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HomepageFinanceCredit CardsCapital One Platinum Credit Card
Last updated on Feb 25, 2020

Capital One Platinum Credit Card

A classic credit card with Capital One benefits, suited for people with average credit ​
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4 cards compared

3 features evaluated

20 hours researched

Lorraine Roberte

By Lorraine Roberte Contributing Writer

Lorraine Roberte is a South Florida-based personal finance writer. Her work has been published on sites such as Thrive Global, Elephant Journal, Red Tricycle and Tweak Your Biz.

Capital One Platinum Credit Card Review

Capital One’s Platinum credit card is a traditional card providing the same excellent services users expect from Capital One. This includes no foreign transaction fees, fraud protection, credit monitoring, free extended warranty protection on eligible items, and auto rental collision damage and theft protection. J.D. Power’s 2019 U.S. Online Credit Card Satisfaction Study gave the company an overall four out of five stars, showing Capital One’s online credit card experience close to the top of the list compared to its competitors.

Credit card reward seekers might notice this card doesn’t have a welcome offer or offer rewards, and that the 24.99% variable APR is high, but there are no annual fees to pay. This card may also appeal to applicants with limited credit histories or defaulted on a loan within five years since this card is geared towards those with an average credit level. Cardholders may find Capital One’s Platinum card to be a great stepping stone to cards offering better rates and rewards.

Capital One Platinum Credit Card Overview

Pros
Cons
  • Credit level: Accepts applicants with average credit levels
  • Access to higher credit line: May receive a higher credit line after first 5 on-time monthly payments
  • Extended warranty protection: Free on eligible purchases
  • No annual fee: Users are not charged a yearly fee like many credit cards
  • Accessibility
  • No rewards or sign-up bonuses: No extra incentive to sign up or use the card
  • Higher interest rates: Rate of 26.99% variable APR
    • Rewards Rate: N/A
    • Sign-Up Bonus: N/A
    • Annual Fee: $0
    • APR: 26.99% variable
    • Additional Fees:
      • Cash Advance: Either $10 or 3% (whichever is greater)
      • Late Payment: Up to $39
    • Recommended Credit Level: Average

    Who Should Get Capital One Platinum Credit Card?

    Best for: People with a limited credit history or who have defaulted on a loan in the last five years. Also for those who don’t mind trading in reward possibilities for a chance to build their creditworthiness. Not for: Credit card users looking to earn rewards like points, miles, or cash back from their spending.

    The Competition

    Capital One Platinum Credit Card
    Discover it Secured
    American Express Cash Magnet™ Card
    Chase Freedom Unlimited
    Rewards Rate
    N/A
    2% cash back at gas stations and restaurants up to $1,000 in purchases per quarter; 1% cash back on all other purchases
    Unlimited 1.5% cash back on purchases
    1.5% cash back on all purchases; each $1 in cash back rewards equals 100 points
    Sign-up Bonus
    N/A
    N/A
    $150 statement credit after spending $1,000 in purchases in the first 3 months
    $150 bonus after spending $500 in purchases in the first 3 months
    Annual Fee
    $0
    $0
    $0
    $0
    APR
    26.99% variable APR
    24.49% variable APR
    0% intro APR on purchases and transfers for the first 15 months; 14.49% to 25.49% variable APR afterward
    0% intro APR on purchases and transfers for the first 15 months; 16.49% to 25.24% afterward
    Other
  • No foreign transaction fees
  • No annual fees
  • FICO Credit Score visibility
  • Unlimited dollar-for-dollar match of all cash back earned the first year
  • Option to pay for select qualifying purchases over a fixed period with a set monthly fee
  • Exclusive access to ticket presales at local events
  • DoorDash service for $0 delivery fees on orders over $12 for 3 months
  • Transferable Chase Ultimate Rewards points
  • *All information accurate as of Feb. 24, 2020.

    Main Benefits

    No foreign transaction fees

    If you’re a student studying abroad or are someone who loves to take vacations to international destinations, you’ll save in fees for each transaction you use your Capital One Platinum card while overseas. That’s because unlike some credit card companies, Capital One doesn’t charge foreign transaction fees for any of its cards.

    Average-credit applicants eligible

    Capital One markets its Platinum card toward people with average credit levels. Capital One defines this as those who defaulted on a loan within the last five years or people who have limited credit histories, such as having a credit card or other credit for less than three years.

    Possible Drawbacks

    No rewards or welcome offers

    In a world where many credit cards offer some sort of reward to sweeten the deal, it’s surprising that the Capital One Platinum card doesn’t have anything more to provide cardholders than the traditional benefits associated with credit cards. Even the Capital One QuicksilverOne, which is also for people with average credit levels, still offers an unlimited 1.5% cash back on all purchases.

    Capital One Platinum Credit Card Compared to Discover it Secured Card

    While the Discover it Secured card is geared toward those rebuilding their credit and requires a refundable security deposit, it has many of the same benefits as the Capital One Platinum credit card. Both cards have no annual fees, let you monitor your credit, and provide a mobile app for on-the-go account management. And Discover’s customer service revealed it also doesn’t charge foreign transaction fees.

    But Discover’s card charges a lower 24.49% variable APR and earns you 2% cash back on up to $1,000 in purchases per quarter at gas stations and restaurants. Plus, you receive an unlimited 1% cash back on all other purchases and an automatic match on all your cash back earnings from the first year. Discover also automatically reviews your account monthly and may return your security deposit in as little as eight months without you having to close the account.

    The Bottom Line

    We recommend Capital One’s Platinum card for people who aren’t dazzled by rewards and want to use a simple credit card for its intended purpose: to pay for purchases. However, other Capital One cards, like QuicksilverOne, provide many of the same benefits while still offering straightforward rewards and redemptions and being a great option for those with limited credit histories.