The Capital One Platinum Credit Card* is a low-fee, travel-friendly solution for those with fair or restricted credit. While you won’t earn points or receive a welcome bonus, you will be able to develop credit via responsible use and eventually qualify for a more profitable card.
What is meant by “fair” or “limited” credit? It varies according to who you ask, but a FICO score of 580 to 669 is considered acceptable credit.
If your credit score is lower, it may be prudent to apply for a secured credit card, such as the Capital One Platinum Secured Credit Card*, which has fewer credit standards and needs a collateral security deposit.
Individuals with limited credit have a brief credit history – often less than two or three years of full ownership of a loan or credit card.
Because there is no annual fee on this card, it is a low-maintenance account when used carefully. We’ll go through the characteristics of the Capital One Platinum Credit Card in this review and propose some other cards to consider.
Using this card to get another credit card
To establish credit with the Capital One Platinum Credit Card, you’ll want to maintain your “credit usage” low — that is, use around one-third or less of your credit limit each month and pay your statement amounts in full each month.
With this card, you must exercise discipline as the high 26.99 percent variable APR can quickly accumulate interest on an unpaid debt.
The average credit card APR was 14.51 percent late last year, so there are better choices if you’re seeking a low APR.
Maintaining a low credit usage ratio and paying your balances in whole and on time will help you improve your credit score. You may notice an improvement in your credit score in as short as a few months.
And once you’ve had the account open for six months, Capital One will automatically begin examining your account behavior for a credit line increase. If your behavior is deemed acceptable, you may be allowed a larger spending limit, which can help improve your credit score.
Additionally, you’ll have access to your credit profile and score through Capital One’s CreditWise service; however, this feature is open to anybody regardless of whether you have a Capital One credit card.
Benefits of travel and security
Perhaps the most beneficial travel perk linked with this card is the absence of international transaction fees – a Capital One credit card signature feature.
Though this card has little resemblance to standard travel credit cards, the Capital One Platinum Credit Card does include ATM location services and emergency card replacement if your card is lost or stolen.
Additional cards to consider
Credit cards are also available to those with fair or restricted credit and are in the same tier as the Capital One Platinum card. If your credit is strong, you have more choices to explore.
Visa® Credit Card Petal® 2 “Cash Back, No Fees”
We recommend the Petal® 2 “Cash Back, No Fees” Visa® Credit Card, provided by WebBank, a member FDIC, for those with fair or limited credit.
This card gives cashback, which is a somewhat uncommon feature in this class. You receive 1% back on eligible purchases, up to 1.5 percent, after making 12 consecutive on-time monthly payments.
Additionally, you may earn an additional cashback of 2% to 10% at certain shops. Credit limits range from $300 to $10,000, and there are no yearly or international transaction fees. You could potentially qualify for a lower variable APR, ranging from 13.24 percent to 27.24 percent.
Credit Card Avant
Although the Avant Credit Card is even easier than the Capital One Platinum Card, it may be a viable option if you are denied the Capital One Platinum Card. You’ll pay a $59 yearly charge.
The credit line is only $300 to $1,000, and the variable annual percentage rate is a whopping 24.99 percent. There are no costs associated with foreign transactions.