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capital one platinum card review
23 Mar 2018

Capital One Platinum Card Review

Ready to get a new credit card? Or perhaps you’re looking to improve your credit score? If so, take the time to research your options.

Nowadays, there are hundreds of credit cards available. More than 199 million Americans had one in 2017. In fact, the average person uses at least four credit cards.

With so many options available, you might wonder which one is best for you. After all, you don’t want to get into debt or end up with a card you don’t actually need.

The Capital One Platinum Card has emerged as a popular choice for those who want to boost their credit score. It has no annual fees and gives you access to a higher credit line after making your five monthly payments on time.

So what makes this credit card this great? More importantly, is it right for you? Let’s find out!

  • First Progress Platinum Select MasterCard® Secured Credit Card

    First Progress Platinum Select MasterCard® Secured Credit Card
    Issuer Synovus Bank
    • Receive Your Card More Quickly with New Expedited Processing Option.
    • No Credit History or Minimum Credit Score Required for Approval.
    • Quick and Complete Online Application.
    • Full-Feature Platinum MasterCard(R) Secured Credit Card.
    • Good for Car Rental, Hotels; Anywhere Credit Cards are Accepted!
    • Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History.
    • Credit Line Secured by Your Fully-Refundable Deposit of $200 -- $2,000 Submitted with Application.
    • Just Pay Off Your Balance and Receive Your Deposit Back at Any Time.
    • 24/7 Online Access to Your Account.
    • Nationwide Program though not yet available in NY, IA, AR, or WI.
    *See Card Terms. Show more
    Issuer Synovus Bank
    Regular APRAnnual FeeCredit LineCredit Recommended
    14.24%$39$2,000Damaged/Fair
    Regular APR14.24%
    Annual Fee$39
    Credit Line$2,000
    Credit RecommendedDamaged/Fair

Capital One at a Glance

Capital One is one of the top 10 largest banks in the U.S. based on deposits. It provides financial services to businesses and individual customers alike, including credit cards, checking accounts, and car loans.

The company operates in the United States, the U.K. and Canada. Customers can choose from 13 credit cards, such as the popular Capital One Platinum.

Depending on your needs, you may also request the Venture One Rewards Card, QuicksilverOne Rewards, or Journey Student Rewards.

Each card has different characteristics and eligibility conditions.

Savor Dining Rewards, for instance, is an excellent choice for foodies. Customers earn up to two percent cash back on groceries, three percent on dining, and one percent on other purchases.

Spark Miles is a preferred choice for business travelers. Credit card holders who spend $4,500 on purchases within three months from opening an account earn 50,000 miles.

If you’re still in college, you can’t go wrong with the Journey Student Rewards. This credit card provides one percent cash back on everything you buy.

Regardless of what card you choose, you’ll have access to a number of features, such as:

  • Personalized payment options
  • Automatic payments
  • Account and security alerts
  • 24/7 customer service
  • Free access to the Capital One Wallet, Mobile App, and CreditWise app
  • Fraud coverage
  • Travel accident insurance
  • 24-hour travel assistance services
  • Zero fees for foreign transactions

All customers enjoy these perks. Plus, they can add authorized users to their account, monitor their credit in real time, and get additional warranty protection for certain purchases.

The Capital One Platinum credit card has all of these features and much more, but does it suit your needs? Let’s see how it works!

Capital One Platinum: The Basics

The Platinum Credit Card from Capital One comes with zero annual fees, price protection and fraud coverage. The best part is that clients get access to a higher credit line after making their first five payments on time.

Unlike most credit cards, this one is available to customers with an average credit score. It enjoys popularity among students and clients with fair or limited credit. Just pay on time and you’ll be able to request more credit.

Many customers use the Capital One Platinum to increase or rebuild their credit score. Some say that credit rating increased by 20 points or more after making just three payments on time. This makes it one of the best starter credit cards available today.

Just about anyone can request this card. It’s not required to put down a security deposit or have stellar credit. Plus, you have access to a wide range of features and perks at no extra charge.

The Pros

If you have an average or limited credit history, this card might be exactly what you need. It’s one of the few cards with no annual fees, balance transfer fees or foreign transaction fees. Other perks include:

  • Increased credit limit
  • Comprehensive fraud coverage
  • Autopay
  • Online banking
  • Free access to the CreditWise app
  • Pay online, by check, or at a local branch
  • Reports to all three credit bureaus
  • No penalty APR for late payments
  • 25-day grace period
  • $300 minimum credit line
  • 24/7 credit-score and account access
  • Available to customers with a low income

In case your credit card is lost or stolen, you won’t be responsible for fraudulent purchases. Moreover, if you use the card to rent a car, you’ll receive theft and collision coverage.

Another perk is the 24-hour roadside assistance. If you’re a credit card holder and your car breaks down, you’ll receive assistance 24/7.

Additionally, you’ll receive the price difference on certain products. This applies if you pay with your card and find a better deal within 60 days from the date of purchase.

Even though the Capital One Platinum doesn’t include rewards or sign-up bonuses, it’s cheap and easily accessible. The simple fact that you won’t pay any annual fees is reason enough to request a card.

If you pay on time and build a positive history, you can later upgrade to another card. Plus, your credit score will improve quickly.

The Cons

Many customers prefer a card credit that offers rewards and bonus points. The Capital One Platinum has none of these features.

A strong rewards program could help you save thousands of dollars within months. If you’re planning to use the card for most purchases, this one might not be the best choice.

The 24.99 percent variable APR isn’t too appealing, but you’ll pay no balance transfer or foreign transaction fees. Also, there are no discounted introductory rates.

Our Verdict

If you’re looking for a no-frills credit card, the Capital One Platinum is a great solution. Even though it lacks a rewards program, it features other perks that make it appealing.

Compared to most cards, it has lower fees and flexible eligibility requirements. It’s a good choice for those who wish to build or strengthen their credit in a short time. Plus, you don’t have to put down a security deposit.

All in all, this card is worth your attention. It’s accessible, convenient, and has a ton of features. In case you wish to assess your options, check out the best credit cards on the market!

  • Bonsai Finance

    Our take: Online marketplace that searches through lenders to find the best offer for your personal situation Show more
    Credit ScoreLoan Size/AmountLoan TermAPROrigination Fee
    All can apply$100 - $15,0001 - 604.99% - 1.386%Varies by lender
    Credit ScoreAll can apply
    Loan Size/Amount$100 - $15,000
    Loan Term1 - 60
    APR4.99% - 1.386%
    Origination FeeVaries by lender