Capital One Platinum Credit Card Review 2024

If you have bad credit, it can be challenging to qualify for a traditional credit card. Often, your only option is to consider a secured card, which requires a security deposit. The card_name is an unsecured credit card that offers the credit-building power and tools of a secured card without the deposit.

TIME's Take

The card_name is geared toward individuals with”fair” credit. It's a no-frills card with no rewards and minimal perks, even missing some you’ll find with other “fair” credit cards. Instead, it's intentionally built with one focus: to help you build your credit.

Pros and cons

Who is the card for?

The card_name is for individuals with “fair” credit who want a simple card solely for building their credit profile. There's no rewards program or other throw-in benefits to sidetrack your focus, making it an excellent tool for developing responsible financial habits.

If you have “good” credit or better, there's no reason to get this card. With an extremely high ongoing annual percentage rate (APR), it's also not a good choice for anyone who plans to carry a balance on their card from month to month.

Features

card_name is as straightforward as credit cards get, even lacking some features you might expect to see with a credit-building card. Still, it does come with a few basic features that could be beneficial for cardholders.

Autopay

Autopay is a relatively standard feature with credit cards, but it may be even more beneficial for card_name cardholders who are trying to build a positive payment history. With autopay you can ensure that you'll never miss a monthly card payment.

Eno

Eno is Capital One's virtual assistant. Cardholders can use Eno for a variety of tasks, including answering questions about your account, sending alerts to your device, and providing virtual card numbers for increased security with online purchases.

CreditWise

CreditWise is available free to anyone living in the U.S. with a Social Security number, including card_name cardholders. This credit-monitoring tool is accessible through Capital One's mobile app, available for iOS and Android. Creditwise comes with access to your credit score, TransUnion and Experian credit reports, and credit and security alerts. It also has a credit simulator, so you can see how certain financial decisions will affect your credit score.

Card Lock

Cardholders can use the Card Lock feature within the Capital One mobile app to immediately lock their card if it's lost, misplaced, or stolen.

The fine print

Interest rates

• Regular APR: reg_apr,reg_apr_type.
• Purchase intro APR: intro_apr_rate,intro_apr_duration.
• Balance transfer intro APR: balance_transfer_intro_apr,balance_transfer_intro_duration.

Fees

• Annual fee: annual_fees.
• Balance transfer fee: balance_transfer_fees.
• Cash advance: cash_advance_apr.

Additional perks

The primary benefit of card_name is its lack of enticing card benefits, instead focusing on providing an opportunity to build credit without distractions. That said, it does come with some standard credit card benefits:

• Around-the-clock customer service.
• Account and security alerts.
• A $0 fraud liability.
• No foreign transaction fees.
• Emergency card replacement.
• Mastercard Global Services.
• Mastercard ID Theft Protection (requires activation).

What could be improved?

The card_name is excellent for credit building but little else. It's even missing some credit-building features, such as account credit-limit reviews. Earning rewards or a welcome bonus would be nice, but their absence seems intentional.

card_name allows balance transfers, but it means paying an incredibly high APR to do so. The card has no intro APR offer, which would help individuals with existing card debt to get back on track.

Card alternatives

Bottom line

If trying to build or rebuild your credit profile is your primary concern, the card_name is a solid choice. You won't earn rewards or have access to extra perks, but it's perfect to use responsibly, develop consistency with on-time payments, and reach your credit goals. With a high ongoing APR, it works best when you pay your balance in full each month.

Frequently asked questions (FAQs)

Is the card_name a Mastercard?

The card_name is a Mastercard and is accepted anywhere Mastercard is accepted.

What is the credit limit for the card_name?

Capital One does not publicly disclose credit limit ranges for its card. Capital One sets your credit limit based on your application and a credit check.

Which is better: card_name or card_name?

card_name is better if you have “excellent” credit and want to earn cash back rewards and have access to other valuable cardholder benefits. card_name is better if you are solely focused on building your credit. It doesn't earn rewards, has no welcome bonus offer, and features few additional benefits.

Will Capital One increase my card_name credit limit?

The card_name does not come with automatic account reviews for possible credit limit increases. You can request a credit line increase at any time through your Capital One account.