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Capital One® Platinum Credit Card

Our Two Cents: Capital One Platinum Credit Card

The Capital One Platinum card is a bare bones card that was created to help customers with bad credit get back on their feet. It doesn't offer much in the realm of rewards or luxury benefits, but it does come with a few tools to help you get your financial groove back.

First off, the card has no annual fee. Annual fees are pretty common for cards meant for bad credit customers, so this is a great starting point. The APR is a high 24.99% variable. If you're getting this Capital One credit card, it's because you've probably had some credit mishaps in the past that have brought your credit score down. It's important to pay your credit card bill in full each month and not carry a balance. As long as you can do that, the APR shouldn't be a huge concern. If you charge $500 on your card and only make the minimum payments, you're looking at $100 in interest in year one alone. Yikes!

The Capital One Platinum card does have a number of features to help you along on your credit journey. If you make on-time monthly payments five months in a row, you'll be eligible for a credit line increase. The amount of credit a bank will extend to you impacts your credit score, so by paying your bill on time each month and unlocking higher credit limits you are actually helping your credit score out double time. Capital One also gives customers access to CreditWise, a free credit monitoring tool. This will help you monitor your credit score's growth and make smart decisions. On the credit building side, Capital One is going to report your payments to all three major credit bureaus, so your score will grow as you make on time payments and manage your credit responsibly.

The last thing we want to cover on the Capital One Platinum card is that Capital One will allow eligible cardholders to product change to better cards over time. That means that in 12 months time you may be eligible to product change your Platinum to another Capital One product that offers more benefits, such as cash back rewards.


Counting Your Pennies - What's the Capital One Platinum Worth?

The Platinum card isn't flashy. Arguably its most endearing quality is that it is available to customers with bad credit and provides a path to upgrade to a better product like the QuicksilverOne

The Financials:

  • There is no annual fee
  • The interest rate is 24.99% Variable, which is high. Anything over 20% is a bit extreme.
  • No security deposit. This isn't a secured card, so you won't have to put any money down to open up this account.
  • There is no fee for balance transfers. Unless you are paying more than 24.99% interest elsewhere, balance transfers shouldn't really be a consideration. With that being said, if you have a balance on a card with 36% interest (like First Premier), this card could save you quite a bit of money on interest fees.


Who Should Get It?

This Capital One credit card is best suited for someone that is new to credit or looking to build their credit score after some credit mishaps. The most redeeming features of this card are that is has no annual fee and that it can be upgraded to another Capital One product as you build your credit score. If you have a bad credit product like First Premier or Fingerhut that have higher interest rates, this might be a better option for you.

If you are working to build your credit, check out Self Lender. Self Lender is a savings plan that builds credit. There's no hard credit inquiry and it reports to credit bureaus as a loan which helps your credit mix, another important factor on your credit report!


Who Shouldn't Get It?

If you have established credit and have at least a 620 credit score, look for a card that has a slightly better APR, and potentially a cash back feature. Capital One has a good pre-qualification tool so you can see what you are likely to qualify for before submitting an application just to get declined. Be weary of submitting applications for products you are likely to get denied for. Each hard credit inquiry will set your score back another five points or so, which can kill a credit score if you are already in the low 600s. Our other recommendations for bad credit users would be to take a look at Credit One Bank or use CardMatch to see if you have any pre-qualified offers from other banks.


Looking to Build Credit with Capital One Platinum? 

  • Pay no annual fee
  • Get access to a higher credit line after making your first 5 monthly payments on time
  • Help strengthen your credit for the future with responsible card use
  • Apply Online


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