- Intro Offer
-
No current offer
- Annual fee
- $0
- APR
- 29.99% (Variable)
- Recommended Credit A credit score is used to indicate an applicant’s credit worthiness and may provide guidance about account eligibility. It does not necessarily guarantee approval for any financial product.
-
580 – 669
Fair
- Rewards rate
-
N/A This card doesn’t offer cash back, miles, or points
The Capital One Platinum Credit Card* is a basic credit card with which you can build credit, but you won’t earn rewards. It’s an unsecured credit card, meaning you won’t have to put down a security deposit to open an account, and it’s designed for individuals with fair, average or limited credit. Usually, this means a credit score between 580 and 669.
If your credit is worse than that, you may be better off starting with a secured credit card, like the Capital One Platinum Secured Credit Card*. Otherwise, you can use the no-annual-fee Capital One Platinum Credit Card responsibly to build your credit so that you can qualify for a better card with rewards and other perks in the future.
Below we review how to build credit with this card and take advantage of the few travel perks it offers, as well as suggest some other cards that may be worth considering.
Building credit with this card
To build credit with the Capital One Platinum Credit Card, you’ll want to keep your “credit utilization” low -- this means using roughly one third or less of your credit line on a monthly basis, and paying your statement balances in full each month. You do need to be disciplined with this card because with a high 29.99% variable APR, you could run up interest very quickly with an unpaid balance. As of late last year, the average credit card APR was 14.51%, so if you’re looking for a good APR, there are better options.
Keeping your credit utilization 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 credit line increase once you’ve had the account open for six months. If your activity is considered to have been responsible, you may get approved for a higher spending limit, which can also boost your credit score.
Additionally, you’ll receive access to your credit profile and score with CreditWise from Capital One, though this tool is available to everyone even if you don’t have a Capital One card.
Travel and security benefits
Perhaps the most valuable travel benefit associated with this card is no foreign transaction fees -- a signature feature of Capital One credit cards. Though this card doesn’t have much in common with typical travel credit cards, the Capital One Platinum Credit Card does offer ATM-location services while you’re traveling and emergency card replacement if your card is lost or stolen.
Alternative cards
The following credit cards are also designed for people with fair or limited credit, on the same tier as the Capital One Platinum card. If you have good credit, you have more options beyond these to consider.
Petal® 2 “Cash Back, No Fees” Visa® Credit Card
Our favorite pick for fair or limited credit is the Petal® 2 “Cash Back, No Fees” Visa® Credit Card, issued by WebBank. This card offers cash back -- a rare feature for this class. You earn 1% back on eligible purchases, and then up to 1.5% total after making 12 on-time monthly payments. You can also earn 2% to 10% bonus cash back at select merchants. Your credit limit could fall between $300 and $10,000 dollars, and there is no annual fee or foreign transaction fees. You may even be able to score a better variable APR, with a range of 18.24% to 32.24%.
Avant Credit Card
The Avant Credit Card is even simpler than the Capital One Platinum card, but it could be a good substitute if you don’t get approved for the Capital One Platinum Card. You’ll pay an annual fee of $59. The credit line is $300, and the variable APR is high at 35.99%. There aren’t any foreign transaction fees.
For more details, check out our full review of the Avant Credit Card.
- Intro Offer
-
No current offer
- Annual fee
- $0
- APR
- 29.99% (Variable)
- Intro Purchase APR
- N/A
- Recommended Credit A credit score is used to indicate an applicant’s credit worthiness and may provide guidance about account eligibility. It does not necessarily guarantee approval for any financial product.
- Fair
- Rewards rate
-
N/A This card doesn’t offer cash back, miles, or points
Petal® 2 “Cash Back, No Fees” Visa® Credit Card
- Intro Offer
-
No current offer
- Annual fee
- $0
- APR
- 18.24% – 32.24% (Variable)
- Intro Purchase APR
- N/A
- Recommended Credit A credit score is used to indicate an applicant’s credit worthiness and may provide guidance about account eligibility. It does not necessarily guarantee approval for any financial product.
- No Credit History
- Rewards rate
-
1% – 1.5% Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments.; 1% cash back on eligible purchases right away.
- Intro Offer
-
No current offer
- Annual fee
- $59
- APR
- 35.99% Variable
- Intro Purchase APR
- N/A
- Recommended Credit A credit score is used to indicate an applicant’s credit worthiness and may provide guidance about account eligibility. It does not necessarily guarantee approval for any financial product.
- Fair
- Rewards rate
-
N/A This card doesn’t offer cash back, miles, or points
FAQs
According to FICO, anyone with a score below 580 is considered to have poor credit (also sometimes labeled as “bad” credit). There are many reasons why someone would fall below the threshold of fair to good credit. Bankruptcy or unpaid bills that went into collections are among the more common reasons. Some individuals are classified as having a below-average score after falling victim to identity theft.
You can improve poor credit by applying for a credit repair card and making consistent, on-time payments.
According to Experian, a credit score that hovers between a 580 and 669 FICO score is considered fair. It’s between a poor score, which ranges from 300 to 579, and a good score, which is anything between 670 and 739. Once you hit the threshold for a good credit score on your credit report, you’ll gain access to more credit card options with better rates and terms.
Having strong credit that falls in the good-to-exceptional range (670 to 850 FICO) comes with a number of advantages: more favorable rates and terms, higher credit limits and more perks and options. You’ll also have an easier time finding a credit card that’s best suited to your needs and preferences.
Our approach
We review the cards that are in the highest demand and offer the best benefits. We scour the fine print so there aren’t any surprises when you open an account. We find the key factors that make a card stand out and compare them with other top cards. That way, readers can opt for a different card with similar features if our pick isn’t right for them. Our reviews 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 collected independently by CNET and has not been reviewed by the issuer.
The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.
