Capital One Platinum credit card review: Sometimes basic just works

Editor’s note: This is a recurring post, regularly updated with new information and offers.

Capital One Platinum Credit Card overview

If you’re in need of a no-frills starter credit card, the Capital One Platinum Credit Card fits the bill. However, it’s “Platinum” by name only — don’t expect any perks, privileges or meaningful rewards. Still, with no annual fee, it could be a good fit for some beginners. Card rating*: ⭐⭐

*Card rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.

Some credit cards are intended for true newcomers, and the Capital One Platinum Credit Card fits right into the fold. If you have a limited credit history, you might only be looking for two things from a card: high approval odds and no annual fee. In this respect, the Capital One Platinum hits the nail on the head.

However, this card has downsides, so it certainly pays to look at your other beginner card options. TPG recommends applicants have a fair credit score of 630 or higher.

Let’s examine the Capital One Platinum Credit Card more closely to see if it meets your needs.

Related: The best Capital One credit cards

Capital One Platinum pros and cons

Capital One Platinum welcome offer

Unfortunately, no welcome bonus is available on the Capital One Platinum.

However, the card has no annual fee. Many cards intended for those with limited credit often either charge an annual fee or require a security deposit, so it is nice that this card doesn’t have either.

Related: The best credit card welcome bonuses this month

Capital One Platinum benefits

The Capital One Platinum comes with some tangible benefits to help you manage and protect your account. These aren’t groundbreaking by any means, but it’s reassuring to know that there is a standard suite of coverage on this card.

There are several account management features:

• Automatic credit line reviews: Likely the main reason why you’re getting this card is to boost your credit score. Capital One will automatically monitor your credit line and potentially increase it after six months. A higher credit limit — if not used — could lower your overall credit utilization and, thus, improve your credit score.
• CreditWise from Capital One: You can access your credit score and monitor your credit profile directly through this Capital One platform.
• Fraud coverage: You’ve got fraud coverage, meaning you’re not liable if your card is used for unauthorized transactions.
• Mobile apps: You can manage your online banking needs right from your phone.

The Capital One Platinum is a Mastercard, so you can use it anywhere Mastercard is accepted and enjoy a host of regular travel and purchase benefits.

Related: 3 things to do to boost your chances of getting an automatic credit limit increase

Earning and redeeming rewards on the Capital One Platinum

There aren’t any category bonus earnings with the Capital One Platinum and, therefore, no redemption of rewards either.

Despite not being able to earn and redeem rewards, this card is for those looking to build their credit and work their way up to more premium credit cards that offer such benefits.

If your credit history and score are looking good, this card isn’t for you, and you’re better off opening a card that you can earn rewards with.

Related: The best starter credit cards

Which cards compete with the Capital One Platinum?

The Capital One Platinum is best for those who do not have the best credit or are looking to build their credit. There are a few competitors to this card:

• If you prefer Capital One rewards: The Capital One QuicksilverOne Cash Rewards Credit Card is a great addition to any wallet. While the card has a $39 annual fee, it gives you 1.5% cash back on every purchase and is directly intended for those with average credit. To learn more, check out our full review of the Capital One QuicksilverOne Cash Rewards card.
• If you prefer Citi: The Citi® Secured Mastercard® is a good way to build credit for those looking to establish or rebuild their credit. The card has no annual fee and your credit line is based on the security deposit placed to secure the card. With your choice of payment dates and zero liability protection, the Citi Secured card helps establish credit easily.
• If you prefer better rewards: The Chase Freedom Unlimited® is an excellent way to earn cash back rewards, with the ability to redeem your rewards for travel if you also hold a more premium Chase card. This no-annual-fee credit card earns 5% cash back on travel booked through Chase Travel℠, 3% on dining (including restaurants, takeout and eligible delivery) and drugstore purchases and 1.5% cash back on all other purchases. To learn more, check out our full review of the Chase Freedom Unlimited.

The information for the Citi Secured Mastercard has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

For additional options, check out our picks for the best secured and best cash-back credit cards.

Related: The beginner’s guide to credit cards

Is the Capital One Platinum worth it?

This Capital One Platinum is designed for both credit card novices and those who are looking to build up their credit. This is a decent option if you have an average credit score or limited credit history, but it lacks the benefits and earning potential that some other secured cards have. Many looking to build credit will prefer a different secured credit card instead.

Related: Best credit cards for excellent credit

Bottom line

The Capital One Platinum isn’t breaking new ground as a starter card, but it’s a solid, middle-of-the-road option for beginners. If you’re applying for this card, use it as a tool to improve your credit so you can eventually apply for something more rewarding. With responsible credit card use, you’ll have taken the first of many steps on your credit journey.

Learn more: Capital One Platinum

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.