If you’re just starting in life or have average credit, the card_name may be a great fit for you. There’s no annual fee, and you can boost your credit limit with responsible usage, but a high-interest rate means the best way to use it is to not carry a balance from month to month.
For service members who are also frequent travelers, there are several benefits you can tap into, including no foreign transaction fees when you go overseas. Unfortunately, the card doesn’t earn rewards, so this might best serve you as an interim credit card until you can qualify for a more overall attractive option.
Capital One Platinum Credit Card Overview
The card_name is an excellent starter card for rebuilding your credit or if you have a limited credit history. The biggest advantage of this card over other similar offerings is that there are no annual fees, opening fees, and no requirement for an upfront security deposit.
Applying is simple and will not result in a hard credit check, which could temporarily impact your credit score. Pre-approval results are typically available in just a few minutes.
Capital One checks all three credit bureaus when you apply. Getting pre-qualified is a great way to test the waters to see if you will likely be approved with no downsides.
The other attractive thing about this card is that you can qualify for a credit line increase in six months with responsible credit usage and on-time payments.
These are nice benefits, but you should also do your homework to see if other cards have similar benefits and offer rewards and a greater menu of perks.
Remember that this card is best used as an interim tool to help you build or repair your current credit. With a reasonably low approval barrier, you can use it as part of an overall strategy of building your credit through demonstrated responsible use.
You should also be sure to pay your balance in full each billing period if you decide to apply for Capital One Platinum. With a reg_apr,reg_apr_type APR, it can be a steep price to pay if you carry a balance from month to month.
While it is a no-frills card, Capital One does offer several essential benefits such as $0 Fraud Liability, CreditWise credit monitoring, 24/7 access, and other similar enhancements.
» MORE: Want to build credit without the hassle? Get the Capital One Platinum Credit Card now.
How Military Members Can Benefit From Using the Capital One Platinum Credit Card
The biggest benefit is that this card is designed for credit card users just starting out, which may apply to the youngest servicemembers just starting their families and their careers. It’s also a good choice for service members who have been less than responsible with their past credit usage.
Although the Capital One Platinum Card is limited in its benefits, servicemembers can still enjoy some targeted benefits. For example, servicemembers stationed or traveling overseas can benefit from a 0% foreign transaction fee.
That applies whether it’s a purchase at a physical location in a foreign country or an online transaction through an internationally-based merchant.
Another perk worth noting is that you can choose the payment due date that works for you by setting it for the month when your cash flow is best.
Under the Military Lending Act, servicemembers receive waived annual and other fees (except late fees and insufficient fund fees). Although the Capital One Platinum Card has no annual fee, you may benefit from other fees being waived while you are a cardholder.
While it doesn’t apply here, it’s also good to know the Military Annual Percentage Rate (MAPR) must not exceed 36%, and any introductory promotional interest rates must be honored.
» MORE: Build your credit without annual fees. Get the Capital One Platinum Credit Card today.
Capital One Platinum Credit Card Benefits & Perks
Although the Capital One Platinum Card does not offer a reward program, several other benefits and perks exist.
- You can get approved in just a few minutes.
- With responsible usage, you may be considered for an increase in as little as six months.
- No annual fee or secured deposit is required.
- No penalty APR for late payments, but a late fee applies.
- $0 foreign transaction fees
- $0 Fraud Liability so that you won’t be responsible for unauthorized charges
- Monitor your credit score with CreditWise from Capital One.
- 24/7 account access with online banking from your desktop or smartphone using Capital One’s mobile app
- Check out quickly and securely with a contactless card. Simply hover your card over a contactless reader, wait for the confirmation, and you’re all set
- Pay by check, online, or at a local branch with no added fees.
- You get to pick the monthly due date that works best for you
- Emergency card replacement. If your credit card is lost or stolen, you can get an emergency card replacement and a cash advance, subject to available credit.
- Mastercard ID Theft Protection if you are an identity theft victim.
- Reports your responsible usage to TransUnion, Experian, and Equifax to help you build credit.
- Terms and Limitations Apply (learn more).
» Next Step: See how the Capital One Platinum Credit Card compares to other cards designed for building credit and choose the best option for you.
Capital One Platinum Credit Card Limit
The Capital One Platinum maximum credit limit can be as high as $3,000, according to online cardholder reports, but it will depend entirely on the specifics of each applicant’s credit and their overall financial situation.
Most cardholders get credit limits of at least $300 and can quickly increase their limit through responsible usage.
Capital One Platinum Credit Card Rates and Fees
- 3% cash advance fee with a $3 minimum charge.
- reg_apr,reg_apr_type APR for balances that carry over and on cash advances
- 25-day grace period
- $0 foreign transaction fees
- late_payment_fee late fee
- $0 maximum over-limit fee
» MORE: Invest in your financial future. Get the Capital One Platinum Credit Card now.
Earning Rewards with the Capital One Platinum Credit Card
The Capital One Platinum Card does not offer holders a rewards program.
Applying for the Capital One Platinum Credit Card
The Capital One Platinum Card does not have a specific minimum credit score requirement, but because the card’s primary aim is to help holders build credit, applicants with a limited credit history or a fair credit score can get approved.
Fair credit, also called “average” credit, is generally defined as a FICO credit score of 630 to 689. The Capital One Platinum Card is not available to applicants with bad credit.
Your credit score is an important factor but not the only factor for approval. Capital One will examine your income, debts, number of open accounts, employment status, housing status, payment history, and other factors as part of an overall approval process.
If you’re strong in some of these other areas, you may be able to qualify with a slightly lower credit score in some cases.
Capital One Platinum Credit Card vs. Other Cards for Military Members
This is how the Capital One Platinum Card compares to other similar cards.
|Capital One Platinum Credit Card||Capital One Quicksilver Cash Reward Card||Discover It Secured Credit Card|
|No annual fee||No annual fee||$0 annual fee|
|The Capital One Platinum Card does not offer rewards for signing up or ongoing usage. It does offer $0 fraud liability, $0 foreign transaction fees, CreditWise credit monitoring, 24/7 access, and other benefits.||Unlimited 1.5% cash back on all purchases, $0 fraud liability, $0 foreign transaction fees, CreditWise credit monitoring, 24/7 access, and other benefits. Considered for a limit upgrade in as little as six months. Introductory promotional interest-free period for purchases and balance transfers||10.99% intro APR on transfers within the first six months, earn 2% cash back|
At gas stations and restaurants, up to $1,000 in combined purchases each quarter, refundable deposit, match all the cash back you’ve earned at the end of your first year.
|No sign-up bonus||bonus_miles_full||No sign-up bonus|
|640 or above for approval, plus other factors||690 or above FICO score for approval, plus other factors||300-629 FICO score for approval, plus other factors|
Is Capital One Platinum a Good Credit Card?
For servicemembers with limited credit or looking to rebuild and grow their credit profile, the Capital One Platinum Credit Card is worth considering. However, after you’ve met those goals, you’ll find better options are offering greater benefits.
But if you’re top priority is building credit as inexpensively as possible, the Capital One Platinum Card helps you by not charging foreign transaction, annual, monthly, or one-time fees.
» MORE: Learn more about the Capital One Platinum Credit Card and how it can help you build credit responsibly.
The Military Wallet has partnered with CardRatings for our coverage of credit card products. The Military Wallet and CardRatings may receive a commission from card issuers. Some or all of the card offers that appear on The Military Wallet are from advertisers. Compensation may impact how and where card products appear, but does not affect our editors’ opinions or evaluations. The Military Wallet does not include all card companies or all available card offers.
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