How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Building (or rebuilding) credit can be tough. You need a credit card to show a track record of on-time payments, but your low score or limited history may make it hard to qualify for one. A credit-building card can act as a stepping stone on your credit journey.
The Capital One Platinum Credit Card is one of the best Capital One cards for people with low credit scores. This card may be right for you if you’re trying to recover from past credit missteps or build a track record of responsible card use. For example, it may be a good pick for college students or new U.S. residents with little or no credit history in the country.
The Capital One Platinum Credit Card has a $0 annual fee and offers a variety of credit tools through CreditWise from Capital One, including the unlimited ability to keep tabs on your credit score as you build your history. The downsides of the card include a high interest rate, no sign-up bonus and no rewards. But it’s still a good credit card for beginners or rebuilders, who will probably want to upgrade as soon as they can qualify for a better card with more robust features.
Intro Purchase APR
N/A
Regular Purchase APR
29.99% (Variable)
Intro BT APR
N/A
Regular BT APR
29.99% (Variable)
Annual Fee
$0
Cash Advance Fee
5% of the amount of the cash advance, but not less than $5
Foreign Transaction Fee
None
Balance Transfer Fee
Balance Transfer Fee applies to balances transferred at a promotional rate
Qualify with Limited / Fair credit
You may get approved for the Capital One Platinum Credit Card with Limited / Fair credit. Capital One defines fair credit as having defaulted on a loan in the past five years or having a credit history of less than three years.
Examples of people who may have limited credit history include college students and new U.S. arrivals. But keep in mind that there are no guarantees: Cardholders with very low credit scores may not qualify and may want to consider the Capital One Platinum Secured Credit Card instead.
Unsecured credit card
The Capital One Platinum Credit Card is an unsecured credit card, which means you don’t have to put down a deposit. That’s a big plus for card users who need to build their credit but have limited funds in the bank. With a secured credit card, you would generally need a deposit of at least $200 on hand to secure your credit line.
Limited fees
The Capital One Platinum Credit Card has no annual fee, no foreign transaction fees and few other fees. There’s no penalty APR for paying your bill late (though there is a substantial late fee you can avoid by paying your bill on time). In contrast, many other unsecured cards geared toward credit building charge exorbitant fees, such as high annual fees and even monthly fees. These fees can set you back more than $100 a year.
Tools to build credit
The Capital One Platinum Credit Card offers a variety of credit-building tools:
No rewards program
One big downside of the Capital One Platinum Credit Card is that it doesn’t offer any rewards on your spending. Even if you’re not a frequent traveler seeking points or miles, it’s nice to be able to bank some cash back from your everyday purchases.
If you’re singularly focused on building credit, you might not mind giving up rewards for now. But if you’ve got your heart set on getting cash back, you may want to consider an alternative such as the Capital One QuicksilverOne Cash Rewards Credit Card, which is open to applicants with fair credit and offers 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply).
High APR
This Capital One credit card’s interest rate is high, even for a card geared toward consumers with Limited / Fair credit. With a 29.99% (Variable) APR, it’s a poor choice for anyone who wants to do a balance transfer or make a big purchase they will pay off over time. That said, a high APR is pretty common with cards designed for building credit.
If you’re looking for a credit building card with a more reasonable APR, you might want to consider the Navy Federal Platinum Credit Card. Or, if you can qualify, you might opt for a student credit card, such as the Discover it® Student Cash Back.
The Capital One QuicksilverOne Cash Rewards Credit Card card is a better alternative to the Capital One Platinum Credit Card for people who don’t mind paying a modest annual fee in exchange for the ability to rack up rewards.
It offers 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply). This card charges a $39 annual fee. However, if you spend more than $3,000 a year on the card, you can earn enough rewards to cover the annual fee.
The Discover it® Secured Credit Card is better for applicants who have had some credit missteps in the past but plan to spend a sizable amount on their card each month and want to get rewarded as generously as possible for that spending. It’s an especially good choice if you do a fair amount of driving and dining out.
It has a $0 annual fee and requires a deposit of at least $200. You’ll 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically To sweeten the deal, Discover will give you an unlimited cash back match on all the cash back you earn in your first year for new cardholders.
The Capital One Quicksilver Student Cash Rewards Credit Card is a fantastic alternative to the Capital One Platinum Credit Card for students who care about building credit while in school and being smart with their money.
This card has a $0 annual fee, a lower interest rate than the Capital One Platinum Credit Card, a cash back rewards program and a bonus. With Capital One Quicksilver Student Cash Rewards Credit Card, you earn 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply), and you earn $50 when you spend $100 in the first three months after opening the account. Money-savvy students who want to build credit will likely find this card a much better deal than the Capital One Platinum Credit Card.
| Credit Cards | Our Ratings | Annual Fee | Welcome Offer | Rewards Rate | Recommended Credit Credit scores ranges may vary. Your individual chance at approval may vary due to factors such as creditors using a particular variation at their discretion | |
|---|---|---|---|---|---|---|
Capital One Platinum Credit Card
 Apply Now
on Capital One's secure site Rates & Fees |
$0 | N/A | Non-rewards Card | Limited / Fair |
Apply Now
on Capital One's secure site Rates & Fees |
|
|
Capital One QuicksilverOne Cash Rewards Credit Card
Apply Now
on Capital One's secure site Rates & Fees |
$39 | N/A | 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply) | Limited / Fair |
Apply Now
on Capital One's secure site Rates & Fees |
|
|
Discover it® Secured Credit Card*
|
$0 | Discover will match all the cash back you’ve earned at the end of your first year. | 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically | Limited / Poor | ||
|
Capital One Quicksilver Student Cash Rewards Credit Card
Apply Now
on Capital One's secure site Rates & Fees |
$0 | Earn $50 when you spend $100 in the first three months | 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply) | Limited / Fair |
Apply Now
on Capital One's secure site Rates & Fees |
The Capital One Platinum Credit Card may be right for you if you have a shaky or limited credit history and your main goal is to build a track record of on-time payments to boost your credit score. The card can be a good tool to help you reach that objective, as long as you keep your spending in check and pay your balance in full every month.
However, if you aim to earn rewards on your everyday spending, you may want to consider a different rewards card such as the Capital One QuicksilverOne Cash Rewards Credit Card or one of our other picks for best credit cards for fair credit.
Before you apply, check out the Capital One prequalification tool to gauge your odds of being approved. Being prequalified doesn’t guarantee you’ll be approved for the card, but it does give you a better idea of your chances.
Apply Now
You can’t get cash back with the Capital One Platinum Credit Card because the card doesn’t offer a rewards program. If you want a cash back credit card, you may want to consider a different Capital One card, such as the Capital One QuicksilverOne Cash Rewards Credit Card or the Capital One Quicksilver Student Cash Rewards Credit Card.
The Capital One Platinum Credit Card is not a secured credit card, meaning that you don’t need to make a deposit that will serve as your initial credit line. However, Capital One does offer a Capital One Platinum Secured Credit Card for those who can’t qualify for its unsecured credit cards. The Capital One Platinum Secured Credit Card requires a deposit of $49, $99 or $200 and gives you the chance to upgrade to the Capital One Platinum Credit Card after you establish a track record of responsible card use.
You can’t overdraft a Capital One Platinum Credit Card because overdrafts apply to bank accounts, not credit card accounts. However, you may be able to go over your credit limit on your Capital One Platinum Credit Card if you make a purchase that costs more than the amount remaining on your credit limit. If this happens, note that Capital One does not charge any fees for going over your credit limit.
The Capital One Platinum Credit Card does not have a rewards program. That means that when you make purchases with the card, you won’t earn any cash back or points. If you’re looking for a rewards card, consider one of the Capital One alternatives for people with low credit scores.
The Capital One Platinum Credit Card does not have an annual fee. This is one of the features that makes it a good option for people with fair credit who are aiming to build credit and boost their credit score. The $0 annual fee allows you to save money while building credit.
You may be able to upgrade your Capital One Platinum Credit Card to a different Capital One card, such as a cash back card or travel rewards card. In order to do so, you’ll need to contact Capital One and request an upgrade or “card swap.” In order to qualify, Capital One states that you’ll need a good payment history and an account in good standing. Capital One may also consider your credit score when making a decision.
You can use the cash advance feature to withdraw money from a Capital One Platinum Credit Card. However, the card charges a hefty cash advance fee of 5% of the amount of the cash advance, but not less than $5, and charges a high interest rate of 29.99% (Variable) for cash advances. For these reasons, you should avoid a cash advance with the card unless you have a true emergency, and you can pay it back right away.
The Capital One Platinum Credit Card limit varies based on creditworthiness. For most people, the initial credit limit may be quite low. As you use the card responsibly, you have a chance to increase your credit limit. And you won’t need to request an increase: The card comes with automatic credit line reviews starting at six months after you open the account.
The Capital One Platinum Credit Card is a good choice for beginners who are looking to build credit but don’t need to transfer a balance or make a big purchase and pay for it over time. The card has no annual fee and offers unlimited access to your credit score so you can track your progress. When you’ve built credit, you may then want to make the leap to a rewards card or low-interest card with more perks.
The information related to Navy Federal Platinum Credit Card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication.
For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
The information related to the Navy Federal Platinum Credit Card, Discover it® Student Cash Back and Discover it® Secured Credit Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.
