[Disclosure: Cards from our partners are reviewed below.]
Like most credit cards for customers with fair or average credit, the Capital One Platinum card is not a rewards card and it does not offer a signup bonus or introductory financing offer. However, new customers will be offered access to a higher credit limit with the Credit Steps program after making their first five monthly payments on time. The variable APR for purchases, balance transfers and cash advances will be 26.96% (Variable). There is no fee for balance transfers.
This card also offers many travel insurance and purchase protection benefits. When traveling, you have access to auto rental insurance and travel accident insurance, and you have access to a 24-hour travel assistance hotline and a roadside assistance dispatch service.
When shopping, your purchases are covered by an extended warranty policy that adds up to a year to the manufacturer’s warranty. A price protection policy can also reimburse you for the difference in price if you find a lower price within 60 days of making the purchase.
Capital One also offers account alerts and online banking to help you make payments on time and keep tabs on your finances. You can also use their apps on your mobile or tablet device.
The annual fee for this card is $0, and like all Capital One cards, there are no foreign transaction fees for charges outside the U.S.
Pros & Cons of the Capital One Platinum Card
This is one of the few cards offered to those with fair or average credit that also features a comprehensive set of travel insurance and purchase protection benefits. Capital One has set a high bar for its cardholder benefits, and it doesn’t skimp on those features when offering cards to those with a limited or damaged credit history.
This card also has no annual fee, and travelers can enjoy having a card that doesn’t add foreign transaction fees to their international purchases. In contrast, many credit cards still charge a 3% foreign transaction fee.
This card has a variable APR of 26.96% (Variable), which is typical of a card designed for those with fair or average credit. However, those who choose to carry a balance may quickly incur expensive interest charges.
Who Should Get This Credit Card?
This card is ideal for those who are new to credit and those who have moderate damage to their credit histories, such as occasional missed payments or high balances. (Not sure where you stand? You can view two of your credit scores on Credit.com.) These cardholders will be unable to qualify for many of the premium reward cards offered but do not need to apply for secured cards or very expensive cards designed for those with poor credit.
This is also a great card for those who travel internationally, including those who make short trips across the border.
Finally, this card will appeal to those who can appreciate and use its many travel insurance and purchase protection benefits.
Before You Apply
You’ll want to make sure your credit is in reasonable shape since this card is geared toward those with fair or good credit. If you’re able to meet the issuer’s credit requirements, understand the card’s terms and think you can put the benefits to use while making payments on time, this card may a good fit for you. However, if your credit doesn’t meet the card issuer’s requirements, it may be best to work on building your credit and applying when your scores have improved. You can read up on how to build your credit fast here.
At publishing time, the Capital One Platinum credit card is offered through Credit.com product pages, and Credit.com is compensated if our users apply and ultimately sign up for this card. However, this relationship does not result in any preferential editorial treatment. This content is not provided by the card issuer. Any opinions expressed are those of Credit.com alone, and have not been reviewed, approved or otherwise endorsed by the issuer.
Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.
This article has been updated. It was originally published September 7, 2015.