About Capital One Platinum Card
The Capital One Platinum is a credit card designed for people with average or low credit who want no annual fee and the chance for an increased credit limit.
The term “average credit” usually refers to people with scores in the 600s, a range that is pretty diverse but usually includes people who don’t get great credit card rates or perks.
When you find yourself in this position, it’s hard to know whether or not getting a credit card is worth it. Do you get one just to build credit so you can move up to a better card, or do you stick with the credit cards you already have?
The best way to make a decision like this is to take a few minutes to understand what the card offers, what you might pay in rates and fees and, also, what other consumers like you are saying about the card.
We’ve taken the time to work through each of those categories in a way that gives you a good idea of what’s happening with this card and how it may or may not be a good fit for you.
Over the next few sections of this review, we’ll give you the details you’re looking for as well as a helpful final section that sums up this card’s pros and cons and gives you some recommendations of other cards you might like.
A Quick Word About Why the Capital One Platinum Has Reduced Benefits
There are two types of benefits that credit cards give their potential customers: short- and long-term.
When it comes to credit cards designed for people with average credit, short-term benefits aren’t usually part of the deal. Why?
Well, people with average or low credit scores are viewed by banks as less-reliable customers.
For example, Capital One thinks you’re more likely to make late payments if you have an average score. To them, this means you’re riskier and that they’re taking on a certain amount of risk when they give you a card.
So, because they’re taking on risk, they cut back on the perks they give you with the Capital One Platinum. Financially speaking, it makes sense for them to do that. However, from a customer’s perspective, it doesn’t always seem fair.
Whether this kind of treatment is deserved is up for debate, but, for the purposes of this review, we’re going to give you an overview of the benefits you get with the Capital One Platinum card.
The Capital One Platinum’s Benefits
Traditionally, credit card “benefits” refers to cash-back rates, free rewards miles, free hotel nights/points or no-interest offers for purchases and/or balance transfers.
Because of the factors we mentioned in the previous section, the Platinum doesn’t offer any of these. The Platinum gives you the basic benefits Capital One offers on most of its credit cards.
The Platinum card has two credit-related features you’ll enjoy. First, Capital One will increase your credit limit (in most cases) if you can make five straight months of on-time payments.
Second, Capital One lets you choose your payment due date. However, this perk isn’t specific to the Capital One Platinum. Most major credit card companies will change your due date if you request it.
The Platinum’s Shopping Benefits: Warranty, Price & Fraud Protection
Whenever you buy something with your Capital One Platinum card, you’ve got two excellent benefits on your side.
The first benefit is an extended warranty program that’s automatically applied to eligible items. When you’re searching Capital One’s site for more information about this perk, you’ll need to download and read through their benefits guide to get the details.
We saved you some time and read through the guide ourselves. Here are the details about the warranty program:
- Matches existing warranty up to 12 months
- Matches supplemental warranties you purchased
- Good for repair of replacement
- Covers up to $10,000
The Capital One Platinum warranty is only good for certain types of items, though. Here’s a partial list of what the program doesn’t cover:
- Used items, including antiques
- Floor models w/out manufacturer’s warranty
- Motorized vehicles
- Living things (plants, animals)
- Professional services
- Losses from power surges
If you have a claim you want to file, you need to call 1-800-MC-ASSIST in order to start the claims process. They’ll send/e-mail you the claims form.
Remember, you need to file the claim within 60 days of the damage, or, according to Mastercard, “the claim may not be honored.”
Once you start the claims process, you’ll have 180 days to submit documentation that includes an itemized receipt of the original Platinum purchase, proof that the purchase was on your credit card statement, the item’s warranty and several other important documents.
Many of the purchases you make with your Capital One Platinum card are covered by Capital One’s price-protection perk.
Here’s how the program works. You buy an HP laptop from Best Buy and three weeks later Target is selling the same laptop for $50 less. Once you realize the price difference, you call Mastercard at 1-800-MC-ASSIST.
Just like the warranty program, this program has some limitations. Here are a few of the items we found that aren’t eligible:
- Auction prices
- Layaway items
- Price quotes
- Personalized items
- Professional services
Also, if the retailer who sold you the item has their own price-protection policy, you can’t use the Mastercard price-protection program.
To start the claims process, call 1-800-MC-ASSIST. A few of the things you’ll need to include are a copy of the original ad showing the retailer, date, and price; a receipt of the purchase; credit-card statement showing the purchase and the itemized purchase receipt.
According to Mastercard, you aren’t liable for any fraudulent purchases made with your credit card.
Pro tip: You’ll also get a few travel benefits, too. Click here to download the Platinum’s guide for details about travel benefits and the benefits we listed above.
The Capital One Platinum’s Rates and Fees
A credit card’s interest rates and fees are the card company’s way of earning money from your business.
If, at any time, you don’t pay off your balance in full, you’ll be charged a 24.99% interest rate on the purchases you made during the previous billing cycle and the time between the start of the new billing cycle and your due date.
This interest rate is known as the “APR” and is the number Capital One uses to calculate how much interest you’ll pay on your Platinum balance.
If you pay late on your card, you’ll be charged a late fee of up to $35. Remember, though, your credit score will go down if you pay your card more than 30 days late.
A balance transfer is when you move a balance from one credit card to another. If you do that with your Capital One Platinum card, you’ll be charged 24.99% on that balance if you don’t pay it off in full.
Also, you’ll be charged a fee of 3% of the balance or $10, whichever is greater.
What Other Consumers Are Saying About the Capital One Platinum Card
Many of the consumers who’ve left reviews of the Capital One Platinum are positive about their experience.
Capital One Reviewers on the Platinum
On Capital One’s website, the card gets an average rating of 4.6 stars from more than 7,500 reviews at the time of publishing.
Five of the 10 most recent reviews on the site gave the Platinum a 5-star rating. A couple of those reviews said the card is helping rebuild their credit, while several others said it’s their go-to card.
One customer complained that they couldn’t make payments online because none of the fields on the payment page would populate.
All in all, though, reviews for the Capital One Platinum were very strong.
WalletHub Reviewers on the Platinum
The card gets equally good reviews on WalletHub, where more than 700 consumers gave it an average review of 4.5 stars.
Reviewers on this site said the card helped them rebuild their credit, which is a key insight considering most people who get this card could benefit greatly from increasing their credit scores.
Here’s an example of one of those reviews:
“I had a very low credit score when I applied for my Capital One card approximately 9 months ago and then I maxed it out and paid it off within three months. After paying it off, my credit score increased 150 points and it's still on the rise. It has taught me how to manage my spending and to be more disciplined. I honestly feel so responsible and I make sure I pay my bill each and EVERY month.”
This reviewer’s testimonial is an excellent example of how a credit card can help you reverse your bad credit scores.
Many times, you get bad credit scores for paying late on a consistent basis. How do you change that? By paying on time every month.
WalletHub complaints about the card centered on poor customer service experiences and, in one case, the frustrating fact that it took Capital One four months to approve her request for a due-date change.
Our Final Thoughts About the Capital One Platinum Card
The Capital One Platinum Card is a no-frills credit card that works well for people with average credit. The card’s rates and fees are high, but this is typical of credit cards given to people with scores in the mid- to low-600s.
New cardholders have the benefit of getting an increased credit limit if they can make five consecutive on-time payments.
However, even though this card functions well for someone looking for a basic credit card to help build credit, it’s definitely not the best card in terms of rewards.
If you want a credit card that fits your credit scores and gives you rewards for purchases you make, you should check out the Southwest Rapid Rewards Plus card or the Capital One QuicksilverOne card.
A Capital One Platinum Alternative: Southwest Rapid Rewards Plus
The Southwest Rapid Rewards card is what’s known as an “airline rewards” card, which means you earn frequent flyer miles for purchases you make with the card.
You’ll get one point (mile) for every dollar you spend with the card, and, if you can spend $2,000 in the first three months, you’ll get 50,000 Rapids Rewards miles.
You can cash those miles in for, based on our research, at least three round-trip flights.
Another Capital One Platinum Alternative: Capital One QuicksilverOne
The QuicksilverOne is a “cash back” credit card. Every time you use this card to buy something, Capital One calculates 1.5% of your purchase and, at the end of the month, credits your rewards balance to your account.
If you spend $10,000 in one year, for example, you’ll get $150 credited to your account.
In our opinion, the Southwest and QuicksilverOne cards are better options for you because they give you the added bonus of rewards in addition to basic cardholder benefits.
Now, as you build your credit, you’ll be eligible for better offers with more rewards and perks. But, in order to get there, you’ll need to study up on credit scores, how they’re created and why they matter.
We’ve written a great article about credits cores that explains each one of these topics.
Once you boost your scores, you’ll be eligible for better versions of the Southwest Plus and QuicksilverOne cards we mentioned here.
Check out our reviews of the Southwest Rapid Rewards Premier and Capital One Quicksilver cards; they’ll help you understand the benefits of cards designed for people with very good or excellent credit.