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Capital One Platinum Review: A Great No Annual Fee Card for Fair/Average Credit

Review Updated
Natasha Etzel
Author: Natasha Etzel
Natasha Etzel
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Natasha has been a freelance writer since 2015. She specializes in credit card and credit card rewards content. When not busy writing, she's either dreaming up her next credit card rewards redemption or traveling the globe. Her goal is to encourage more people to experience the world around them while making smart financial choices.

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Nathan Alderman
Fact Checked: Nathan Alderman
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The Capital One Platinum Credit Card is a solid choice if you have average credit and need a credit card. And if you pay your bill on time regularly, it can be a useful stepping stone to boost your credit score and help you qualify for a broader range of cards. If you don't have a long credit history or your history has some negative marks on it, and you're ready to build your credit score, read our Capital One Platinum Credit Card review to find out if this card can help.

Is the Capital One Platinum Credit Card worth it?

Yes, the Capital One Platinum Credit Card is worth it for consumers with fair credit who want to improve their credit score without paying an annual fee.

Ratings Methodology

Capital One Platinum Credit Card

Apply Now for Capital One Platinum Credit Card

On Capital One's Secure Website.

Rates & Fees External Link Icon

Capital One Platinum Credit Card
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Credit Score: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Fair (300-669)
Apply Now for Capital One Platinum Credit Card

On Capital One's Secure Website.

Rates & Fees External Link Icon

Credit Score Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Fair (300-669)

Intro APR

Purchases: N/A

Balance Transfers: N/A

Regular APR

29.99% (Variable)

Annual Fee

$0

Welcome Offer Circle with letter I in it. N/A

N/A

  • One of the leading cards among its competitors, mainly due to its focus on cutting nuisance fees, such as annual dues and for foreign transactions.

    • No annual fee
    • Low credit score requirement
    • Automatic credit limit increase
    • No foreign transaction fee
    • No rewards
    • No 0% intro APR offer
    • No annual or hidden fees. See if you're approved in seconds
    • Be automatically considered for a higher credit line in as little as 6 months
    • Help build your credit through responsible use of a card like this
    • Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
    • Monitor your credit score with CreditWise from Capital One. It's free for everyone
    • 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
    • Check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier. Just hover your card over a contactless reader, wait for the confirmation, and you're all set
    • Pay by check, online or at a local branch, all with no fee - and pick the monthly due date that works best for you

Credit card comparison

We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.

Offer Our Rating Welcome Offer Rewards Program APR Learn More
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
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Best for cash back on rotating categories 		Discover will match all the cash back you’ve earned at the end of your first year. 1% - 5% Cashback Circle with letter I in it. Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases.

Intro:

Purchases: 0%, 15 months

Balance Transfers: 0%, 15 months

Regular: 18.49% - 27.49% Variable APR *Rates as of December 12, 2024.

Apply Now for Discover it® Cash Back

On Discover's Secure Website.

Rates & Fees External Link Icon

Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for cash rewards on everyday spending 		$200 cash rewards Circle with letter I in it. Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. 2% cash rewards Circle with letter I in it. Earn unlimited 2% cash rewards on purchases.

Intro: Circle with letter I in it. 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers

Purchases: 0% intro APR, 12 months from account opening

Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers

Regular: 19.24%, 24.24%, or 29.24% Variable APR

Apply Now for Wells Fargo Active Cash® Card

On Wells Fargo's Secure Website.

Rates & Fees External Link Icon

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for unlimited rewards on purchases 		25,000 points Circle with letter I in it. 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases 1.5 points per dollar Circle with letter I in it. Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open.

Intro: Circle with letter I in it. 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.49% - 28.49% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers.

Purchases: 0% Intro APR for 15 billing cycles for purchases

Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days

Regular: 18.49% - 28.49% (Variable)

Apply Now for Bank of America® Travel Rewards credit card

On Bank of America's Secure Website.

Full Capital One Platinum review

This credit card is a good fit for: Cardholders with fair credit who want to build their credit score without paying unnecessary fees.

Top perks

No annual fee

Since this card is intended for building credit, the fact that it doesn't have an annual fee is a big plus. After you've improved your credit and can qualify for cards with more benefits, you can keep your Capital One Platinum Credit Card instead of canceling it. That's important because canceling a card and losing its credit history can hurt your credit score.

Low credit score requirement

The Capital One Platinum Credit Card has a low credit score requirement. If you have fair credit and want to improve your credit score by using a credit card and paying off the bill each month, the low credit score requirement may be attractive.

Potential credit limit increase

You'll be considered for a higher credit line in as little as six months. Increasing your credit limit can lower your credit utilization, which is the ratio of how much available credit you're using. Having a lower credit utilization can help increase your credit score. With most cards, you need to wait at least six months to request a credit limit increase.

READ MORE: How to Increase Your Capital One Credit Limit

No foreign transaction fees

You can use this card anywhere worldwide without pesky foreign transaction fees. Many no annual fee cards charge a foreign transaction fee, which makes this a solid benefit of the Capital One Platinum Credit Card. (See rates and fees.)

Credit monitoring tools

You'll have access to Capital One's CreditWise app, which lets you monitor your credit. You can check your VantageScore, monitor your progress, and get alerts of important credit changes.

While you don't need to be a cardholder to use this tool, it can be helpful if you're a Capital One Platinum Credit Card user who wants to improve their credit.

Virtual card numbers

As a Capital One Platinum Credit Card user, you can use Capital One's Virtual Card Numbers from its Eno service. You can easily disguise your credit card number when shopping online using virtual card numbers. This is an excellent perk if you want to minimize the chances of credit card fraud when shopping in the digital world.

READ MORE: Best Capital One Credit Cards

What could be improved

Rewards

The most glaring flaw of this card is that it doesn't earn rewards. Considering there are cards for consumers with average credit that offer at least some rewards, it's disappointing that the Capital One Platinum Credit Card doesn't offer any.

READ MORE: Best Rewards Credit Cards

No intro APR offer

You won't get an intro APR on purchases or balance transfers with this credit card.

READ MORE: Best Credit Cards for Good Credit

Suggested credit score for the Capital One Platinum

The recommended FICO® Score range for the Capital One Platinum Credit Card is 580 to 669, which is considered fair credit. On its website, Capital One describes this card as being for consumers who have defaulted on a loan in the last five years or have a credit history of less than three years.

Find the best credit card for your needs
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Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.

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The Capital One Platinum Credit Card is right for you if:

  • You have average credit.
  • You don't want to pay an annual fee.
  • You need a credit card with no foreign transaction fees.

If you have average credit and don't already have a card, the Capital One Platinum Credit Card is a good choice to help you raise your credit score with good credit hygiene.

For those with good credit (a FICO® Score of 670 or higher), there aren't any compelling reasons to get this card. You should be able to qualify for better options.

What to do if you don't qualify for the Capital One Platinum Credit Card

If you don't qualify for the Capital One Platinum Credit Card, there are some steps you can take to improve your creditworthiness. While it takes time and effort, improving your credit could make you a better candidate for this card in the future. Here are some suggested steps to take.

Pay off current debt

If you have existing debt, prioritize paying it off. If you're skipping payments entirely, your credit score may continue to decrease, and your overall credit situation could worsen. Figure out how much debt you have and make a plan to tackle it. Even paying off a small amount of debt is better than paying off no debt at all.

Your credit utilization ratio, or how much available credit you use, makes up 30% of your FICO® Score. Paying off existing debt can result in lower credit utilization, which is ideal for a better credit score.

READ MORE: How to Build Credit Fast

Apply for a starter credit card

If you don't think you'll qualify for this credit card, you may want to apply for a credit card intended for people with poor credit or limited to no credit. There are starter credit cards with more flexible approval requirements, and they may be a better option for you.

If you're not sure which credit card to consider, take a look at these credit card lists:

Pay your bill on time and only spend what you can afford

If you already have a credit card or get a secured credit card, you may be on your way to improving your credit right now. Whenever possible, only charge what you can afford to pay off. And one of the best ways to boost your credit is to pay your credit card bill on time every month. (This will also help you avoid added interest charges.) Over time, these actions can improve your credit situation.

READ MORE: How to Get a Credit Card With No Credit

Our credit card methodology

At Motley Fool Money, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.

We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how Motley Fool Money rates credit cards.

FAQs

  • No, the Capital One Platinum Credit Card isn't hard to get. It's intended for consumers with fair credit, and many people can get approved even if they have a limited credit history or have defaulted on a loan.

  • Yes, you can have two Capital One Platinum Credit Cards. Capital One allows you to have more than one of the same credit card.