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

Editor's Rating

4.0

Credit Cards
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Opinions, analyses, reviews, or recommendations expressed here are the author’s alone, and have not been reviewed or endorsed by the issuer. We may be compensated through the issuer’s Affiliate Program. For a full list of our advertisers see our disclosure page.

Contents

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 (24.99% (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 (24.99% (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 24.99% (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
24.99% (Variable)
Credit Needed Average, Fair, Limited
Foreign Transaction Fee None
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®, like the Capital One® Platinum Credit Card, doesn’t charge any balance transfer fees. These features make the Barclaycard Ring™ Mastercard® one of our favorite balance transfer credit cards. If having no transfer fees is important to you, we recommend going with the Barclaycard Ring™ Mastercard® for that simple reason. You generally will need excellent credit in order to qualify.

See Terms

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. The Capital One® Secured Mastercard® and the Capital One® Platinum Credit Card have very similar APRs, and both cards also have no balance transfer fees – though with the low credit limits available to secured credit cardholders, it’s difficult to see how one could take advantage of this feature. 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).

Comparison Tool

If cardholders can qualify, we highly recommend applying for a rewards credit card. This is the only way to get the maximum value out of your spending. Different credit cards will provide users with rewards based on different categories of spending. Finding the card that optimally fits your exact spending profile can be a difficult task. You can use our tool below to improve this process, and compare across different credit cards instantly, by inputting your estimated monthly budget.

Assumptions Based On Monthly Spend of: $1,430 Edit
General:
U.S. Gas Stations:
U.S. Supermarkets:
Airlines:
Hotel:
U.S. Restaurants:
Office:
Utilities:
Computing:
Card Annual Fee 2-yr Net Rewards Rate

The Net Rewards Rate is equal to the Rewards Value over two years divided by the total spending. The total spending is equal to the values entered into the tool and multiplied by 24 months. See the rewards Value note to see details on how it is calculated.

The estimates here are ValuePenguin's alone. They are not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. All estimates are based on the spend assumptions entered above (which you can edit).

Bonus Value

The bonus field shows our estimate for the value of the card’s welcome bonus. If the bonus is point or mile based, we multiply the total bonus points/miles by our estimate for their value to arrive at a dollar equivalent. We display $0 if there is no bonus or if the user doesn’t qualify for the bonus based on the current spending entered into the tool. All estimates are based on the spend assumptions entered above (which you can edit).

The estimates here are ValuePenguin's alone. They are not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

2-yr Rewards Value

The Rewards value is calculated by adding together the rewards earned from charging purchases to the card over two years and any welcome bonuses (if applicable). They are then multiplied by our estimated point/mile value, with any annual fees (if applicable) subtracted. All values are based on our own estimates for the dollar value of any points, miles or bonuses earned using a card and on the spend assumptions entered above (which you can edit).

The estimates here are ValuePenguin's alone. They are not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Capital One® Venture® Rewards Credit Card
$0 intro for first year; $95 after that 3.18%
$500
Receive 50,000 miles once you spend $3,000 within the first 3 months
$1,091
Graph Card Read Review More Details and Value Calculation

Estimated Rewards Through 24 Months

Card Rewards Estimated Rewards Value Dollars*
Spending Rewards 68,640 x $0.01 = $686
Bonuses
50,000 x $0.01 = $500
Less Annual Fees -$95
Total Net Estimated Rewards Through 24 Months 1,091

*The value estimate is calculated using ValuePenguin.com rewards point value.

Annual Fee $0 intro for first year; $95 after that
APR 14.49% - 24.49% (Variable)

Card Details

  • Enjoy a one-time bonus of 50,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $500 in travel
  • Earn unlimited 2X miles per dollar on every purchase, every day
  • New! Earn 10 miles per dollar on hotels when you pay with your Venture card at hotels.com/venture; learn more at hotels.com/venture
  • Fly any airline, stay at any hotel, anytime
  • Travel when you want with no blackout dates
  • Miles won't expire for the life of the account and there's no limit to how many you can earn
  • No foreign transaction fees
  • $0 intro annual fee for the first year; $95 after that

Note: The information in this box was provided by Capital One® and is not part of our independent analysis.

Capital One® Quicksilver® Cash Rewards Credit Card
$0 1.94%
$150
Get $150 bonus after spending $500 within the first 3 months
$665
Graph Card Read Review More Details and Value Calculation

Estimated Rewards Through 24 Months

Card Rewards Estimated Rewards Value Dollars*
Spending Rewards 515 x $1 = $515
Bonuses
0 x $1 = $150
Total Net Estimated Rewards Through 24 Months 665

*The value estimate is calculated using ValuePenguin.com rewards point value.

Annual Fee $0
APR 14.49% - 24.49% (Variable)

Card Details

  • One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening
  • Earn unlimited 1.5% cash back on every purchase, every day
  • No rotating categories or sign-ups needed to earn cash rewards; plus, cash back won't expire for the life of the account and there's no limit to how much you can earn
  • 0% intro APR on purchases for 15 months; 14.49%-24.49% variable APR after that
  • 0% intro APR on balance transfers for 15 months; 14.49%-24.49% variable APR after that; 3% fee on the amounts transferred within the first 15 months
  • Pay no annual fee or foreign transaction fees

Note: The information in this box was provided by Capital One® and is not part of our independent analysis.

Capital One® VentureOne® Rewards Credit Card
$0 1.83%
$200
Receive 20,000 miles once you spend $1,000 within the first 3 months
$629
Graph Card Read Review More Details and Value Calculation

Estimated Rewards Through 24 Months

Card Rewards Estimated Rewards Value Dollars*
Spending Rewards 42,900 x $0.01 = $429
Bonuses
20,000 x $0.01 = $200
Total Net Estimated Rewards Through 24 Months 629

*The value estimate is calculated using ValuePenguin.com rewards point value.

Annual Fee $0
APR 13.49% - 23.49% (Variable)

Card Details

  • Enjoy a one-time bonus of 20,000 miles once you spend $1,000 on purchases within 3 months from account opening, equal to $200 in travel
  • Earn unlimited 1.25 miles per dollar on every purchase, every day and pay no annual fee
  • New! Earn 10 miles per dollar on hotels when you pay with your VentureOne card at hotels.com/venture; learn more at hotels.com/venture
  • Fly any airline, stay at any hotel, anytime
  • Enjoy a low intro APR on purchases for 12 months; 13.49%-23.49% variable APR after that
  • Travel when you want with no blackout dates
  • No foreign transaction fees
  • Miles won't expire for the life of the account and there's no limit to how many you can earn

Note: The information in this box was provided by Capital One® and is not part of our independent analysis.

Chase Freedom®
$0 1.44%
$150
Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening
$493
Graph Card Read Review More Details and Value Calculation

Estimated Rewards Through 24 Months

Card Rewards Estimated Rewards Value Dollars*
Spending Rewards 343 x $1 = $343
Bonuses
0 x $1 = $150
Total Net Estimated Rewards Through 24 Months 493

*The value estimate is calculated using ValuePenguin.com rewards point value.

Annual Fee $0
APR 16.49% - 25.24% Variable

Card Details

  • Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening
  • Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate
  • Enjoy new 5% categories each quarter
  • Unlimited 1% cash back on all other purchases - it's automatic
  • 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 16.49-25.24%. Balance transfer fee is 5% of the amount transferred, $5 minimum
  • Cash Back rewards do not expire as long as your account is open and there is no minimum to redeem for cash back.
  • Free credit score, updated weekly with Credit Journey℠
  • No annual fee
Capital One® QuicksilverOne® Credit Card
$39 1.27%
$0
$437
Graph Card Read Review More Details and Value Calculation

Estimated Rewards Through 24 Months

Card Rewards Estimated Rewards Value Dollars*
Spending Rewards 515 x $1 = $515
Less Annual Fees -$78
Total Net Estimated Rewards Through 24 Months 437

*The value estimate is calculated using ValuePenguin.com rewards point value.

Annual Fee $39
APR 24.99% (Variable)

Card Details

  • Earn unlimited 1.5% cash back on every purchase, every day
  • Earn cash rewards without signing up for rotating categories
  • Get access to a higher credit line after making your first 5 monthly payments on time
  • Monitor your credit profile with the CreditWise® app, free for everyone
  • $0 fraud liability if your card is ever lost or stolen
  • No limit to how much cash back you can earn, and cash back doesn't expire for the life of the account
  • Help strengthen your credit for the future with responsible card use
  • Get customized alerts and manage your account with the Capital One mobile app

Note: The information in this box was provided by Capital One® and is not part of our independent analysis.

Barclaycard Ring™ Mastercard®
$0 0.00%
$0
$0
Graph Card Read Review More Details and Value Calculation

Estimated Rewards Through 24 Months

Card Rewards Estimated Rewards Value Dollars*
Spending Rewards 0 - $0
Total Net Estimated Rewards Through 24 Months 0

*The value estimate is calculated using ValuePenguin.com rewards point value.

Annual Fee $0
APR 10.49% Variable

Card Details

  • A low, variable APR on purchases, balance transfers and cash advances
  • No annual fee
  • No balance transfer fees
  • No foreign transaction fees
  • Chip technology, so paying for your purchases is more secure at chip-card terminals in the U.S. and abroad
  • Free online access to FICO® Credit Score
  • See Rates & Fees
Chase Slate®
$0 0.00%
$0
$0
Graph Card Read Review More Details and Value Calculation

Estimated Rewards Through 24 Months

Card Rewards Estimated Rewards Value Dollars*
Spending Rewards 0 - $0
Total Net Estimated Rewards Through 24 Months 0

*The value estimate is calculated using ValuePenguin.com rewards point value.

Annual Fee $0
APR 16.49% - 25.24% Variable

Card Details

  • $0 Intro balance transfer fee for the first 60 days your account is open. After that, the fee for future transactions is 5% of the amount transferred with a minimum of $5.
  • 0% Intro APR for 15 months on purchases and balance transfers. After that, 16.49% - 25.24% variable APR.
  • See monthly updates to your FICO® Score and the reasons behind your score for free
  • No Penalty APR – Paying late won't raise your interest rate (APR). All other account pricing and terms apply
  • $0 Annual Fee
Capital One® Secured Mastercard®
$0 0.00%
$0
$0
Graph Card Read Review More Details and Value Calculation

Estimated Rewards Through 24 Months

Card Rewards Estimated Rewards Value Dollars*
Spending Rewards 0 - $0
Bonuses
0 - $0
0 - $0
Total Net Estimated Rewards Through 24 Months 0

*The value estimate is calculated using ValuePenguin.com rewards point value.

Annual Fee $0
APR 24.99% (Variable)

Card Details

  • No annual fee, and all the credit building benefits with responsible card use
  • Unlike a prepaid card, it builds credit when used responsibly, with regular reporting to the 3 major credit bureaus
  • You will get an initial $200 credit line after making a security deposit of $49, $99, or $200, determined based on your creditworthiness
  • Get access to a higher credit line after making your first 5 monthly payments on time with no additional deposit needed
  • Easily manage your account 24/7 with online access, by phone or using our mobile app
  • It's a credit card accepted at millions of locations worldwide

Note: The information in this box was provided by Capital One® and is not part of our independent analysis.

Capital One® Platinum Credit Card
$0 0.00%
$0
$0
Graph Card More Details and Value Calculation

Estimated Rewards Through 24 Months

Card Rewards Estimated Rewards Value Dollars*
Spending Rewards 0 - $0
Total Net Estimated Rewards Through 24 Months 0

*The value estimate is calculated using ValuePenguin.com rewards point value.

Annual Fee $0
APR 24.99% (Variable)

Card 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.

Comments and Questions

* See the online credit card application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the "Apply Now" button, you can review the credit card terms and conditions on the issuer's website.

Info about the following cards: American Express® Gold Card, Delta Reserve® Credit Card from American Express, Platinum Delta SkyMiles® Credit Card, Starwood Preferred Guest® 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 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, and Starwood Preferred Guest® American Express Luxury 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.

Advertiser Disclosure: Some of the offers that appear on this website are from companies which ValuePenguin receives compensation. This compensation may impact how and where offers appear on this site (including, for example, the order in which they appear). The site does not review or include all companies or all available products. For more information please see our Advertiser Disclosure.