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When your credit is less-than-stellar, getting a credit card can be tricky. Often, you’re limited to store or secured cards. That problem is what makes the Capital One Platinum Credit Card appealing; it’s available to those with poor to fair credit, and you could automatically qualify for credit line increases by using your card responsibly.
Check out more options for improving your credit score: Best credit cards to build credit
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Annual fee
$0
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Welcome offer
None
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Benefits
- Be automatically considered for a higher credit line in as little as 6 months
- Get unlimited access to your credit score and access tools to help you monitor your credit profile with CreditWise
The Capital One Platinum card is a basic, unsecured credit card. It doesn’t have a rewards program, so you won’t earn points, miles or cashback on your purchases.
If you are looking to earn cash back or points on your spending, compare our top rewards credit card picks today.
Although the Capital One Platinum card is a simple card primarily designed to help you build credit, it does have a few added benefits:
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Automatic credit line reviews: As you use your card, Capital One will review your activity, and you could automatically qualify for a credit line increase in as little as six months.
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CreditWise access: As a Capital One cardmember, you get access to CreditWise, a tool that lets you monitor your credit and track your progress.
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No foreign transaction fees: Unlike many cards, the Capital One Platinum card doesn’t charge foreign transaction fees, so you won’t pay an added fee to use the card in another country.
The Capital One Platinum Credit Card is a useful option for those with troubled or limited credit histories. It’s an unsecured card and, unlike many cards for those with less-than-perfect credit, it doesn’t charge monthly or annual fees.
By using the card responsibly (keeping the balance low and making all of your payments on time), the Capital One Platinum card can help you improve your credit over time. And, you may qualify for a credit line increase in as little as six months. This can give you some extra flexibility to not increase your credit utilization ratio (an important part of your credit score) as you make purchases with your card.
The Capital One Platinum is a very simple card; it doesn’t have a rewards program, and it doesn’t provide added perks like travel insurance. As your credit improves and you can qualify for a wider range of options, you may want to consider another card so you can earn rewards on your purchases.
Related: Which credit card is best for me? A guide to help you choose
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Backed by a top issuer: Capital One is a reputable credit card issuer; in fact, it was ranked third out of 16 credit card issuers based on customer satisfaction. Its excellent reputation can come in handy when you have questions or need assistance with your account.
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Preapproval tool: The Capital One Mastercard is available to those with fair credit. If you aren’t sure if you’ll qualify, you can use the preapproval tool to check your eligibility without affecting your credit score.
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No annual fee: Many cards designed for those with less-than-perfect credit can be expensive with costly monthly or annual fees. By contrast, the Capital One Platinum Mastercard doesn’t have monthly or annual fees, so there’s no cost to holding the card.
Related: Prequalified vs. preapproved credit card offers — What’s the difference?
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Higher-than-average APR: The APR on the Capital One Platinum Mastercard is a variable 29.99% — significantly higher than many other credit cards today. If you apply for the card, be sure to pay off your statement balance in full each month to avoid costly interest charges.
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No rewards: There is no rewards program for the Capital One Platinum Card, so there’s no way to earn rewards on your purchases.
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No extra benefits: The Capital One Platinum card doesn’t offer additional perks like many rewards cards do, so you can’t take advantage of perks like free car rental insurance or lost luggage coverage.
As a Capital One Platinum cardholder, you can make a payment online through the issuer’s online portal, through the mobile app, by calling customer support, or by mailing a check:
If you don’t think the Capital One Platinum Credit Card is right for you, one of these alternatives may be a better choice for building credit:
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Rewards rate
- 5% unlimited cash back on hotels and rental cars booked through Capital One Travel
- 1.5% unlimited cash back on every purchase, everywhere
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Benefits
- No annual or hidden fees; see if you’re approved in seconds
- Earn back your $200 security deposit as a statement credit when you follow card best use practices, such as making payments on time
- Be automatically considered for a higher credit in six months with no additional deposit
Why we like it: Unlike the Capital One Platinum card, the Quicksilver Secured Cash Rewards card requires a refundable security deposit of $200 or more (which acts as your credit line). However, it does have a rewards program, so you can earn 1.5% cash back on every purchase and up to 5% cash back on hotels and rental cars booked through Capital One Travel. Over time, you can earn your security deposit back, be considered for a higher credit limit with no additional deposit, and qualify to upgrade to an unsecured card.
Read our full Capital One Quicksilver Secured Cash Rewards Credit Card review
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Benefits
- 88% average approval rate
- $200 minimum security deposit
- Graduate to an OpenSky Unsecured Gold Card in as little as 6 months
Why we like it: The OpenSky Secured Visa is another secured card. There is no credit check to apply, and you can even earn rewards on eligible purchases with select merchants. The card reports activity to all three major credit bureaus — Equifax, Experian and TransUnion — so using the card can help you establish or rebuild your credit. However, you will need some upfront cash to open the card; it has a $35 annual fee and a refundable minimum $200 security deposit.
Read our full review of the OpenSky Secured Visa card
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Rewards rate
- 8% cash back on Capital One Entertainment purchases
- 5% cash back on hotels and rental cars booked through Capital One Travel
- 3% cash back on dining, entertainment, popular streaming services, and at grocery stores (excluding superstores like Walmart and Target)
- 1% cash back on all other purchases
Why we like it: If you have a limited credit history but are in college, a student credit card like the Capital One Savor Student Cash Rewards card could be a useful alternative to secured cards. It’s available to those with little credit history, and it doesn’t have an annual fee. Plus, you can earn rewards across several categories: up to 8% cash back on Capital One Entertainment purchases; 5% cash back on hotels and rental cars booked through Capital One Travel; 3% cash back on dining, entertainment, popular streaming services, and at grocery stores (not including Target and Walmart); and 1% cash back on all other purchases.
As a new cardholder, you’ll also get a one-time $50 bonus after spending $100 within the first three months.
Read our full Capital One Savor Student Cash Rewards Credit Card review
This article was edited by Kendall Little
Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn’t include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.