Best Unsecured for Bad Credit
Cash Advance APR24.74%
- Pay no annual fee.
- Get access to a higher credit line after making your first 5 monthly payments on time.
- Fraud coverage if your card is lost or stolen.
- Use online banking to access your account, even from your smartphone, with our mobile app.
- Pay by check, online or at a local branch, all with no fee - and pick the monthly due date that works best for you.
- Get access to your account 24 hours a day, 7 days a week.
- Help strengthen your credit for the future with responsible card use.
Our Detailed Review
- Helps you build credit without distractions
- Can qualify with average credit
- Card offers no rewards or any other major benefits
- High APR
Application Process: Apply online and get a response within 60 seconds.
Bonus Offers: None.
Annual Fee: None.
APR: 24.74% variable.
If you want a card with the coveted “platinum” title but don’t have stellar credit, the Platinum Credit Card from Capital One® is a good option. The Capital One® Platinum card is designed for those with average credit to build their credit into the elite tiers. This card includes automatic credit line increases, access to a free credit score, and other common credit card benefits like fraud protection and auto rental insurance. If you are in the market for a credit card loaded with credit card perks, but don’t have a credit score to qualify for top level rewards cards, follow along with this Capital One® Platinum credit card review to learn more.
Capital One® Platinum Card review
This platinum credit card is designed for those with “average credit.” The issuer defines this as someone who has a limited credit history or someone with one big mistake in the last five years. Students and new U.S. residents with short credit histories are a particularly good fit for this credit card.
While the card does not have a cash back or travel rewards program, which you should consider before applying, it comes with a long list of benefits not always available for cards with no annual fee. The card comes with all standard Capital One® benefits including mobile and online banking, fraud coverage, and purchase and travel benefits.
As a Platinum Mastercard®, the perks for travel and purchases go even farther. Considering again that there is no annual fee, cardholders get a lot in return with no fixed cost.
Capital One® Platinum Card rewards
This card does not have a rewards program. Those with good to excellent credit may find more lucrative offers from Capital One® and other card issuers that offer cash back, travel miles or points, or other rewards and perks.
However, cards with strong rewards programs are often limited to applicants with great credit scores. If you fall into the “average” category, you can use a no annual fee card like the Capital One® Platinum credit card to build your credit, and later apply for a card with better rewards.
Capital One® Platinum Card credit card benefits
The benefits are the biggest reason to get this credit card, aside from building credit and a convenient option for payments. Capital One® offers some great benefits for every card, and as a Platinum Mastercard®, you get even more. Here is a rundown of some of the most useful benefits.
For your credit:
Automatic credit line increase - If you open this card and make perfect, on-time payments for the entire first five months, you get an automatic credit line increase. This will increase your credit score in the long-term if you keep balances low and always make on-time payments.
Free credit score - Through CreditWise from Capital One®, you can login and get your credit score for free. While several other apps offer free credit scores, it is best to get one from a bank as you know that is the score they use to make credit decisions.
Fraud protection - Pay nothing for fraudulent, unauthorized purchases. And, better than a debit card, it won’t drain your bank account.
For your purchases:
Extended warranty - Automatic extension of manufacturer’s warranty for items purchased with this card. Pro tip: Save your receipts on those big purchases just in case something goes wrong and you need to file a claim.
Price protection - If the price of an item you bought goes down within 60 days and you can’t get a refund from the retailer, the card will reimburse you for the difference.
Auto rental insurance - Put the cost of a car rental on this card and waive the rental company’s insurance option. If you do, this credit card covers you for damage due to collision or theft.
Travel accident insurance - Insurance for major injuries included on your travels when fares were purchased with this platinum credit card.
Roadside assistance - If your car breaks down and you don’t have AAA, don’t worry. Call the number on the back of the card and they’ll send someone to help you out.
Travel assistance services - If your card is lost or stolen, Mastercard will rush you a replacement card and/or emergency cash. For example, say you happen to loose your credit card on a trip in England, the credit card company will overnight ship you a new card to your hotel at no charge (can you tell we're speaking from experience here?)!
Capital One® Platinum Card costs and fees
This card has very few fees. It has no annual fee and no charge for foreign transactions. Many cards charge as much as 3% when you use your card abroad. This card has no extra fee for that activity.
The card charges a variable rate APR, currently 24.99%. The interest rate can change at any time with market interest rates. This interest rate also applies to cash advances. There is no penalty fee or APR aside from the late payment fee.
For a cash advance, you would pay 3% ($10 minimum) for the amount you draw. Late and missed payments cost up to $35 per occurrence.
Does the Capital One® Platinum Card credit card make sense for me?
If you want a credit card that has no annual fee, travel and purchase benefits, and is accessible with a mistake or two on your credit report, this card is a decent option. If you qualify for a better rewards card, like the Capital One Venture® card, you may find better value there. But if you are looking to build credit at a low cost and get the benefits of credit card ownership, Capital One® Platinum is a decent choice.