Capital One Platinum Credit Card Review: A No-Fee Credit-Builder

While it doesn’t offer flashy rewards or cardholder perks, the Capital One Platinum Credit Card can help you qualify for a better credit card down the line.

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Overview of the Capital One Platinum Credit Card

Even if your credit score is limiting your credit card options, the Capital One Platinum Credit Card may be within your reach. You can even apply for preapproval so you can see if you are likely to qualify before undergoing a hard credit check (which can ding your score).

The Capital One Platinum doesn’t charge an annual fee and if you use it to make purchases in another country, you won’t have to worry about foreign transaction fees, either.

If you make consistent on-time payments, Capital One may consider offering you a higher credit line in as little as six months.

Your payments are reported to the three main credit bureaus (TransUnion, Experian, and Equifax) — this reporting will help boost your credit score. 

LEARN MORE: Capital One Platinum Credit Card

Capital One Platinum Card Benefits

You won’t be able to earn rewards like cashback or miles when you make purchases using the Capital One Platinum, but since your primary goal is likely credit-building, you should focus on that.

But you can still access some cardholder benefits and features.

To start, this card makes it easy to stay on top of your account balance. You can enroll in personalized email or text reminders so you don’t forget to make payments.

If you are confident you will have enough money in your checking account to pay your balance in full each month, you can also set up autopay to ensure you never accidentally miss a payment.

Should you need any help with your account, you will have access to 24/7 customer support. 

Other benefits include:

• No foreign transaction fees
• Free CreditWise credit monitoring
• Free emergency transaction fees
• ATM location services when traveling
• Tap-to-pay feature
• Security alerts
• $0 fraud liability when your card is lost or stolen
• Virtual card number to make online shopping easy
• Card lock functionality
• Account alerts for unexpected or potential mistake charges

The Capital One Platinum is also fairly flexible when it comes to adding an authorized user or setting up a balance transfer.

Who Should Get the Capital One Platinum Credit Card?

If you're a young adult or new to the world of credit, you are the right audience for the Capital One Platinum Credit Card. You can use this card to improve your credit score by making consistent on-time payments.

Many people struggling with credit opt for a secured credit card, as they have easier approval — but also require an upfront deposit. If you don't like the idea of making a deposit, you'll appreciate that the Capital One Platinum is unsecured and therefore doesn’t require one.

If you're a traveler or do a lot of international shopping in other currencies, this card could also be a good fit for you, due to the lack of foreign transaction fees. 

Who Shouldn’t Get the Capital One Platinum Credit Card?

Don't bother with the Capital One Platinum Credit Card if you already have a good credit score and can qualify for a credit card that offers better rewards and perks.  

If you are a frequent traveler, you may want to choose a travel credit card that heavily rewards you for booking flights with your favorite airline or nights at your go-to hotel chain.

If you prefer to stay home but have a lot of day-to-day expenses, you can reap big savings from a cashback credit card that rewards everyday purchases like gas or groceries.

Alternatives to the Capital One Platinum Credit Card

For earning rewards: Capital One Quicksilver Cash Rewards Credit Card

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Unlike the Capital One Platinum, the Capital One Quicksilver Cash Rewards Credit Card gives you access to rewards. And it also doesn't charge an annual fee.

You can redeem your cashback earnings as a statement credit or check. You can also use cashback earnings to cover a recent eligible purchase.

LEARN MORE: Capital One Quicksilver Cash Rewards Credit Card

For a secured credit card: Capital One Platinum Secured Credit Card

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If you have a very low credit score, you can always consider choosing a secured credit card over an unsecured one.

With a secured credit card, you have to make a deposit instead of borrowing money outright, but these cards are much easier to qualify for than unsecured cards, thanks to the collateral.

With the Capital One Platinum Secured Credit Card, you can put down a refundable security deposit of as little as $49 to get a $200 credit line, and you’ll be automatically considered for a higher credit line in as little as six months with no additional deposit.

You won’t have to worry about paying an annual fee or any foreign transaction fees. Plus, Capital One will report your credit card usage to the three major credit bureaus. 

LEARN MORE: Capital One Platinum Secured Credit Card

FAQ

Is the Capital One Platinum Credit Card unsecured?

Yes, the Capital One Platinum is an unsecured card, which means you're not required to put down a deposit.

If you'd prefer a secured credit card, Capital One also offers the Capital One Platinum Secured Credit Card, which has no annual fee and can start you off with a $200 credit line.

Is Capital One Platinum a good credit card?

The Capital One Platinum comes with no annual fee and has no foreign transaction fees, which makes it a good option for people who want an affordable credit card.

If you have a higher credit score and want to earn rewards or cashback, you'll likely want to consider a different card that has more perks.

The Bottom Line

Don't worry if you need a credit card but have a limited credit score. There are cards out there that you can still qualify for, like the Capital One Platinum Credit Card.

While you won't be able to access the best rewards, like miles or cashback, this card has no annual fee and no foreign transaction fees — so you can keep a bit more money in your pocket.

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Disclosure: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.