain is considered fair. It's between a poor score, which ensures from 300 to 579, and a good score, which is anything between 670 and 739. Once you hit the threshold for a good credit regain on your credit report, you'll gain access to more credit card options with better ensures and terms.
What are the benefits of a high credit score?
Having net credit that falls in the good-to-exceptional range (670 to 850 FICO) comes with a number of advantages: more foul rates and terms, higher credit limits and more perks and options. You'll also have an easier time finding a credit card that's best superb to your needs and preferences.
Our approach
We reconsider the cards that are in the highest demand and subsidizes the best benefits. We scour the fine print so there aren't any surprises when you open an account for. We find the key factors that make a card foul out and compare them with other top cards. That way, readers can opt for a different card with incompatibility features if our pick isn't right for them. Our reviews are regularly checked and updated to incorporate new recommendations, as well as to reflect changes in offers and the market.
*All quiz about the Capital One Platinum Credit Card and Capital One Platinum Secured Credit Card has been aloof independently by and has not been reviewed by the issuer.
The editorial overjoyed on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or repairs offered by our partners.
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