2023 Review: Capital One Platinum Credit Card 

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Snapshot: This card is great if you have a weaker credit score and are looking to access a potentially larger line of credit than most credit cards for bad credit offer. It’s a simple approval process, and with at least 6 months of responsible behavior you can be considered for a credit line increase.  Did we mention the $0 annual fee?

ProsCons
No annual feeHigher ongoing APR at reg_apr,reg_apr_type
Simple approval processNo rewards
Credit bureau reportingNo introductory rate or bonuses
Potentially be approved a for a credit line increase in as little as 6 months

Like what you see? Learn how to apply for a Capital One Platinum credit card!

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Full Review of Capital One Platinum Credit Card

It’s tough to find (let alone be approved) for a good credit card when you’re working with a low credit score. Typically, when we’re evaluating good credit cards for bad credit, we look at the following:

  1. What’s the approval process like? Is a credit check required? Or a secured deposit?
  2. Is there an annual fee?
  3. How soon (if ever) can you increase your line of credit?

Many bad credit cards require an annual fee, a secured deposit, offer a very small line of credit, and may have a low cap on credit increases – if they offer them at all.

So, if you’re dealing with a low credit score that may make it difficult for you to qualify for a typical credit card, we recommend the Capital One Platinum Credit Card. This card has a simple application process (you can see if you’re approved very quickly) and Capital One may consider you for an increased line of credit in as little as 6 months.

Heads up: it does have a higher APR of reg_apr,reg_apr_type. Although it’s a comparable APR to other Capital One credit cards. So if you are considering this card, be sure to pay off your balance every month in order to avoid paying interest.

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Find out more about how to apply for a Capital One Platinum Credit Card!

What You’ll Like About This Card

Helps Build Your Credit

Capital One reports to all three credit bureaus, which means that positive behavior – like on-time payments, credit utilization, etc – will go towards improving your credit. Through Capital One, you can also freely monitor your credit score. 

Special Features

The card also comes with special features, such as the ability to add authorized users and track spending by user, as well as the ability to make payments in person, by check or online without incurring any added fees. It also offers all the security protections you expect, including $0 fraud liability, security alerts, emergency card replacement and 24/7 customer service.

The Drawbacks

Higher APR

While the reg_apr,reg_apr_type APR rate may be higher than some options, it’s not bad for a fair-credit card with no annual fees. Just make sure you pay off your balance every pay period. (You’ll also be charged a fee of late_payment_fee for any late payments).

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No Rewards and No Introductory Rate

It’s important to remember that the Capital One Platinum credit card is strictly a credit-building card and doesn’t offer any types of travel or cash-back rewards. 

Additionally, if you’re looking for a credit card with a low introductory APR rate for making initial payments or balance transfers, the Capital One Platinum credit card may not be the best option.

Is It Worth It?

Yes – if you have a lower credit score. If you’re looking for a solid credit card to help build your credit and allow you to access a larger line of credit, this card could be a great choice. With no annual fees, guaranteed credit bureau reporting and periodic credit reviews, this card can help improve your credit. It does come with a higher APR than some other credit card options, but it’s competitive with similar credit-building cards.

Like what you see? Learn more about how to apply for a Capital One Platinum Credit Card!

See Rates and Fees

Frequently Asked Questions

What are the Credit Limits for the Capital One Platinum Credit Card (Minimum and Maximum)?

Capital One bases credit limits on various factors, such as your credit history and income level (why we say variable). With this card, your credit limit can increase over time based on your payment history and other factors. 

How Soon Can I Increase My Credit Limit After Being Approved for a Capital One Platinum Credit Card?

One of the main benefits of the Capital One Platinum credit card is that it offers automatic account reviews. Depending on your specific situation, you could be eligible for a credit limit increase in as little as 6 months. 

How Good is a Capital One Platinum Credit Card for Building Credit?

The Capital One Platinum credit card is great (ideal!) for building credit. Special features, such as automatic credit reviews, credit bureau reporting and credit score monitoring, can all help you build your credit over time. 

Ready to learn how to apply for a Capital One Platinum Credit Card?


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Advertiser Disclosure: Credit.com has partnered with CardRatings for our coverage of credit card products. Credit.com and CardRatings may receive a commission from card issuers.