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Capital One® Platinum Credit Card: Should You Get It?

Capital One® Platinum Credit Card: Should You Get It?

One of the highest interest rates we've seen from a non-retail credit card. Generally, a poor choice
Editor's Rating: 4.0/5.0

Editor's Rating

4.0/5.0

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The Capital One® Platinum Credit Card is a fairly plain credit card, intended for individuals with a fair credit score. Though it is one of the few cards that doesn't charge a balance transfer fee, it has a very high APR (26.96% (Variable)) which makes transferring balances to it almost always counterproductive. This card can be good for individuals who are slowly building up their credit score, as cardholders have the ability to do a product change down the line, and upgrade this to a better Capital One product.

Good For..Bad For…
  • Consumers with fair credit
  • Balance Transfers

  • No foreign transaction fees
  • Earning Rewards

Review: Our Thoughts On The Capital One® Platinum Credit Card's Value

The most outstanding feature of the Capital One® Platinum Credit Card is the fact that it has no fee for balance transfers. Typically, credit cards charge anywhere between 3% and 5% for users to move over a balance from another card. Unfortunately, the Capital One® Platinum Credit Card has a high APR (26.96% (Variable)) - significantly higher than the average credit card interest rate. Therefore, it makes very little sense to move any balance from another card onto it. The only exception, may be individuals who are currently paying a penalty APR on their credit card (which is typically anywhere between 27% and 29%). If that’s the case, and your credit score is too low to qualify for one of the better balance transfer credit cards, it makes sense to move over your balance to the Capital One® Platinum Credit Card.

This card can be a reasonable choice for consumers who’ve had difficulty being approved for other cards. If you have zero credit history, or a lower income, this card can be a good option. If your financial situation improves, and you build up your credit history, you will have the ability to upgrade this card to a better Capital One product, such as the Capital One® Quicksilver® Cash Rewards Credit Card.

Bottom Line: Since it doesn’t come with any annual fees, it’s hard to hold anything against the Capital One® Platinum Credit Card. While it doesn’t have any notable features, and has a very high interest rate, it can provide a line of credit to individuals with low FICO scores. If you are in need of credit, there are certainly worse cards to have.

Capital One® Platinum Credit Card Benefits & Features

One of the only features of the Capital One® Platinum Credit Card that’s worth noting is the fact that it has no transfer fee. If you are currently paying interest on credit card debt with a rate higher than the 26.96% (Variable) APR, we recommend moving it over to this card in the event that better balance transfer offers are unavailable to you. If possible, avoid carrying a balance on this card month-to-month. Due to the high APR, you could lose a decent amount of money to interest.

Capital One® Platinum Credit Card
Annual Fee
$0
Purchase APR
26.96% (Variable)
Credit Needed Average, Fair, Limited
Details
  • Pay no annual fee
  • Get access to a higher credit line after making your first 5 monthly payments on time
  • Fraud coverage if your card is lost or stolen
  • Use online banking to access your account, even from your smartphone, with our mobile app
  • Pay by check, online or at a local branch, all with no fee - and pick the monthly due date that works best for you
  • Get access to your account 24 hours a day, 7 days a week
  • Help strengthen your credit for the future with responsible card use
Note: The information in this box was provided by Capital One and is not part of our independent analysis.

The Capital One® Platinum Credit Card is part of the “Credit Steps” program, which promises to increase your credit limit as long as you make your first 5 monthly payments on time. The exact amount your credit limit will be increased by is unknown, and individuals have reported mixed results. Even with high spending, and timely payments, some users only saw an increase of $500 to their credit line.

As with all other Capital One® credit cards, the Capital One® Platinum Credit Card gives users access to the Capital One® CreditWise® – a service that allows you to monitor your credit score. For individuals currently in the process of rebuilding their credit, this can be a good way of tracking progress. Note that this is not something that’s exclusive to Capital One, however. More and more banks are making credit tracking a standard feature for their cardholders.

There are no foreign transaction fees on the Capital One® Platinum Credit Card, making it easier to use abroad. Normally, most credit cards impose a 3% fee on all purchases made outside of the United States. Capital One®, however, waives that fee for all their cardholders. If you find yourself travelling abroad, and don’t wish to deal with the hassle of converting your currency, this can be a great feature to have.

How Does The Capital One® Platinum Credit Card Compare To Other Credit Cards?

In order to make a judgment call about the Capital One® Platinum Credit Card’s worth, it is important to understand the universe of cards available to cardholders. Below we have profiled this card’s performance against similar cards.

Capital One® Platinum Credit Card vs Barclaycard Ring® Mastercard®

The Barclaycard Ring® Mastercard® has a 0% intro APR for 15 months on balance transfers made within 45 days of account opening. After that, a 14.24% Variable APR will apply. Balance transfers that post to the account within 45 days of account opening are assessed a fee of either $5 or 2% of the transfer amount, whichever is greater. There is no associated fee with balance transfers that post to the account after 45 days of account opening. This makes the Barclaycard Ring® Mastercard® one of our favorite balance transfer credit cards.

See Rates & Fees

Capital One® Platinum Credit Card vs Capital One® Secured Mastercard®

The Capital One® Secured Mastercard® is meant for individuals with the lowest credit scores – and requires a security deposit to be put down when you apply. Based on your credit history you will be issued a credit limit equal to or greater than the amount of money you deposit. Most importantly, the Capital One® Secured Mastercard® cannot be upgraded to a different card down the line. Therefore, after your credit score improves, you might not have much use for it (there are more rewarding options to have).

Comments and Questions

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Info about the following cards: Premier Rewards Gold Card from American Express, Delta Reserve® Credit Card from American Express, Platinum Delta SkyMiles® Credit Card from American Express, Hilton Honors Surpass® Credit Card, American Express® Blue Sky, American Express® Green Card, The Amex EveryDay® Preferred Credit Card from American Express, The Amex EveryDay® Credit Card from American Express, The Plenti® Credit Card from Amex, Blue from American Express®, Platinum Card® from American Express Exclusively for Mercedes-Benz, Bluebird, Centurion® Card from American Express, Hilton Honors American Express Aspire Card, Starwood Preferred Guest® American Express Luxury Card, Amazon Business American Express Card, and Marriott Bonvoy Brilliant™ American Express® Card has been collected independently by ValuePenguin. The issuer did not provide the details, nor is it responsible for their accuracy.

Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through the credit card issuer Affiliate Program.

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred® Card points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).