Capital One Platinum Credit Card overview
If you’re in need of a no-frills starter credit card, the Capital One Platinum Credit Card fits the bill. However, it’s “Platinum” by name only — don’t expect any perks, privileges, or meaningful rewards. And with a high 29.99% variable APR (see rates and fees), make an extra effort to pay your bill in full each month. Card Rating*: ⭐⭐
*Card Rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.
Some credit cards are intended for true newcomers, and the Capital One Platinum fits right into the fold. If you have a limited credit history, you might only be looking for two things from a card: high approval odds and no annual fee (see rates and fees). In this respect, the Capital One Platinum hits the nail on the head.
However, this card has downsides, too, including a high APR, so it certainly pays to look at your other beginner card options. TPG recommends applicants have a fair credit score of 630 or higher.
Let’s take a deeper dive into the Capital One Platinum Credit Card to see if it aligns with what you’re looking for.
Related: The best Capital One credit cards of 2024
Capital One Platinum Pros and Cons
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Capital One Platinum welcome offer
Unfortunately, no sign-up bonus or introductory 0% APR on the Capital One Platinum is available.
However, the card has no annual fee (see rates and fees). Many non-student credit cards intended for those with limited credit often either charge an annual fee or require a security deposit, so it is nice that this card doesn’t have either.
Capital One Platinum benefits
There are some tangible benefits to managing and protecting your account. These aren’t groundbreaking by any means, but it’s reassuring to know that there is a standard suite of coverage.
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There are several account management features:
- Automatic credit line reviews: It’s likely the main reason why you’re getting this card is to boost your credit score. Capital One will automatically monitor your credit line after six months with the potential to increase it. A higher credit limit — if not used — could lower your overall credit utilization and thus, improve your credit score.
- CreditWise from Capital One: You can access your credit score and monitor your credit profile directly through this Capital One platform.
- Fraud coverage: You’ve got fraud coverage, meaning you’re not liable if your card is used for unauthorized transactions.
- Mobile apps: You can manage your online banking needs right from your phone
The Capital One Platinum is a Mastercard, so you can use this card anywhere Mastercard is accepted and get a host of regular travel and purchase benefits.
Related: How to increase your credit limit
Earning and redeeming rewards on the Capital One Platinum
There aren’t any category bonus earnings with the Capital One Platinum and, therefore, no redemption of rewards either.
Despite not being able to earn and redeem rewards, this card is for those looking to build their credit and work their way up to more premium credit cards that offer such benefits. If your credit history and score are looking good, this card isn’t for you, and you’re better off opening a card that you can earn rewards with.
Related: The best starter credit cards
Which cards compete with the Capital One Platinum?
The Capital One Platinum card is best for those who do not have the best credit or are looking to build their credit.
- If you prefer Capital One rewards: The Capital One QuicksilverOne Cash Rewards Credit Card is a great addition to any wallet. While the card has a $39 annual fee (see rates and fees), it gives you 1.5% cash back on every purchase and is directly intended for those with average credit. For more information, check out our full review of the Capital One QuicksilverOne Cash Rewards card.
- If you prefer Citi: The Citi® Secured Mastercard® is a good way to build credit for those looking to establish or rebuild their credit. The card has no annual fee and your credit line is based on the security deposit placed to secure the card. With your choice of payment dates and zero liability protection, the Citi Secured card helps establish credit easily.
- If you prefer better rewards: The Chase Freedom Unlimited® is an excellent way to earn cash back rewards, with the ability to redeem for travel if you also hold a more premium Chase card. This no-annual-fee credit card earns 5% cash back on travel through the Chase Travel™ portal, 3% on dining (including restaurants and eligible delivery) and drugstore purchases. For more information, check out full review of the Chase Freedom Unlimited.
*The information for the Citi Secured Mastercard has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
For additional options, check out our full lists of the best secured and best cash-back credit cards.
Is the Capital One Platinum worth it?
This Capital One Platinum is designed for both credit card novices and those who are looking to build up their credit. This is a decent option if you have an average credit score or limited credit history, but it lacks the benefits and earning potential that some other secured cards have. Many looking to build credit will prefer a different secured credit card instead.
Related: Best credit cards for excellent credit in 2024
Bottom line
The Capital One Platinum isn’t breaking new ground as a starter card, but it’s a solid, middle-of-the-road option for beginners. If you’re applying for this card, use it as a tool to improve your credit so you can eventually apply for something more rewarding. With responsible credit card use, you’ll have taken the first of many steps on your credit journey.
Apply here: Capital One Platinum
