Capital One Platinum Credit Card Review | CreditShout

Capital One Platinum Credit Card Review

By Dan Rafter / October 31, 2016
Review of Capital One Platinum Credit Card for Fair Credit

Capital One® Platinum MasterCard

Review of Capital One Platinum Credit Card for Fair Credit

CreditShout Rating:

Annual Fee: $0

Credit Needed: Average

Card Features*:

  • Get access to a higher credit line with Credit Steps after making your first 5 monthly payments on time
  • Enjoy free, unlimited access to your credit score with Capital One® Credit Tracker
  • $0 Fraud Liability Coverage
  • MasterCard® Benefits like roadside assistance, auto rental insurance, extended warranty and price protection

Intro APR Offer*:

None

Regular APR*:

  • APR: 24.99% Variable for Purchases and Transfers
  • Cash Advance: 24.99% Variable, plus 3% fee
  • Transfer Fee: None
  • Foreign Transaction Fee: None

More...

The Capital One Platinum MasterCard is a bland card with no rewards program and a high interest rate. It's one redeeming quality is that it allows consumers with average, fair, or limited credit history to gain access to Capital One's Credit Steps program. This gives consumers the opportunity to build or rebuild their credit.

Card Benefits

This is not a rewards card, so traditional benefits do not apply.

However, this Platinum MasterCard does come with free fraud protection services, access to their credit score, extended warranty and price protection, auto rental insurance and other perks that may come in handy.

It also gives consumers with fair credit scores the opportunity to improve their credit and increase their credit line. You can do this by making your Capital One card payments on time each month.

Fees

Capital One's Platinum card has a variable interest rate of 24.99 percent - which we think is a high APR.

On the plus side, this card does not have an annual fee. And it does not charge balance transfer fees (though you can find better balance transfer cards).

Cash advances cost $3 or 10 percent of the advance amount, whichever is higher. Late fees can run as high as $35, while returned-payment fees can hit $35 and over-the-credit-limit fines can run as much as $29.

Our Verdict

Overall, the annual fee and lack of rewards program make the Platinum MasterCard from Capital One a bit expensive compared to other cards on the market. Despite it's access to the Credit Steps program, we recommend checking out our Guide to Cards for Building or Rebuilding Credit before applying for this card.

Pros

  • Just need a fair credit score to quaify
  • Can participate in Credit Steps
  • Provides good perks like fraud protection and a free credit score
  • No annual fee

Cons

  • Has an annual fee
  • No intro APR offer
  • No rewards program

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