Capital One Platinum Credit Card Review
The Capital One Platinum Credit Card is a great option for individuals with fair credit who are looking for a card that allows automatic payments. With this card, you will automatically receive an increase in your credit limit after six months, and you can add other authorized users.
If you are thinking about getting a new credit card, figuring out which one is best for you can be tricky. We analyzed the Capital One Platinum Credit Card to help you evaluate if it meets your needs. This card allows for automatic credit limit increases and has no annual fees, balance transfer fees as well as foreign transaction fees. However, it does have a high APR, so you will want to be careful about using this card if you don’t pay off your balance in full each billing cycle.
Card Details to Know Up Front
- Bonus, Fee or FeatureHas or Not
- Has Annual Fee
- Has Balance Transfer Offer
- Has APR Offer
- Has Rewarding Welcome Offer
- Credit NeededLimited-Fair
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
- Limited-FairCredit Needed
- $0Annual Fee
- 3# of Reporting Bureaus
Pros & Cons Explained
Before applying for this card, it’s important to understand the Capital One Platinum Credit Card benefits and downsides.
- No Annual FeeThis feature is common with most leading credit cards in the U.S., and the Capital One Platinum card is no exception. It gives you an opportunity to build your credit limit without any annual fee.
- Six-Month Credit Line ReviewCardholders are automatically considered for a credit line increment in as little as six months.
- No Foreign Transaction FeesWith other cards, foreign transaction fees may be as high as 3% if you make a purchase outside of the United States. Capital One Platinum Credit Card customers do not need to pay any foreign transaction fees.
- No Cash Back or RewardsAll the purchases you make using the Capital One Platinum Credit Card will not come with cash back or any type of reward.
- High APRThe card has a high APR for balance transfers, cash advances and purchases. This translates to high interest costs for cardholders who are unable to make payments before the billing cycle ends.
MoneyGeek analyzed its credit card database to determine the best cards across various categories. While the Capital One Platinum Credit Card does not rank among the top across the rest of the categories despite having benefits like zero annual and foreign transaction fees, it is one of the recommendations for individuals with average credit.
Other Features Explained
The Capital One Platinum Credit Card has various key benefits and features, which include:
- Card FeatureDescription
- AutopayYou can use your card to schedule automatic payments every month, and you will also receive a list of the payments made for each month.
- Credit Line ReviewCapital One may increase your credit line in as little as six months if your credit profile is good.
- Authorized UserIt is both easy and cheap to add authorized users to your card as well as track their expenses.
If you’re looking to build your credit quickly with the Capital One Platinum Credit Card, start by automating your monthly payment. You’ll always be on time and your credit score will rise quickly. -Alene Laney, Credit Card Journalist
Understanding the Fine Print
There are several fees associated with the Capital One Platinum Credit Card, as indicated below. The card has no annual fee, balance transfer fee or foreign transaction fee. However, it has a variable regular purchases APR, cash advance APR and balance transfer APR of 26.99%. That means you should not carry any payment to the following month as this will attract high interest amounts.
- Card FeatureAmount or Rate
- Annual Fee$0
- Balance Transfer Fee3%
- Balance Transfer APR26.99%
- Late Fees$40.00
The Capital One Platinum Credit Card comes with a considerably high but variable APR, at 26.99%. This interest applies to balance transfers, cash advances and purchases. Therefore, it is crucial that cardholders do not carry any balances on this card and instead pay off the full balance before the due date.
Cash Advance Fees
With this card, you will pay a cash advance fee of $10 or 3% of the amount, depending on which is greater. For instance, if you take a cash advance of $1000, 3% of this is $30, which is what you will pay instead of the $10.
Late Payment Fees
Cardholders pay a late fee of up to $40 with this card. However, the APR will not be increased due to late payment. The due date for each payment will be 25 days after the end of the previous billing cycle.
Balance Transfer APR
The same variable APR of 26.99% used for purchases also applies to balance transfers. However, you will not pay any transfer fees except for transfers that post to the account at a promotional APR offered by Capital One.
Some of the factors to consider while comparing credit cards are the fees and APR. If you wish to compare other cards with your Capital One Platinum card, you can get the information from your billing statement, online account or check the mobile app. You may also find information from the credit card agreement database, which is continually updated and maintained by the Consumer Financial Protection Bureau.
Who Should & Shouldn’t Consider Capital One Platinum Credit Card?
Things to Consider if This Will Be Your First or Only Credit Card
If you are getting the Capital One Platinum Credit Card as your first card, you will need to consider its high APR since you will be required to pay considerably high interest rates (26.99%) any time your payment rolls over to the next month. If you intend to use it as your first or only card, be sure to pay off your balances by the end of each cycle to avoid high interest rates.
Things to Consider if This Will Be an Additional Card in Your Wallet
Aside from zero annual fees, balance transfer and foreign transaction fees, this card is also significantly secure when it comes to making online purchases due to the use of virtual numbers. However, not having cashback on your purchases can be limiting. If you need an option with the cashback feature, you might need to get an extra card.
You will also need to consider the high APR, especially if you are likely to make late monthly payments or make balance transfers from other cards. Any delays will incur an interest charge of 26.99%.
MoneyGeek follows a thorough process that’s based on several factors when reviewing credit cards. The procedure involves collecting credit card information from the Consumer Finance Protection Bureau, standardizing data points and potential spend profiles, assessing annual and introduction bonuses as well as reviewing monthly data and re-ranking.
How Capital One Platinum Credit Card Compares to Other Cards
The Capital One Platinum Card credit limit increase every six months is one of the factors that makes the card exceptional. Individuals with fair credit can easily grow their credit line within six months depending on how good their credit profile is. However, how relevant the card would be for your needs depends on the set of features every customer is typically looking for.
In-Depth Credit Card Comparisons:
Quick Comparison of Capital One Platinum Credit Card
Capital One Platinum Credit Card
- Annual Fee: $0
- Purchase APR: 26.99%
- International Transaction Fee: $0
- Cash Back Rate: 0%
- Mini Verdict: Best for international payments but not the best for APR and cash back features
Capital One QuickSilverOne Rewards
- Annual Fee: $0
- Purchase APR: 0% for the first 15 months
- International Transaction fee: $0
- Cash Back Rate: 1.5% on all purchases
- Mini Verdict: Best for individuals looking for a card with the cash back option
Other Helpful Decision-Making Q&As
Below are some of the commonly asked questions about the Capital One Platinum Credit Card with answers. You can use these to find the additional information you might be looking for about the card.
Still not sure about this card? Consider these options.
If this card does not meet your needs, you might want to consider various other options across different categories. For instance, you might be interested in getting the best balance transfer card or looking for a student card. MoneyGeek has a list of the best cards across all these categories.
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Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity.
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