Capital One Platinum Card Review: Credit-Building Perks and No Fees, But High APR

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Capital One Platinum Credit Card
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Capital One Platinum Credit Card
Editor’s Score: (3.6/5)
Apply Now externa link icon At Capital One’s secure site.
Capital One Platinum Credit Card
Editor’s Score: (3.6/5)
  • Intro offer:
    N/A
  • Annual fee:
    $0
  • Regular APR:
    28.49% (Variable)
  • Recommended credit score:
    580-740 (Fair to Good)

NextAdvisor’s Take

Pros
  • No annual fee or foreign transaction fees
  • Fraud coverage
  • Automatic credit line review in as little as 6 months
  • Price protection
Cons
  • No rewards
  • High APR
  • No introductory offer
The Bottom Line
The Capital One Platinum Credit Card is a no annual fee card that makes a worthwhile option for raising or building credit, especially if you’re looking for an alternative to secured credit cards. Establish healthy credit habits and avoid this card’s high interest rate by charging only purchases you can afford and paying them off in full and on time each month.

Additional Card Details

  • Automatically considered for a higher credit line in as little as six months
  • No foreign transaction fees
  • No foreign transaction fees
  • $0 fraud liability if your card is lost or stolen
  • Platinum Mastercard benefits, which include price protection, travel accident insurance, roadside assistance, extended warranty*
  • 28.49% variable APR

*Benefits only available to accounts approved for the Signature card. Terms apply.

Capital One Platinum Credit Card Full Review

Card Type

This is a credit-building card for people who have less-than-great credit or little credit history. You can even see if you’re pre-approved for the card before submitting your application and undergoing a hard credit check.

Annual Fee

This card charges no annual fee.

Welcome Offer

There’s no welcome bonus offer with the Capital One Platinum Card.

Rewards

Like other cards designed to help build credit, this card doesn’t offer any ongoing rewards and comes with few added benefits. 

Fees 

This card has no annual fee and no foreign transaction fees. If you carry a balance, there’s a variable APR of 28.49% .

How to Use the Capital One Platinum Card

To get the most out of the Capital One Platinum card, keep it simple. Don’t charge more than you can afford to pay off at the end of the month, and pay your bills on time — especially in the first six months — so you can potentially get a higher credit limit automatically. 

It’s a solid card for everyday purchases because it does not come with an annual fee. That said, you won’t earn points, miles, or cash back on any purchases. It’s also a decent choice for future international travel thanks to no foreign transaction fees and travel protections. 

While you should pay your balance in full every month, it’s even more important to do so with the Capital One Platinum since it has such a high APR (28.49% variable). Carrying a balance may also have a negative effect on your credit score. If you’re more likely to carry a balance for any reason, you might look to other no annual fee cards with lower APRs, such as the Wells Fargo Platinum card* or HSBC Gold Mastercard® credit card*.

Capital One Platinum Compared to Other Cards

Our Choice
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Capital One Platinum Credit Card

Capital One Platinum Credit Card

Editor’s Score: (3.6/5)
  • Intro offer:
    N/A
  • Annual fee:
    $0
  • Regular APR:
    28.49% (Variable)
  • Recommended credit:
    580-740 (Fair to Good)
  • Apply Now externa link icon At Capital One’s secure site
Learn More externa link icon
Citi® Secured Mastercard®

Citi® Secured Mastercard®

Editor’s Score: (3.0/5)
  • Intro offer:
    N/A
  • Annual fee:
    $0
  • Regular APR:
    25.49% (Variable)
  • Recommended credit:
    (No Credit History)
  • Learn more externa link icon At our partner’s secure site
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Capital One QuicksilverOne Cash Rewards Credit Card

Capital One QuicksilverOne Cash Rewards Credit Card

Editor’s Score: (3.0/5)
  • Intro offer:
    N/A
  • Annual fee:
    $39
  • Regular APR:
    28.49% (Variable)
  • Recommended credit:
    580-740 (Fair to Good)
  • Apply Now externa link icon At Capital One’s secure site

Is Capital One Platinum Card Right for You?

This card is a good option if you’re looking for a simple, no annual fee credit card to build credit or make some basic purchases. Because you can get approved with just fair credit or little credit history, Capital One Platinum makes a good credit-building alternative to secured credit cards.

One of the Capital One Platinum card’s best credit-building perks (and added incentive to practice good credit habits) is its potential for an automatic credit line increase after the first six months, if you pay your bills on time. If you’re looking to build or raise your credit, this feature can work in your favor by reducing your credit utilization ratio — the amount of your available credit that you are using.

This card can also be worthwhile if you’re traveling abroad since it doesn’t charge any foreign transaction fees — but if you’re looking to get a credit card with travel perks, look elsewhere, to one of several cards offering travel-related benefits

A significant downside of this card is its high APR: a variable rate of 28.49%. This is significantly higher than many other no annual fee cards, and it will result in higher interest charges if you plan to carry a balance. We recommend paying your credit card bills in full when at all possible to avoid paying any interest charges, let alone at a rate close to 30%.  

Another credit-building option to consider from Capital One is the Capital One QuicksilverOne Cash Rewards Credit Card. It offers similar credit-building benefits, including automatic credit line reviews. The QuicksilverOne also charges a $39 annual fee, but you can earn 1.5% cash back on every purchase. If you’re approved for the Capital One Platinum card now, you can also request a product change to a card like QuicksilverOne after a few months to continue building credit long-term.

*All information about the Wells Fargo Platinum card and HSBC Gold Mastercard credit card has been collected independently by NextAdvisor and has not been reviewed by the issuer. Applications for the Wells Fargo Platinum card are no longer being accepted.

EDITORIAL INDEPENDENCE

As with all of our credit card reviews, our analysis is not influenced by any partnerships or advertising relationships.

Frequently Asked Questions

What credit score do you need for the Capital One Platinum card?

You’ll need an average credit score (580 – 740) for the best chances of approval for the Capital One Platinum card.

Does the Capital One Platinum card have an annual fee?

No, the Capital One Platinum card does not have an annual fee.