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The Capital One® Platinum Credit Card is a no-frills credit card that has no annual fee and is made for consumers with average credit who are looking to build their credit.
Whether you’re just starting out or you’re working to build your credit, using a credit card responsibly can help you establish and build credit. Once you’re approved, make full payments on time and keep your credit utilization low.
It’s not a secured credit card and thus doesn’t require an upfront deposit. However, it has a fairly high regular APR and comes with a low initial credit limit. When the Platinum is used responsibly, it becomes a bridge to higher spending limits and more generous reward credit cards.
Learn more about this card and its features here.
Capital One Platinum Credit Card
 With the Capital One Platinum Credit Card: This card can help build your credit with responsible card use and be automatically considered for a higher credit line in as little as 6 months. Get access to your account 24 hours a day, 7 days a week with online banking from your desktop or smartphone, with Capital One's mobile app. Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges. You're able to pay by check, online or at a local branch, all with no fee - and pick the monthly due date that works best for you Monitor your credit score with CreditWise from Capital One. It's free for everyone. This card comes wit no annual or hidden fees. See if you're approved in seconds |
Why You Should Apply for This Card
- No Annual Fee: Use this as an incentive to pay off your balance in full and on time to help you build credit efficiently and effectively.
- Fair Credit Score Needed: Most credit cards need good to excellent credit to apply for. With the Platinum Credit Card, you just need an average credit score to apply for it.
- Opportunity for Credit Line Increase in 5 Months: If you make timely payments on this card, you’re eligible for a credit line increase in as little as 5 months. Many competing cards make you wait as long as 12 months to request an increase. If you’re planning to make a large, time-sensitive purchase, or simply want more spending flexibility, a year is a long time to wait.
Other Capital One Platinum Card Benefits
- No Deposit Required: You don’t need an upfront deposit to secure your account. That’s a big advantage relative to secured competitors. Some of them require a hefty minimum deposit before you can use your card. Most competitors also cap your spending at the deposited amount. That stalls the possibility of a credit line increase until you find more funds.
- No Balance Transfer Fee: Avoid the balance transfer fee when transferring balances from other cards.
- No Foreign Transaction Fee: Use this card when traveling abroad without paying a foreign transaction fee. That’s a rare perk for a credit-building card.
- No Penalty APR: This card doesn’t carry a penalty APR, which is an excellent benefit if you occasionally miss a payment.
- Free Credit Score and Credit-Building Tools: This card comes with a free credit score on-demand, as well as a bunch of useful credit-building and credit-tracking tools with Capital One CreditWise. Some cards, even those who charge an annual fee, don’t even have this benefit.
Bottom Line
For those who need to build up credit, the Capital One® Platinum Credit Card can help with that. This card doesn’t have many of the perks that more generous credit cards offer. However, that doesn’t mean it’s not a potentially game-changing card for people who need to improve their credit.
Although it may not considered a “real” platinum card in your hands right now, when you make timely payments and spend within your means, you may be able to find a “real” platinum card in your wallet in the future. Then, it’s time for you to earn your well deserved cash back or travel rewards.
If you have good credit or you’re looking for something else, check out our full list of Capital One credit card bonuses and credit card bonuses for all your credit card needs.
Learn more about this card and its features here.