Capital One Platinum credit card benefits guide

A no-annual-fee card with limited perks

Summary

Several Capital One Platinum Card benefits can help you understand and raise your credit score. While the Platinum card does not come with a sign-up bonus or rewards for ongoing spending, it also has no annual fee.

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The Capital One Platinum Credit Card is a card that comes with simple, straightforward benefits targeted toward those with less than perfect credit. While it doesn’t have a sign-up bonus or rewards for ongoing spending, a few Capital One Platinum Card benefits could be useful in certain situations.

Capital One Platinum card benefits to help build credit

Some of the Capital One Platinum benefits that are most useful are those that help the cardholder build credit. This is a credit card designed for people whose credit is a work in progress. Capital One markets this card to people with fair credit, which generally means a FICO score between 580 and 669. People whose credit score is in this range generally have some blemishes on their overall credit report and are working on improving their credit. The Capital One Platinum card offers a few tools to help with building credit.

Probably the most useful of these card-building benefits is the regular credit line reviews that Capital One does. Starting at six months, Capital One will automatically review your credit line and potentially increase it. So even though you may start with a fairly low credit limit, you can know that if you follow good financial practices, like paying your bill in full each month, your credit line will increase. Since the total amount of available credit is one factor that makes up your credit score, having a higher credit limit can help raise your score.

Capital One also offers CreditWise, which can give you additional tools to help understand, monitor and raise your credit score. You’ll be able to get email alerts whenever your credit report changes, alerting you to possibly fraudulent or unexpected behavior. Capital One will also monitor your Social Security number and identity information on the dark web. Another nice benefit with CreditWise is a credit simulator that allows you to analyze the potential impact of certain financial decisions before you actually make them.

Ease-of-use benefits

Capital One makes it easy to use the Platinum card. Its mobile app allows you to access your account information – like balance, spending history and more – from wherever you are. If you have other Capital One accounts, like checking or savings accounts, your account information will all be displayed together. This makes it easy to pay your credit card bill directly from your Capital One checking or savings account. The Capital One Platinum card also offers tap-to-pay and emergency card replacement if your card is lost or stolen.

It also doesn’t have any foreign transaction fees, which makes this a reasonable card to use if you are traveling outside the country.

Protection benefits

Like most credit cards, one of the Capital One Platinum card benefits is a $0 fraud liability. This means that if your card is lost or stolen, you won’t be liable for any charges made by unauthorized users. You can also immediately lock your card through your online account or the Capital One mobile app if it is misplaced or stolen. Another nice protection benefit is that Capital One is always monitoring your account information. If it sees any suspicious transactions on your account, it will notify you by phone, text or email. That way, you can either confirm the transaction or take decisive action to lock your card if it is being fraudulently used.

If you’re concerned about giving your credit card information out, another nice feature is the ability to get a virtual or one-time card number. That allows you to keep your actual credit card number to yourself while using virtual numbers for online purchases.

No rewards but low fees

One downside to the Capital One Platinum card is that it doesn’t come with any sort of rewards program. Unlike many other credit cards, there is no sign-up bonus for getting the card and no rewards for ongoing purchases. However, the Capital One Platinum card has no annual fee and no foreign transaction fees. Many other credit cards for people with lower credit scores charge an annual fee, so it can be a nice option to have a no-fee, no-rewards credit card. That will help you build your overall credit profile, raise your credit score and allow you to access better rewards credit cards once your score has increased.

Maximizing the Capital One Platinum card benefits

There are not a ton of Capital One Platinum benefits, so it can be easy to maximize them. Since this is a credit card designed to help people improve their overall credit profile, the main Platinum card benefits that you’ll want to look at are the ones that help you do that. The regular credit line increases start after six months of having the card and are automatic, so there is no need to enroll or do anything to get them. Still, it’s something that you’ll want to keep an eye on so that you can be aware of your total credit line and how that might affect your credit score.

If you’re working on building up your credit score, you’ll definitely want to take advantage of the Capital One CreditWise benefit. CreditWise has a ton of articles and information about credit and what types of things are affecting your specific credit score. You can see what items on your credit report are causing the biggest impact to your actual score and the simulator function will even allow you to forecast how certain decisions will impact your credit score. CreditWise also allows you to monitor your credit score and credit report, so you’ll be the first to know if your credit score changes.

Bottom line

The Capital One Platinum credit card is a basic credit card targeted to those with lower than average credit. While it doesn’t come with any sort of sign-up bonus or rewards program for spending, it also has no annual fee. This stands in contrast to many other credit cards for those with lower credit scores which often do come with application or annual fees. There are also several Capital One Platinum card benefits that can help you to understand and raise your credit score. If your credit score is average or below average, the Capital One Platinum card can be a great credit card option as you look to build your credit score.

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

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