An unsecured credit-builder card review: Capital One Platinum Credit Card

If you have fair/average credit (scores 580+) and are looking for an unsecured credit card, the Capital One Platinum Credit Card may be suitable for you. However, keep in mind that this card does not offer any rewards.

CNBC Select offers an alternative credit builder card if it doesn't suit your needs.

Welcome bonus and rewards

The Capital One Platinum Credit Card lacks a welcome bonus and does not accrue any rewards.

Benefits and perks

While the Capital One Platinum Credit Card's benefits are not extensive, it offers several valuable perks, including virtual card numbers for online shopping, 50% off beverages at Capital One Cafés, and access to CreditWise®, a free credit monitoring service. Despite its limited benefits, this card can still be useful.

An unsecured credit card with average credit is accessible without a security deposit, making it easier to qualify for and potentially attainable with a 580 FICO Score or higher.

By paying your monthly bill on time and not carrying a balance with your Capital One Platinum Credit Card, you can improve your credit and potentially qualify for a rewards card within the Capital One family.

Rates and fees

Card comparison

Capital One Platinum Credit Card vs. Discover it® Secured Credit Card

To qualify for the Discover it® Secured Credit Card, you must deposit at least $200. After seven months, Discover will automatically evaluate your eligibility for an upgrade to an unsecured card. If you are approved for an upgrade, you will receive a refund of your deposit.

The Discover it Secured Card offers a higher cash back rate compared to the Capital One Platinum Card. With the Discover it Secured Card, you can earn 2% cash back on up to $1,000 in combined purchases at gas stations and restaurants each quarter (then 1% cash back). For all other purchases, you'll receive 1% cash back.

The Capital One Platinum Credit Card and the Petal® 2 "Cash Back, No Fees" Visa® Credit Card are two popular credit card options.

Compare checking accounts

Is the Capital One Platinum Credit Card right for you?

The Capital One Platinum Credit Card provides access to unsecured credit even with a less than perfect credit score, allowing you to improve your credit score and expand your credit card options in the future. However, it only works if you consistently make your payments on time and avoid accumulating credit card debt.

Despite not providing any rewards, this card may still be suitable for individuals with no credit or poor credit. However, there are other alternatives that offer cash back and help improve credit scores.

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