Review: Capital One Platinum Credit Card
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The Capital One Platinum Credit Card is designed for people with limited credit history. It can be used to build your credit before you move on to better cards with reward programs and advanced benefits.
The information related to Capital One QuicksilverOne Cash Rewards Credit Card and Journey Student Rewards from Capital One have been collected by Credit Card Insider and have not been reviewed or provided by the issuer or provider of these products.
This Card Is Best For
- Motivated to create positive credit historyCredit Builder
The Platinum card from Capital One is for someone with average credit who’s looking to build or rebuild their credit without paying an annual feeand who doesn’t particularly care about earning rewards. The potential for getting a credit limit increase in as little as six months is also a nice perk.
However, this is not the best card for someone who already has good or excellent credit. It’s also inappropriate if you’re looking for a rewards card. The same company offers a cash-back option for people with similar credit through its QuicksilverOne by Capital One card. That card provides 1.5% in cash back and carries a $39 annual fee.
Given that annual fee, the QuicksilverOne card is a better deal, as long as you plan to charge at least $2,600 per year on it, as that could justify the fee. The drawback is that you may want to get rid of it after a year when your credit improves and you can qualify for a rewards card without an annual fee. However, you could keep the Platinum card open after getting a new card because it won’t cost you anything, and the longevity of that account will benefit your credit score.
What Benefits Come With The Capital One Platinum Card
The main perk is potentially getting a higher credit line after your first six months with the card. Cards for fair credit, like the Capital One Platinum, typically come with relatively low credit limits, so getting a boost would be nice.
You can also monitor one of your VantageScore 3.0 credit scores, based on your TransUnion credit report, via the CreditWise service. But that tool is available to everyone, not just cardholders.
Take a look at a more in-depth explanation of the benefits.
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Which Is Better Capital One Platinum Or Capital One Quicksilver
If you qualify for the Capital One Quicksilver card, it is overall a better option because it offers Rewards and a more powerful earning potential than a Capital One Platinum Card.
However, these credit cards are aimed at two different consumer demographics because the Capital One Platinum Card is designed to help build and repair credit, whereas the Capital One Quicksilver card is a rewards credit card.
The Capital One Quicksilver earns unlimited 1.5% cash back on all purchases.
It carries an annual fee of $39, which means you will have to spend $2,600 annually to recoup the Fee in cash back.
What Is The Platinum Mastercard From Capital One
The Platinum Mastercard® from Capital One is an unsecured credit card issued by Capital One targeted at consumers with limited credit histories who want to increase their credit score without paying Annual fees or security deposits.
Cardholders receive an additional benefit that may help increase their credit scores from Capital One after six months of opening the account, Capital One will automatically review your credit behavior to see if you are eligible for a credit line increase.
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What Is Capital One Platinum Banking Package
Platinum credit cards from Capital One are excellent options for those with average debt. The fee for the service is $0 a year and there is no foreign transaction fee. While many may find that it offers the best chance of getting an increased credit limit if you pay your debt within a timeframe of six months, its standout quality may lie in its ability to earn a higher limit.
No Rewards But Low Fees
One downside to the Capital One Platinum card is that it doesnt come with any sort of rewards program. Unlike many other credit cards, there is no sign-up bonus for getting the card and no rewards for ongoing purchases. However, the Capital One Platinum card has no annual fee and no foreign transaction fees. Many other credit cards for people with lower credit scores charge an annual fee, so it can be a nice option to have a no-fee, no-rewards credit card. That will help you build your overall credit profile, raise your credit score and allow you to access better rewards credit cards once your score has increased.
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Maximizing The Capital One Platinum Card Benefits
There are not a ton of Capital One Platinum benefits, so it can be easy to maximize them. Since this is a credit card designed to help people improve their overall credit profile, the main Platinum card benefits that youll want to look at are the ones that help you do that. The regular credit line increases start after six months of having the card and are automatic, so there is no need to enroll or do anything to get them. Still, its something that youll want to keep an eye on so that you can be aware of your total credit line and how that might affect your credit score.
If youre working on building up your credit score, youll definitely want to take advantage of the Capital One CreditWise benefit. CreditWise has a ton of articles and information about credit and what types of things are affecting your specific credit score. You can see what items on your credit report are causing the biggest impact to your actual score and the simulator function will even allow you to forecast how certain decisions will impact your credit score. CreditWise also allows you to monitor your credit score and credit report, so youll be the first to know if your credit score changes.
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Capital One Platinums Excellent Perks
The Capital One Platinum card isnt meant to be a travel card packed with perks. However, it does offer one great perk we think is worth mentioning:
- No foreign transaction fee: If you like to travel a lot this can save you tons of money. It’s rare that this type of card has no foreign transaction fee.
Capital One Platinum Credit Card At A Glance
Beyond having no annual fee, this card has other perks that make it worth considering. If you need a card that offers $0 fraud liability, becoming a Capital One Platinum Credit Card customer could be the solution. You will not be held responsible for any unauthorized payments. Additionally, since the card utilizes virtual numbers for online payments, there is less likelihood of fraud.
- Capital One Platinum Credit Card
A great card for fair credit with no annual fees
What are the pros and cons?
- Virtual card numbers for online transactions
- No rewards or cash back
- High APR for purchases and balance transfers
- Cash advance fees
- Use the card for balance transfers.
- Experience safer online shopping by using virtual card numbers.
- Get considered for a higher credit line after six months.
Disclaimer: Credit card offers are constantly changing. We work hard to stay updated with the latest information, but the offers listed on our site may no longer be available.
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Capital One Quicksilverone Cash Rewards Credit Card
- Earn unlimited 1.5% cash back on every purchase, every day
- Earn cash rewards without signing up for rotating categories
- Be automatically considered for a higher credit line in as little as 6 months
- Monitor your credit profile with the CreditWiseÂ® app, free for everyone
- $0 fraud liability if your card is ever lost or stolen
- No limit to how much cash back you can earn, and cash back doesn’t expire for the life of the account
- Help strengthen your credit for the future with responsible card use
- Get customized alerts and manage your account with the Capital One mobile app
Clear Credit Limit Increase Path And A Few Helpful Tools
While the Capital One Platinum is relatively thin on cardholder perks, it features a couple of noteworthy benefits for credit-builders.
Most notably, the card offers a very straightforward path to a higher credit limit: Youre automatically considered for a higher credit line after six on-time monthly payments. Six months is a pretty standard timeframe for a credit limit increase, but many credit-building cards offer no clear criteria for offering a higher credit limit, with many only promising to review your account periodically. In contrast, the Capital One Platinum gives you simple steps to follow to qualify for a , which can help you lower your a major factor in your credit score and give you a bit more breathing room.
Another useful credit-building perk is Capital Ones a credit monitoring portal you can access to see your credit score and monitor your credit profile. Though this tool is free and available for anyone whether they have a Capital One card or not, its still worth mentioning since monitoring your credit is the best way to make sure youre improving it over time.
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Capital One Venture Rewards Credit Card Vs Capital One Ventureone Rewards Credit Card
The Capital One Venture Rewards Credit Card and its lesser-known sibling, the Capital One VentureOne Rewards Credit Card, are both geared toward travelers, but which card is best depends on how much you travel.
The Capital One Venture Rewards Credit Card continuously ranks as a top pick on our list of the best travel credit cards, and for good reason. It offers:
- 60,000 bonus miles when you spend $3,000 on purchases in the first three months from account opening – this bonus is worth $600 towards travel
- Unlimited 2x miles on every purchase that’s two miles for every dollar spent
- Fly any airline, stay at any hotel, anytime, or transfer your miles to numerous leading travel loyalty programs
- Up to a $100 credit for Global Entry or TSA PreCheck®
- Annual fee: $95
The Capital One VentureOne Rewards Credit Card offers:
- One-time bonus of 20,000 miles once you spend $500 on purchases within the first three months
- Unlimited 1.25x miles on every purchase that’s 1.25 miles for every dollar you spend
- Transfer your miles to numerous leading travel loyalty programs
- Intro 0% APR on purchases and balance transfers for 15 months )
- No annual fee
Neither card charges foreign transaction fees , and both offer fraud coverage and security alerts as well as 24/7 emergency travel assistance.
See a full side-by-side breakdown of these two cards here.
Capital One Spark Miles For Business
Like the cash-rewards cards mentioned above, the Capital One Spark Miles for Business is similar except that it’s focused on travel rewards and geared toward businesses that find themselves on the road or taking to the skies on a regular basis.
The Capital One Spark Miles for Business offers:
- $0 intro for first year $95 after that
- Two miles per $1 on all purchases and five miles per $1 on car rentals and hotels through Capital One TravelSM
- Earn 50,000 miles after spending $4,500 in the first three months from account opening – this bonus is worth $500 in travel
- Receive up to a $100 credit for one Global Entry or TSA PreCheck® application fee
It also offers free employee cards, fraud coverage and alerts, quarterly and year-end summaries for budgeting and tax time, and no foreign transaction fees.
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Capital One Has Plenty Of Credit
Naturally, if you have impaired or bad credit, youll only be able to apply for the cards that are available in those categories. And Capital One offers three cards that provide you with the ability to improve your credit, so that youll be able to go on to apply for more generous cards later.
For example, they report to all three major credit bureaus, allow you to increase your credit limit after making the first six payments on time, and may not require an annual fee.
Intro Apr Winner: Capital One Quicksilver
Since the Wells Fargo Platinum card has been retired, those looking to open a new card cannot. Otherwise, Wells Fargo Platinum would have the better offer. However, the Quicksilvers 0 percent intro APR for 15 months on both purchases and balance transfers, followed by a variable APR of 14.99 percent to 24.99 percent, is not a bad deal at all.
This can be a great way to pay down debt from a high-interest card if you transfer the balance over. Note, though, that you will have to pay a 3 percent balance transfer fee for each balance that posts to your account.
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Capital One Quicksilver Secured Cash Rewards Credit Card
- No annual or hidden fees, and you can earn unlimited 1.5% cash back. See if you’re approved in seconds
- Building your credit? Using a card like this responsibly could help
- Put down a refundable $200 security deposit to get a $200 initial credit line
- You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
- Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
- Enjoy peace of mind with $0 Fraud Liability so that you won’t be responsible for unauthorized charges
- Monitor your credit with CreditWise from Capital One. It’s free for everyone and checking your credit does not hurt your credit score
- Earn unlimited 1.5% cash back on every purchase, everywhere. No rotating categories or limits to how much you can earn. It’s that simple
What Both Cards Excel At
The Capital One QuickSilver is a $0-annual-fee card, and it charges no foreign transaction fees. This makes it affordable for use both at home and abroad. The Capital One Platinum also has no foreign transaction fee and a $0 annual fee.
The Capital One Quicksilver also offers several convenience features that make shopping and using your card simple. This includes Eno, the Capital One Virtual Assistant that’s available 24/7 to answer questions and that monitors your card to provide you with alerts, as well as Tap to Pay.
The same convenience services are available with the Capital One Platinum. The Platinum card comes with Eno, and Tap to Pay, so you can use a virtual assistant to get alerts and use your card for contactless transactions.
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What Is The Best Capital One Credit Card
Capital One offers so many credit cards that it might be difficult to choose the right one for you. When making that decision, think about:
- Do you want points for travel or cash back?
- Is your credit excellent, average or do you need to work on it?
- Do you want a card with no annual fee or are you okay paying a fee if it means added benefits and the chance to rack up rewards at a higher rate?
This is just a taste of what Capital One has to offer. For the full line up, check out our easy-to-use compare tool where you can compare credit cards from Capital One and many other issuers.