Capital One Platinum Card Reviews for 2024 | WalletHub (2024)

WalletHub Rating

3.6/5

The Capital One Platinum Credit Cardis a good credit card for people with average credit or who are new to credit. It is worth applying for the Capital One Platinum Card because of its $0 annual fee and the fact that it reports account information to the 3 major credit bureaus each month. That’s all you need to build credit inexpensively. Just make sure to pay the monthly bills on time and keep your balance well below Capital One Platinum’s credit limit.

WalletHub Rating Breakdown

User Reviews

3.6/5

5,507 reviewsRead and write reviews

Editor’s Review

5.0/5

John Kiernan, Credit Card EditorRead full review

Market Comparison

Market Comparison

3.4

The Market Comparison is a key component of the WalletHub Rating, as it measures how appealing the terms of a card are compared to a pool of over 1,500 credit card offers monitored by WalletHub. To ensure cards are evaluated for their most relevant purpose, we score each card across various cardholder needs and select the rating for the need with the highest score, which is “Improve Credit by Paying in Full Each Month” for this card.

Fees

5.0

Rewards

0.0

Cost

3.3

Other Features

4.5

3.4/5

Compared against 1,500+ credit cards

KEY TERMS

No Annual Fee

So you can build credit at no cost.

Accepted Credit Scores

Accepted Credit Scores

Fair Credit, Limited History, No Credit

Capital One Platinum Annual Fee

$0

Capital One Platinum APR on Purchases

29.99% (V)

Capital One Platinum Balance Transfer

APR: 29.99% (V)

Balance Transfer Fee:$0 at the Transfer APR, 4% of each transferred balance at a promo APR that Capital One may offer

Capital One Platinum's Additional Info

No annual or hidden fees. See if you're approved in seconds

Be automatically considered for a higher credit line in as little as 6 months

Help build your credit through responsible use of a card like this

Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges

Monitor your credit score with CreditWise from Capital One. It's free for everyone

Get access to your account 24 hours a day, 7 days a week with online banking from your desktop or smartphone, with Capital One's mobile app

Check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier. Just hover your card over a contactless reader, wait for the confirmation, and you're all set

Pay by check, online or at a local branch, all with no fee - and pick the monthly due date that works best for you

cash advance fee5% (min $5)
cash advance APR29.99% (V)
foreign transaction fee$0
smart chipYes, chip-and-signature
max late fee$40
max overlimit fee$0
max penalty APRNone
grace period25 days

Apply Now

at Capital One's secure site

Editor's Review

Fact checked

Capital One Platinum Card Reviews for 2024 | WalletHub (1)

John Kiernan, Managing Editor

July 8th, 2024

Fact Checked by Alina Comoreanu

Senior Researcher

Capital One Platinum Pros & Cons

No annual fee

Available to people with limited credit

Free credit-score access

No foreign transaction fee

No rewards

High regular APR

No reduced introductory rates

Capital One Platinum Review

5.0 / 5

The Capital One Platinum Credit Cardis a good credit card for people with average credit or who are new to credit. It is worth applying for the Capital One Platinum Card because of its $0 annual fee and the fact that it reports account information to the 3 major credit bureaus each month. That’s all you need to build credit inexpensively. Just make sure to pay the monthly bills on time and keep your balance well below Capital One Platinum’s credit limit.

You should also be sure to pay your balance in full each billing period if you decide to apply for Capital One Platinum. A low APR is not among Platinum’s perks. Capital One Platinum does not offer rewards, either, but there aren’t many rewards cards for people with limited credit who aren’t in college.

Capital One Platinum Review Highlights


  1. No frills, no major fees

    Some people might be turned off by the Capital One Platinum Card’s lack of both rewards and 0% introductory APRs. But at this point in your credit career, your top priority should be building credit as inexpensively as possible. And Capital One Platinum helps you do that by not charging annual, monthly or one-time fees. You won’t have to worry about foreign-transaction fees, either.

  2. Designed for credit newcomers


    The Capital One Platinum Card does not have a specific minimum credit score requirement, but the card was built for building credit, so applicants with limited credit history or a fair credit score can get approved. The Capital One Platinum Card is not available to applicants with bad credit.

    Applicants who get approved for the Capital One Platinum Card can efficiently build a good credit score, too. As long as you pay your bill on time every month and avoid using your full credit line, Capital One will report positive account information to the major credit bureaus, helping you create a track record of credit responsibility. You can monitor your progress with WalletHub’s free daily credit score updates.

  3. Good customer service

    Capital One’s website and mobile app also enable you to solve a lot of customer service problems without calling. That includes activating your Capital One Platinum Card if you decide to apply and get approved, for example. To activate a Capital One Platinum Card, go to Capital One’s online card-activation page, sign in or create an account, and enter the 16-digit card number along with the card’s 3-digit security code.

  4. Bad for carrying a balance

    The Capital One Platinum Credit Card is not the best choice for financing, as any balance carried from month to month will accrue interest at an annual rate that’s higher than the 26.85% rate charged by the average credit card for fair credit, according to WalletHub’s most recent Credit Card Landscape Report.

  5. Potential for a higher limit after 6months

    Cardholders are automatically considered for a higher spending limit after the first 6 months, based on initial performance. That could help improve your credit utilization, thus benefitting your credit score, but a higher limit is not guaranteed.



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Compare The Capital One Platinum vs. Popular Alternatives

Capital One Platinum Card Reviews for 2024 | WalletHub (2)Capital One Platinum Credit CardCapital One Platinum Card Reviews for 2024 | WalletHub (3)Discover it® Cash BackCapital One Platinum Card Reviews for 2024 | WalletHub (4)Chase Freedom Rise℠

3.6WalletHub Rating

WalletHub Rating

3.6

This card has been scored using WalletHub’s proprietary credit card rating system. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is "Improve Credit by Paying in Full Each Month." A score of 5 is the best a card can receive, and the rating for the card may vary on different pages where it is compared to other cards for different needs.

Editor’s Rating

5.0

User Reviews

3.6

Market Comparison

3.4

fees: 5.0

rewards: 0.0

cost: 3.3

Other Features: 4.5

3.9WalletHub Rating

WalletHub Rating

3.9

This card has been scored using WalletHub’s proprietary credit card rating system. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is "Finance New Purchases." A score of 5 is the best a card can receive, and the rating for the card may vary on different pages where it is compared to other cards for different needs.

Editor’s Rating

3.9

User Reviews

3.8

Market Comparison

3.9

fees: 5.0

rewards: 3.3

cost: 3.7

APR: 3.9

2.9WalletHub Rating

WalletHub Rating

2.9

This card has been scored using WalletHub’s proprietary credit card rating system. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is "Earn Rewards." A score of 5 is the best a card can receive, and the rating for the card may vary on different pages where it is compared to other cards for different needs.

Editor’s Rating

4.0

Market Comparison

2.8

fees: 3.8

rewards: 2.2

cost: 3.0

Other Features: 0.0

(5,507)
(1,668)
(8)

annual fee$0

annual fee$0

annual fee$0

rewards rateNone

rewards rate 1 - 5% Cash Back

rewards rate 1.5% Cash Back

bonus offerNone

bonus offerNone

bonus offerNone

Purchase Intro APRNot Offered

Purchase Intro APR0%for15 months

Purchase Intro APRNot Offered

transfer intro aprNot Offered

transfer intro apr0% for 15 months|Transfer Fee: 3% intro balance, up to 5% fee on future balance transfers (see terms)*

transfer intro aprNot Offered

Regular APR29.99% (V)

Regular APR18.24% - 28.24% Variable

Regular APR26.99% (V)

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Capital One Platinum Reviews FAQ

Can't find what you are looking for? Submit your question about Capital One Platinum Credit Card to our community. Editorial and user-generated content is not provided, reviewed or endorsed by the issuer of this offer. Please keep in mind that it is not a financial institution’s responsibility to ensure all posts and questions are answered.

23

Upvotes

What is the maximum Capital One Platinum credit limit I can get?

Thomas Antonsson

@tomtom5

The Capital One Platinum credit limit can be as high as $3,000 according to online cardholder reports, but it will depend entirely on the specifics of each applicant's credit and their overall financial situation. Most cardholders get credit limits of at least $300, though.

The Capital One Platinum card is designed for people with limited credit (less than 3 years of credit history). If your credit score and debt-to-income ratio are significantly better than the issuer's minimum requirements, your chances of getting a higher credit limit will improve.

Ultimately, if you are unhappy with your credit limit, the issuer periodically reviews accounts for automatic credit limit increases after 6 months of on-time payments. If you'd rather not rely on an automatic increase, you can request one yourself instead.

7

5

View more answers

8

Upvotes

Is Capital One a good credit card company?

Reply

8

Chip Lupo, Credit Card Writer

@CLoop

Yes, Capital One is a good credit card company for travel rewards, student credit building, and no foreign transaction fees, according to WalletHub reviews. Capital One credit cards also have a user rating of 3.7/5 on WalletHub, based on more than 74,000 reviews.

Reasons Why Capital One Is a Good Credit Card Company

  • 3.7/5 average user rating on WalletHub
  • 9 million cards in circulation
  • Initial bonus offers of up to...

show more

51

Upvotes

What credit score do you need for the Capital One Platinum card?

Reply

51

31

Paddy Sullivan, WalletHub Credit Card Advisor

@PaddySully

The credit score that you need for the Capital One Platinum Credit Card (see ) is at least 640, which is usually considered fair credit. The Capital One Platinum Credit Card (see ) is also available to people with limited credit history, which means you may be able to get approved even without a credit score.

Other Capital One Platinum (see ) Approval Requirements

You should note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for the Capital One Platinum (see ) Card, too. Some other key criteria include your income, existing debt load, number of open accounts, recent credit inquiries, employment status and housing status.

If you excel in other areas, you might be able to get approved with a slightly lower credit score in some cases. But it's best to wait to apply until you meet the Capital One Platinum (see ) credit score requirement. You cancheck your credit score for free, right hereon WalletHub.

5

View more answers

3

Upvotes

What's the Capital One Platinum credit limit?

Reply

3

@Joseph_David_1

@Joseph_David_1

The Capital One Platinum credit limit is $300 or more, depending on your creditworthiness. So, you're guaranteed at least a $300 spending limit if you're approved for the card, and if your credit score and income exceed what Capital One is looking for, you could definitely start off with a higher limit.

Keep in mind that you aren't stuck with your starting Capital One Platinum credit limit forever. Capital One may increase your limit if you make your...

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2

80

Upvotes

How do I increase my Capital One Platinum card credit limit?

Reply

80

44

Chip Lupo, Credit Card Writer

@CLoop

You can increase your Capital One Platinum (see ) card credit limit by making a request online, through the Capital One mobile app, or by calling customer service at the number you see on the back of your card. Alternatively, you may also get a Capital One Platinum (see ) credit limit increase without asking, if your account is in good standing.

To raise your chances of being approved for a higher credit limit, pay your bill on time for at least six straight months, reduce your outstanding debt,...

show more

9

2

View more answers

3

Upvotes

How hard is it to get the Capital One Platinum?

Reply

3

Kendall Morris, Credit Cards Moderator

@kendallmorris

Capital One Platinum is not hard to get because it is meant for beginners with no credit history. You'll have a good chance of being approved if you have a steady income, an SSN or taxpayer ID, and either no credit score or a score of 640+, among others.

Keep in mind that even though it's not hard to get the Capital One Platinum Credit Card (see ), you're still not guaranteed to be approved.

3

20

Upvotes

What are the best Capital One Platinum card benefits?

Reply

20

5

Maria Adams, Credit Cards Moderator

@m_adams

The best Capital One Platinum (see ) card benefits are account alerts and $0 fraud liability. These perks are certainly good to have, though it's important to note that they are also relatively common credit card benefit.

Capital One Platinum (see ) Credit Card Benefits

  • Account alerts
  • $0 fraud liability
  • Emergency card replacement

While these benefits aren't bad, the Capital One Platinum (see ) credit card simply doesn't have as many benefits as a lot of the other credit cards on the...

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4

21

Upvotes

What's the difference between Capital One Platinum and Capital One Platinum Secured?

Reply

21

Mark Towers, WalletHub Credit Card Analyst

@MarkTowers

The main difference between the Capital One Platinum (see ) and the Capital One Platinum Secured (see ) cards is their need for a security deposit. Capital One Platinum is an unsecured credit card, so you won't have to provide collateral. The Capital One Platinum Secured (see ) card, on the other hand, requires you to fund a security deposit in exchange for your credit line. It's important to mention that Capital One Platinum Secured (see ) is special in the sense that it's partially secured, so your credit limit can be higher that your security...

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4

23

Upvotes

What is the Capital One Platinum interest rate?

Reply

23

7

Lisa Cahill, Credit Cards Moderator

@lisacahill

The Capital One Platinum Credit Card (see ) interest rate is 29.99% (V). This Capital One Platinum (see ) card interest rate is variable, meaning it can change based on certain economic conditions.

The Capital One Platinum (see ) gives you a 25-day grace period to avoid paying interest on your purchases. The grace period runs from the end of the billing period until the card's payment due date. You won't owe any interest as long as you pay your balance in full during that timeframe. Should you decide...

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3

1

3

Upvotes

How can I cancel my Capital One Platinum card application?

Reply

3

1

Carmen Peters

@carmenpeters

You can cancel your Capital One Platinum card application by calling customer service at (800) 227-4825 as soon as possible. Note that you may have very little time to cancel an online application before it is processed. If you applied by mail, you may have up to 10 business days to call customer service and cancel the application.

If you're unable to cancel your Capital One Platinum credit card application, you can always close the account as soon as you receive...

show more

1

2024 WalletHub Awards

Capital One Platinum Credit Card is an Editor's Pick for:

Easiest Credit Cards to Get Approved For

Best Credit Cards to Build Credit

Best Platinum Credit Cards

Best Credit Cards Without SSN Requirements

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Capital One Platinum Reviews

Share your insights and review for the Capital One Platinum Credit Card

5

30%

4

29%

3

23%

2

11%

1

6%

3.6

5,507 reviews

5,507 reviews

What's Your Rating?

Joshua Tate

@jtate471

1 Star Rating

Very bad card to get. They hold your payments until after the statement date. This will happen around month five when they see they can't earn any interest from your account. Customer service is terrible. Please apply for a Merrick or Indigo credit card instead. God bless you all.

Comment

Andrew Avery

@aave3880

1 Star Rating

Verified Customer

Small credit lines; just a fraction of other cards and not worth the credit hit of opening a new account. Citi, Discover, and most banks are a much better use of your good credit score. Not a good idea to apply.

Comment

Michael Meehan

@luft332

1 Star Rating

I purchased something on eBay and it never showed up. I complained to the seller, and all they did was show me the UPS delivery confirmation that it had been delivered. Okay, maybe it was delivered but not to me! The UPS driver did not take a picture at the time of delivery, so there was nothing to show where they left it.

I lost the eBay case because the seller produced the delivery confirmation, and I could not prove I didn't receive it.

I filed a claim with UPS, and they could not locate the package. They paid the claim to the seller, but the seller would not reimburse me! So, I asked Capital One for help since I had used my credit card. Even though I submitted the paperwork from UPS showing the package had been lost and paid for, they decided in the seller's favor. I called and spoke to a rep whom I could barely understand. She was of no help. I paid off the balance and closed the account. There's no way I'm going to deal with a company that doesn't help and support their account holders!

Comment

2

Aiye Daade

@deenkaka72

1 Star Rating

Capital One is absolutely fraudulent. Don't dare apply for their card; they are dubious and engage in fraudulent activities. They charge ridiculous hidden fees.

Comment

Carolyn

@carolynb_90

4 Star Rating

Verified Customer

Hi, my name is Carolyn from California. I started my credit journey by rebuilding my credit, which I began in November 2018 with a Capital One Platinum Secured credit card with a $200.00 deposit. As I applied for the card, I read that once you have made payments on time and without missed payments for, I believe, 6 months to a year, Capital One will graduate you to an unsecured card with a credit increase and return your secured deposit. At the time, I felt that it was really great for Capital One to do that for their customers. Keep in mind, I had my Capital One card for 6 years with an excellent payment history, yet Capital One has never graduated me to an unsecured card, nor have they returned my secured deposit! I have called customer service twice regarding this issue, and the two customer service representatives I spoke to said it could happen at any time. They said they have no control over converting my card into an unsecured card and returning my secured deposit. The system will change your status to an unsecured status; then they will send you your secured deposit back, and the system will increase your limit. Can anyone understand that?

Then, a year ago, I got approved for a Capital One Quicksilver card, with a $300.00 limit. Three months ago, I was upgraded to a Capital One Quicksilver One with no credit increase, still with a $300.00 limit. I continue to make my payments on time because I have reestablished my credit, and Capital One opened the door for me when no one else would. I am thankful. Now I have three more credit cards through Credit One, which are the Credit One Platinum Visa, Credit One American Express, and Credit One Wander. I applied for the Credit One Platinum Visa. The Credit One American Express and the Capital One Wander card I was pre-approved for, and was approved for both cards. I just wanted to share my credit journey and my experience with Capital One.

Don't get me wrong, I am grateful to Capital One because they opened the door for me to start my journey, and I will be forever grateful to them. The customer service is very professional and nice when I have called regarding this issue. Please make it make sense why I have to wait on a computer system to graduate me to an unsecured card, as I've mentioned before. I have an excellent payment history with Capital One. No hard feelings with Capital One; I just wanted to share my credit journey and review with them.

Comment

4

1

zoeyclo2

@zoeyclo2

1 Star Rating

Verified Customer

I received my card a month ago. I was unable to access my account online and on the app. I called, and the agent tried to help, but had to escalate the issue. I was told I would be called the next day, but I never received a call. I called, paid off my card, and closed it. The agent never attempted to dissuade me. No loss here. I will never get a Capital One card again.

Comment

1

Fuad Maharramov

@fuadmaharramov

1 Star Rating

I ordered the card and it arrived today. I had to call to activate the card, so I called. I was told that I needed to send photos of documents, so I sent them. Then they said that we had to wait 10 business days. And it's called online activation?

Comment

1

Brandon Jensen

@jensen_brandonj

1 Star Rating

They closed my account due to a returned payment and I was unable to reopen it. I made all payments on time and was paying a large amount well before the due date (I didn't even have a minimum payment due). Unfortunately, the debit account I use, through a third party with my employer, did not process the payment, and I've since learned that it cannot be used to make credit card payments.

I called and talked to two different people but was unable to reopen the account. A simple mistake such as this, when the account is in good standing, is unacceptable. Update your terms, issue a warning, or do not allow payments to be posted if they are not an accepted form of payment. I will not be applying for another Capital One card again.

Comment

2

Alexia Mari

@alexiamari

1 Star Rating

They closed my account because I had a returned payment, but I didn't have any payment due. There was no due date; for example, my minimum payment is $25, but I usually pay $50 I was paying more just because I wanted to pay it all off with small payments so by the next month it’s 0. So my voluntary payment was returned because the money was in the wrong account. However, I don't understand why that matters if it wasn't even due. I was doing it because I wanted to, not because I had to. I could have just paid $25 and not paid off the card. I have consistently paid more than the minimum every month and never had a late payment. I'm just paying off more voluntarily. I’m repeating this because it’s ludicrous

I will blame myself as well because I've read reviews from others saying they will just close your account . They do this constantly to people ! Fortunately, I have another card that has a $2000 credit limit after I made payments over six months. They appreciate me as a customer but capital one it’s disappointing that you call them and there’s nothing they can do because it’s computerized no loyalty for their customers whatsoever. Even though they referred this card because of my “loyalty” . However, it's unfair that they closed my account, which now negatively affects the credit score I worked so hard to build. Beware!

Comment

2

Brandon Jensen

@jensen_brandonj

Same! Ridiculous that I was paying off a large sum way before the due date and didn't know the account I used wouldn't process it. Unable to reopen.

Comment

James

@hogtech

5 Star Rating

Verified Customer

Good credit card company for trying to rebuild credit, got an excellent credit limit. Their app is easy to use and very handy to make payments and see balances.

Comment

1

Review Capital One Platinum Credit Card

Expert Thoughts on Capital One Platinum

To help people who are interested in the Capital One Platinum Card make an educated decision, WalletHub posed the following questions to a panel of experts. You can find the experts listed below. Simply click “READ MORE” to check out an expert’s answers and advice.

  1. Which type of credit card is better for beginners: one with no annual fee and no rewards, or one with rewards and an annual fee?
  2. Why don’t more credit card companies offer cards for people with limited or no credit history?
  3. When is the best time to apply for a credit card like Capital One Platinum?

J. Carlos Martinez
Faculty of Economics, Dallas College, El Centro Campus
Read More

Tingting Jia
Ph.D., Visiting Assistant Professor of Finance, Bucknell University
Read More

Michael Simkovic
Leon Benwell Professor of Law and Accounting, USC Gould School of Law
Read More

Nilton Porto
MBA/Ph.D. – Associate Professor, Consumer Finance Human Development & Family Science, University of Rhode Island
Read More

Lauren Stansell
CFP®, Partner • Senior Financial Planner
Read More

Capital One Platinum Credit Card

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Capital One Platinum Card Reviews for 2024 | WalletHub (2024)
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