Capital One Platinum credit card review: Full details

In case you’re in want of a no-frills starter bank card, the Capital One Platinum Credit Card suits the invoice. Nonetheless, it is “Platinum” by identify solely — do not count on any perks, privileges or significant rewards. Nonetheless, with no annual payment, it could possibly be an excellent match for some newbies. Card score*: ⭐⭐

*Card rating relies on the opinion of TPG’s editors and isn’t influenced by the cardboard issuer.

Some bank cards are meant for true newcomers, and the Capital One Platinum Credit Card suits proper into the fold. When you’ve got a restricted credit score historical past, you would possibly solely be searching for two issues from a card: excessive approval odds and no annual fee. On this respect, the Capital One Platinum hits the nail on the top.

Nonetheless, this card has downsides, so it definitely pays to have a look at your different beginner card options. TPG recommends candidates have a good credit score of 630 or greater.

Let’s study the Capital One Platinum Credit score Card extra intently to see if it meets your wants.

Associated: The best Capital One credit cards

Sadly, no welcome bonus is on the market on the Capital One Platinum.

Nonetheless, the cardboard has no annual payment. Many playing cards meant for these with restricted credit score typically both cost an annual payment or require a security deposit, so it’s good that this card does not have both.

Associated: The best credit card welcome bonuses this month

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The Capital One Platinum comes with some tangible advantages that can assist you handle and shield your account. These aren’t groundbreaking by any means, however it’s reassuring to know that there’s a commonplace suite of protection on this card.

There are a number of account administration options:

• Computerized credit score line evaluations: Possible the principle cause why you are getting this card is to boost your credit score. Capital One will mechanically monitor your credit score line and probably improve it after six months. A better credit score restrict — if not used — may decrease your general credit utilization and, thus, enhance your credit score rating.
• CreditWise from Capital One: You possibly can entry your credit score rating and monitor your credit score profile instantly by way of this Capital One platform.
• Fraud protection: You have acquired fraud coverage, that means you are not liable in case your card is used for unauthorized transactions.
• Cellular apps: You possibly can handle your on-line banking wants proper out of your cellphone.

The Capital One Platinum is a Mastercard, so you should utilize it wherever Mastercard is accepted and luxuriate in a number of standard journey and buy advantages.

Associated: 3 things to do to boost your chances of getting an automatic credit limit increase

There are not any class bonus earnings with the Capital One Platinum and, subsequently, no redemption of rewards both.

Regardless of not with the ability to earn and redeem rewards, this card is for these trying to construct their credit score and work their manner as much as extra premium bank cards that provide such advantages.

In case your credit score historical past and rating are wanting good, this card is not for you, and also you’re higher off opening a card which you could earn rewards with.

Associated: The best starter credit cards

The Capital One Platinum is greatest for individuals who would not have one of the best credit score or need to construct their credit score. There are a number of rivals to this card:

• In case you want Capital One rewards: The Capital One QuicksilverOne Cash Rewards Credit Card is a good addition to any pockets. Whereas the cardboard has a $39 annual payment, it provides you 1.5% money again on each buy and is instantly meant for these with common credit score. To study extra, try our full review of the Capital One QuicksilverOne Cash Rewards card.
• In case you want Citi: The Citi® Secured Mastercard® is an effective method to construct credit score for these trying to set up or rebuild their credit score. The cardboard has no annual payment and your credit score line relies on the safety deposit positioned to safe the cardboard. Together with your alternative of fee dates and nil legal responsibility safety, the Citi Secured card helps set up credit score simply.
• In case you want higher rewards: The Chase Freedom Unlimited® is a wonderful method to earn money again rewards, with the power to redeem your rewards for journey in case you additionally maintain a extra premium Chase card. This no-annual-fee bank card earns 5% money again on journey booked by way of Chase Journey℠, 3% on eating (together with eating places, takeout and eligible supply) and drugstore purchases and 1.5% money again on all different purchases. To study extra, try our full review of the Chase Freedom Unlimited.

The data for the Citi Secured Mastercard has been collected independently by The Factors Man. The cardboard particulars on this web page haven’t been reviewed or offered by the cardboard issuer.

For added choices, try our picks for the best secured and best cash-back bank cards.

Associated: The beginner’s guide to credit cards

This Capital One Platinum is designed for each bank card novices and people who need to construct up their credit score. This can be a respectable possibility when you have a mean credit score rating or restricted credit score historical past, however it lacks the advantages and incomes potential that another secured playing cards have. Many trying to construct credit score will want a distinct secured bank card as an alternative.

Associated: Best credit cards for excellent credit

The Capital One Platinum is not breaking new floor as a starter card, however it’s a stable, middle-of-the-road possibility for newbies. In case you’re making use of for this card, use it as a device to improve your credit so you’ll be able to finally apply for one thing extra rewarding. With accountable bank card use, you will have taken the primary of many steps in your credit score journey.

Be taught extra: Capital One Platinum

For Capital One merchandise listed on this web page, a few of the advantages could also be offered by Visa® or Mastercard® and will range by product. See the respective Information to Advantages for particulars, as phrases and exclusions apply.