Capital One Platinum Credit Card Review

Capital One Platinum Credit Card — all information about the card.

By Hanna Volkava
Updated November 25, 2022

Good Choose for Without SSN

Platinum Mastercard Capital One
Apply now
On Capital One‘s site
Our Rating:
2.91 out of 5
scorer
Recommended credit score
Fair (580-669)
  • Rewards Rate:
    • This card doesn't offer cash back, miles or points.
  • Intro Offer:
    • No current offer.
  • Annual Fee:
    $0
  • Purchase Intro APR:
    None
  • Regular APR:
    28.49% Variable
  • Balance Transfer APR:
    28.49% Variable
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We recommend more cards

All benefits

  • Travel
    • No Foreign Transaction Fees:
    • You won’t pay a transaction fee when making a purchase outside of the United States.
    • ATM Location Services:
    • Receive help finding the nearest ATM when traveling.
    • Emergency Card Replacement:
    • If your credit card is lost or stolen, you can get an emergency replacement card.

Rate and fee information

  • Purchase Intro APR
    • None
  • Purchase APR
    • 28.49% Variable
  • Intro Balance Transfer APR
    • None
  • Balance Transfers APR
    • 28.49% Variable
  • APR for Cash Advances
    • 28.49% Variable
  • How to Avoid Paying Interest
    • Your due date is at least 25 days after the close of each billing cycle. You will not be charged interest on new purchases, provided you have paid your previous balance in full by the due date each month. You will be charged interest on cash advances and transfers on the transaction date.

Fees

  • Annual Fee
    • $0
  • Fees for Balance Transfer
    • 3% of the amount of each transferred balance. None for balances transferred at the Transfer APR
  • Fees for Cash Advances
    • Either $10 or 3% of the amount of each cash advance, whichever is greater
  • Late Payment
    • Up to $40
View all Rates & Fees

Pros & Cons

Pros:
  • Chance to get a higher credit limit
  • No annual fee
  • No foreign transaction fees
  • Platinum Mastercard benefits
  • No Penalty APR for late payments
  • Get approval with a fair credit score
Cons:
  • High Regular APR
  • No rewards
  • No sign-up bonus
  • You don’t get to enjoy a reduced introductory rate

Features

Platinum
Mastercard
Contactless
  • No Annual Fee
  • No foreign transaction fees
  • Payment Flexibility
  • Fraud Protection
  • Free Credit Score
  • Purchase Protection
  • Fair Credit

About the issuer

Capital One has several card types depending on your needs.
Manage your Account & Pay your Bill
You can usually pay your bill online on your
Credit card issuer's website
Call to Customer Service

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  • None
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  • 0% Introductory APR for the first 15 months that your account is open, 17.99% - 27.99% variable APR after that
    Purchase Intro APR
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Capital One Platinum Mastercard Credit Card Review

With this no annual fee credit card, you can build credit for free and quickly raise your credit limit with responsible behavior.

The Capital One Platinum Mastercard Credit Card is ideal for people with average credit. It gives you a chance to earn a higher credit limit within just six month if you make timely payments.

Capital One Platinum: pros and cons

Pros: Cons:
Chance to get a higher credit limit. After just 6 months, the Capital One Platinum Credit Card will automatically consider you for a credit-limit increase, which is a huge bonus. While the reassessment doesn’t mean you will actually get a higher credit card limit, most issuers won’t even let you apply for a profile review after such a short period. No rewards. While you won’t earn cash back when you pay with this credit card, it still offers a pretty good deal — at least as far as your credit report is concerned.

No annual fee. Most nonstudent credit cards available to consumers with little or no credit require an annual fee or a security deposit — but not this card. It requires neither, leaving you with more money in your wallet and at the same time giving you a chance to improve your credit score.

High Regular APR. Carrying a balance on this card could prove expensive. The ongoing APR is 28.49% variable, which is a tad higher than the average APR charged by secured cards (16.63%) and store credit cards( 23.91%), but that’s not surprising since the Capital One Platinum Credit Card is not asking for a cash deposit to reduce its risk, nor is it imposing limitations regarding where you can use the card.
No foreign transaction fees. This card is as travel-friendly as they come. You don’t get to enjoy a reduced introductory rate. Generally speaking, credit cards that cater to credit newcomers and have a high ongoing APR don’t offer a 0% or a low introductory rate — and the Capital One Platinum Credit Card is no exception. This only goes to show that it’s not built for financing.
Platinum Mastercard® benefits. Enjoy benefits such as extended warranty coverage, auto rental insurance, travel assistance, travel accident insurance, roadside assistance and price protection. No sign-up bonus. Capital One doesn’t offer you a bonus when sign-up for its Platinum Credit Card.
No Penalty APR for late payments. The Capital One Platinum Credit Card won’t raise your interest rate if you forget a payment. Though, it’ll still ask you to pay a late payment fee.
Get approval with a fair credit score. The Capital One Platinum Credit Card requires a fair or higher credit score. The issuer may also consider people with little or no credit history

Rewards system in a nutshell

The Capital One Platinum Credit Card doesn’t have a rewards program. That means you won’t earn cash back when you pay with this credit card. However, that’s hardly surprising, since it is designed to help you build credit and such cards, generally speaking, don’t offer rewards.

Who can benefit from getting the Capital One Platinum Credit Card?

If you are new to credit and want to go quickly from no credit to good credit without paying hefty fees, the Capital One Platinum Credit Card could make sense for you.

icon-info

The Capital One Platinum Credit Card does not have an annual fee, nor does it charge a foreign exchange fee when you shop outside of the U.S. Most importantly, it gives you a chance to qualify for a higher credit limit in as little as six months, provided you make payments on time.

The Capital One Platinum Credit Card is also a good option for those who want to build a positive credit history and boost their credit score over time. It reports to all three major credit bureaus: Equifax, Experian, and TransUnion.

Are there any other benefits?

Yes, there are quite a few of them:

  • $0 fraud liability. If the Capital One Platinum Card is lost or stolen, you will not be liable for any unauthorized transactions.
  • Car rental damage or theft coverage. Most Visa® cards and Mastercards® (if not all) offer rental car insurance that covers you if your rental car gets damaged or stolen — and the Capital One Platinum Card is no different. However, keep in mind this coverage is secondary, meaning it will only pay the amount not covered by your primary policy.
  • Credit Wise. This free service sends you alerts if your TransUnion or Experian credit reports change.
  • Balance Transfer. Transfer your existing higher-rate balance to the Capital One Platinum card to save money.
  • Capital One Mobile App. Complete transactions, manage your account, and view your balance anywhere, anytime.
  • AutoPay. It allows you to get your credit card bill paid on time each time. No wonder, then, it is the most preferred mode of payment for many.
  • Capital One Eno. A multi-layered virtual assistant, Eno keeps you aware of your account activity and comes equipped with a sturdy fraud alert system.

Conclusion

The Capital One Platinum Credit Card could be a good option for people with no or average credit.

icon-warning

The Capital One Platinum Credit Card gives you an opportunity to raise your credit limit after just six months without asking for a cash deposit or placing limitations regarding where the credit card can be used. Plus, its travel-friendly features — no foreign transaction fees coupled with Platinum Mastercard benefits — ensure you save money when you go abroad.

However, you won’t earn rewards with the Capital One Platinum Credit Card, and a fairly high APR makes carrying balance from one billing period to the next a very expensive proposition. But to be fair, the Capital One Platinum Credit Card is not built for financing. Instead, it is designed to help you improve credit and, consequently, become eligible for a card with a lower interest rate — and that’s something it does exceedingly well.

FAQ

What is the customer service phone number for Capital One Platinum Credit Card?

The Capital One credit card customer service number is 1 (800) 227-4825.

How to check my application status for Capital One Platinum Credit Card?

You can check the status of your Capital One Platinum Credit Card application by calling 1 (800) 903-9177. Their customer service team will notify you in writing of their decision within 7-10 business days of applying.
Hanna VolkavaHanna Volkava

Financial and product expert

hv@myfin.us
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