Capital One Platinum Credit Card: A Basic Card for Fair or Limited Credit

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The Capital One Platinum* credit card is a simple, user-friendly option for people with fair or limited credit. Until you win rewards or one welcome bonusyou can build your credit with responsible use so you can later qualify for a more lucrative card.

What constitutes fair or limited credit? It depends on who you ask, but for fair credit a general rule of thumb is a FICO score of 580-669. Anything lower than that and it might be a good idea to ask for a secure credit card — as the Capital One Platinum Secured Credit Card* — which has lower credit requirements and requires a security deposit as security. Limited credit refers to those with a shallow credit history – typically less than two or three years of full ownership of a loan or credit card.

There is no annual fee with this card, so the account is low maintenance if used responsibly. In this review, we’ll go over the features of the Capital One Platinum credit card, as well as suggest other cards you might consider.

In this article

Introductory offerN / A

APR26.99% (Variable)

Recommended credit Average, Fair, Limited

Reward rateN / A

Annual fees$0

Intro Purchase APRN / A

Intro Balance Transfer APRN / A

Balance Transfer Fee $0 to this transfer APR

APR balance transfer26.99% (Variable)

Late payment fees Up to $40

Foreign transaction fees Any

APR Penalty Any

Build credit with this card

For create credit with the Capital One Platinum credit card, you’ll want to keep your “credit usage” low – this means using around a third or less of your line of credit on a monthly basis and paying off your statement balances in full each month. You need to be disciplined with this card because with a high variable APR of 26.99%, you could earn interest very quickly with an outstanding balance. At the end of last year, the average credit card APR was 14.51%, so if you’re looking for a happy aprilthere are better options.

Keeping your credit usage low and paying your balance in full and on time will boost your credit. You could see the effects on your score in as little as a few months. And Capital One will automatically begin reviewing your account activity for a line of credit increase once you’ve opened the account for six months. If your activity is considered responsible, you may get approved for a higher spending limit, which may also increase your credit score.

Additionally, you’ll have access to your credit profile and score with Capital One’s CreditWise, although this tool is available to everyone, even if you don’t have a Capital One card.

Travel and safety benefits

Perhaps the most valuable travel benefit associated with this card is the absence of foreign transaction fees – a signature feature of Capital One Credit Cards. Although this card has little in common with the travel credit cardsthe Capital One Platinum credit card offers ATM locator services during your trip and emergency card replacement if your card is lost or stolen.

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Other Cards to Consider

The following credit cards are also designed for people with fair or limited credit, at the same level as the Capital One Platinum card. If you have good credityou have more options than these to consider.

Petal® 2 “Cash Back, No Fee” Visa® Credit Card

Our preferred choice for fair or limited credit is the Visa® Petal® 2 “Cash Back, No Fees” credit card, issued by WebBank, Member FDIC. This card offers cash back – a rare feature for this class. You earn 1% on qualifying purchases, then up to 1.5% in total after you make 12 one-time monthly payments. You can also earn 2% to 10% cashback bonuses at select merchants. Your credit limit can be between $300 and $10,000, and there are no annual fees or foreign transaction fees. You might even be able to get a better variable APR, with a range of 13.24% to 27.24%.

Credit card before

The Avant credit card is even simpler than the Capital One Platinum card, but it could be a good substitute if you are not approved for the Capital One Platinum card. You will pay an annual fee of $59. The line of credit only ranges from $300 to $1,000 and the variable APR is high at 24.99%. There are no foreign transaction fees.

FAQs

What is considered a bad credit score?

According to FICO, anyone with a score below 580 is considered to have bad credit (also sometimes labeled as “bad” credit). There are many reasons why someone would fall below the fair to good credit line. Bankruptcy or unpaid bills that have been cashed are among the most common reasons. Some people are classified as having a below average score after being victims of identity theft.

You can improve your credit by applying for a credit repair card and making regular, on-time payments.

What is considered a fair credit rating?

According to Experian, a credit score that hovers between a FICO score of 580 and 669 is considered fair. It is between a bad score, which ranges from 300 to 579, and a good score, which is between 670 and 739. Once you reach the threshold of a good credit score on your credit report, you will have access to more credit card options with better rates and terms.

What are the benefits of a high credit score?

Having strong credit that is in the range of good to exceptional (670 to 850 FICO) has a number of benefits: more favorable rates and terms, higher credit limits, and more perks and benefits. options. You’ll also have an easier time finding a credit card that best suits your needs and preferences.

Our approach

We review the most popular cards with the best benefits. We go through the fine print so there are no surprises when you open an account. We find the key factors that make a card stand out and compare them with other top cards. This way, readers can opt for a different card with similar functionality if our choice doesn’t suit them. Our opinions are regularly checked and updated to incorporate new recommendations, as well as to reflect changes in offers and the market.

*All information about the Capital One Platinum Credit Card and Capital One Platinum Secured Credit Card has been independently collected by CNET and has not been reviewed by the issuer.

Editorial content on this page is based solely on objective, independent assessments by our editors and is not influenced by advertising or partnerships. It was not supplied or commissioned by a third party. However, we may receive compensation when you click on links to products or services offered by our partners.


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