Is the Capital One® Platinum Credit Card Right for You?

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Before applying for this card, consider the financial effect and see if it is a good option for you. Here are two common reasons you might apply for this card:

  1. Building your credit. This card has a $0 annual fee, so it can be a good starter card. If you pay off your balances in full and on time, this card can help you build credit efficiently and effectively.
  2. Balance transfer. Although this card does not have any balance transfer fees, you should check the terms of the card to understand what interest rates you are subject to. If the APR is higher than your current APR, a balance transfer may not make financial sense.

Capital One® Platinum Credit Card Alternatives

The biggest drawback of the Capital One® Platinum credit card is the lack of rewards, which is actually common in the construction credit card category. That said, there are secure cards that offer rewards; you will only need to make a security deposit.

Discover it Secured offers 2% cashback on restaurants and gas (limited to $1,000 combined spending each quarter), 1% on everything else, and doubles all cash back earned in the first year.

Cardholders must make a refundable security deposit of at least $200.

The Petal Visa® Credit Card is a unique credit card designed to build credit that does not require a security deposit.

At first, you’ll earn 1% cashback on all purchases, but that rate will increase to 1.25% after six months of on-time payments and up to 1.5% after 12 months of on-time payments.

Before applying for this card, consider the financial effect and see if it is a good option for you. Here are two common reasons you might apply for this card:

  1. Building your credit. This card has a $0 annual fee, so it can be a good starter card. If you pay off your balances in full and on time, this card can help you build credit efficiently and effectively.
  2. Balance transfer. Although this card does not have any balance transfer fees, you should check the terms of the card to understand what interest rates you are subject to. If the APR is higher than your current APR, a balance transfer may not make financial sense.

Capital One® Platinum Credit Card Alternatives

The biggest drawback of the Capital One® Platinum credit card is the lack of rewards, which is actually common in the construction credit card category. That said, there are secure cards that offer rewards; you will only need to make a security deposit.

Discover it Secured offers 2% cashback on restaurants and gas (limited to $1,000 combined spending each quarter), 1% on everything else, and doubles all cash back earned in the first year.

Cardholders must make a refundable security deposit of at least $200.

The Petal Visa® Credit Card is a unique credit card designed to build credit that does not require a security deposit.

At first, you’ll earn 1% cashback on all purchases, but that rate will increase to 1.25% after six months of on-time payments and up to 1.5% after 12 months of on-time payments.

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By Michael Caine

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