Credit Cards Secured Cards

Capital One Platinum Credit Card Review [2024]: Building Credit Doesn't Have To Cost You

It's rare to find an unsecured credit card that's designed for building credit and charges no foreign transaction fees. Is it worth sacrificing rewards?

Updated Nov. 14, 2024
Fact checked

We receive compensation from the products and services mentioned in this story, but the opinions are the author's own. Compensation may impact where offers appear. We have not included all available products or offers. Learn more about how we make money and our editorial policies.

Capital One Platinum Credit Card

Capital One Platinum Credit Card
4.4
info

OUR VIEW

Most people who need to build or rebuild credit turn to secured credit cards. While these can be handy tools, they usually require a security deposit and often charge an annual fee. The Capital One Platinum Credit Card offers credit builders a card that does neither. While this card doesn't earn rewards, and its benefits are limited, it's still an appealing solution for anyone with fair credit who wants to improve their score without paying unnecessary fees.

Pros

Unsecured card for less-than-perfect or no credit
Potential credit line increases in as little as six months
Access to credit-building tools through CreditWise
No foreign transaction fees
$0 annual fee

Cons

No rewards or welcome offer
No introductory APR offer
How we evaluate products

Card basics

Annual fee $0
Early spend bonus None
Rewards rate None
Recommended credit score Fair
Foreign transaction fee None

Who should get the Capital One Platinum Credit Card?

  • People who want to rebuild their credit due to negative marks on their credit history
  • First-time credit card applicants looking to build their credit from scratch
  • International travelers who want to improve their credit

I've recommended this card to friends and family looking for a solid first credit card with no hidden fees to start building credit. I'd also recommend it as a tool for repairing credit to anyone with a negative mark or two on their credit report.

There are plenty of secured credit cards out there to help people build credit, but these often require a refundable security deposit that can start at around $200 and reach $1,000 or more, and some have annual fees. I appreciate that this card requires neither. It also comes with free credit score monitoring, which is easy to find but is a must for anyone working on their credit.

Good to know
International travelers will appreciate a card with no foreign transaction fees. This is a feature I rarely see in cards designed for building credit.

Who should skip it?

While this card is designed for building credit, you have the best chance of qualifying with fair credit or a FICO Score of at least 580. If you have poor credit, you may have to opt for a secured credit card. On the flip side, people with good credit can easily do better than this card. It doesn't earn rewards or have notable benefits, and the ongoing APR is staggeringly high.

Capital One Platinum Credit Card benefits

  • Credit building or rebuilding: If you have limited or fair credit, the Capital One Platinum Credit Card is built with you in mind. It has more lenient credit requirements than most unsecured credit cards.
  • $0 annual fee: The Capital One Platinum Credit Card has an annual fee of $0.
  • Automatic credit line reviews: You’ll get an initial credit line that may be lower than you desire, but if you use this card responsibly and make your monthly payments on time, you may be considered for a higher credit limit as quickly as six months after account opening.
  • Credit score monitoring tools: This card comes with CreditWise from Capital One, a free credit monitoring tool that lets you access your credit score and receive alerts about changes to your credit report. That said, most major credit card issuers offer free credit scores, and you don't have to be a Capital One customer to sign up for CreditWise.

Note that this card does not earn cash back rewards, points, or miles.

Other perks

  • No foreign transaction fees: Capital One doesn't charge foreign transaction fees on any of its credit cards. This can make a big difference if you travel internationally. Considering many top no-annual-fee credit cards charge a 3% foreign transaction fee, this card could save you $3 for every $100 you spend abroad.
  • Virtual card numbers: Capital One credit cards come with virtual card numbers you can use while shopping online to help protect you from fraud. Not every credit card offers this feature, though Citi and American Express may.
  • 50% off beverages at Capital One Cafés: Most cardholders probably won't use this perk, but if you happen to live near one of 50+ Capital One Cafés around the U.S., you can stop in for free Wi-Fi and 50% off a beverage.

Drawbacks to this card

There are two major drawbacks to this credit card: It doesn't offer any rewards or bonuses, and it charges a high ongoing APR with no introductory offers. I don't see these as dealbreakers for people focused on building credit, but they can be if you already have good credit.

There are plenty of no-annual-fee credit cards that earn rewards, and some of them even come with welcome offers. If you have good credit, consider a flat-rate cashback credit card like the Citi Double Cash® Card. There are even secured credit cards that offer rewards, like the Discover it® Secured Credit Card.

Warning
Be careful chasing points and miles if you're still building good credit card habits. While rewards cards can be lucrative, they can also encourage overspending.

Given this card's comparatively high APR, you don't want to carry a balance on it. Make sure you understand how credit card interest works and are diligent about paying it off each month. If I know I might have to carry a balance or finance a big purchase, I look for a 0% intro APR credit card I can pay off before the introductory period ends — but these often require good credit.

Other cards to consider

Despite many myths out there, credit cards can raise your credit score when used responsibly. If the Capital One Platinum Credit Card doesn’t exactly fit your needs, other options may be a better match.

Capital One QuicksilverOne Cash Rewards Credit Card

The Capital One QuicksilverOne Cash Rewards Credit Card is another great card for those with average or fair credit. It's a better option for rewards-seekers, as you'll earn unlimited 1.5% cash back on every purchase; plus 5% unlimited cash back on hotels and rental cars booked through Capital One Travel. This cash back can be redeemed for a statement credit, check, or gift card, or you can apply it directly to a recent purchase. However, you'll have to spend at least $780 on Capital One Travel hotels and rental cars or $2,600 on regular purchases each year to outweigh the card's $39 annual fee.

Capital One Platinum Secured Credit Card

If you don't think you'll qualify for the Capital One Platinum card, consider the Capital One Platinum Secured Credit Card. Your initial deposit will be either $49, $99, or $200. Once you make this first deposit, you’ll receive a $200 credit line. Similar to the Capital One Platinum Credit Card, your credit line may be increased after you demonstrate responsible use. I’d recommend this card over the unsecured Platinum only if you’re worried about approval or unchecked spending.

FAQs

Can I have two Capital One Platinum credit cards?

Yes, it is possible to have two Capital One Platinum credit cards. This may happen when someone with two Capital One credit cards upgrades one of them.

For example, if you have the Capital One Platinum Secured card and the Capital One Platinum card, you might qualify to upgrade the secured Platinum to the unsecured one, which would result in you having two Capital One Platinum cards. In this case, you could request to upgrade one of your Capital One Platinum cards to a more rewarding credit card, like the Capital One Quicksilver Cash Rewards Credit Card.

That said, there's no real reason to apply for two Capital One Platinum cards, and doing so could result in one of your applications being denied.

What is the credit limit for a Capital One Platinum Card?

The minimum credit limit for the Capital One Platinum Credit Card is $300. Capital One will make a hard inquiry to your credit report when you apply, and your credit limit will be determined based on your application and creditworthiness.

How do I upgrade my Capital One Platinum Card?

You can upgrade your Capital One Platinum Credit Card through your account’s online portal. In your portal, there’s a section for other credit card offers that is updated regularly by Capital One. You can check there to see if you’re eligible for a possible upgrade.

Calling the customer service number on the back of your card and discussing your upgrade options with a Capital One representative is also an option. Keep in mind that upgrades will likely be made more available if you’re being careful not to make late payments.

Will Capital One automatically increase my credit limit?

With the Capital One Platinum Credit Card, you will be automatically considered for a higher credit limit as soon as six months after account opening.

What credit score do I need for the Capital One Platinum Credit Card?

You are more likely to be approved for the Capital One Platinum Credit Card if you have at least fair credit. A FICO Score between 580 to 669 is generally considered to be fair.

Numerical credit scores are provided as guidelines only and are not a guarantee of approval. Explore more options in our list of the best credit cards for fair credit.

Great Starter Card for Those With No Credit

Petal® 2 "Cash Back, No Fees" Visa® Credit Card
4.9
info

Petal® 2 "Cash Back, No Fees" Visa® Credit Card

Current Offer

Reports to all three major credit bureaus

Annual Fee

$0

Rewards Rate

Unlimited 1% cash back on eligible purchases; after 6 on-time payments, earn 1.25% cash back; after 12 on-time payments, earn 1.5% cash back

Benefits and Drawbacks
Card Details