Capital One Platinum Review

Capital One credit cards are available to people of all credit levels, from bad to excellent, and most offer low fees, high rewards rates or both. The best Capital One cards also rank among the best credit card offers overall. You can learn more about the latest offers below, and if you have questions about an existing account with Capital One (a WalletHub partner), you can call Capital One credit card customer service at 1-800-227-4825.

View entire answer

The Capital One Platinum foreign transaction fee is $0. With $0 foreign fees, Capital One Platinum cardholders do not have to pay extra for international purchases. This applies whether you're traveling outside the U.S. or buying online from merchants based abroad. 

Capital One does not charge a foreign transaction fee on any of its credit cards. Foreign transaction fees from other issuers range from 2% to 4% of the purchase amount. The Capital One Platinum card also comes with a $0 annual fee.  

What you should know about the Capital One Platinum:

The Capital One Platinum card doesn't offer rewards. Low fees are its main benefit. The fact that it can help you build credit for free can be more important than rewards anyway. There is one great feature, though. You'll be automatically considered for a credit line increase in as little as 6 months.  

The easiest way you can pay your Capital One Platinum card is either online or by calling the number you see on the back of your card. Alternatively, you can make a payment in person at a Capital One branch, or by mail.  

How to Pay Your Capital One Platinum Bill

• Online: Log in to your account online or through the Capital One mobile app. Then, go to the “Accounts Summary” page and click on the Capital One Platinum, followed by “Pay Bill”. After that, enter the information for the bank account you're using to pay your Capital One Platinum's bill. The money should be taken out in less than 24 hours.
   
  Be sure to submit the payment by the due date each month to avoid late fees. It's also possible to set up autopay online. This way, Capital One automatically withdraws a payment each month, so you don't have to remember to do it manually.
• Over the phone: If you decide to pay your Capital One Platinum by phone, call the number you see on the back of your card and enter your card number to speak to a representative. Then, give them the same bank account info that you'd enter online.
• In person: If you'd like to make a Capital One Platinum payment in person, there are several ways you can do so. You can go to a Capital One branch and pay there. Or, you can pay at a Western Union or MoneyGram location. Note that you'll need to have your credit card number handy to complete the transaction this way.
• By mail: Send a check or money order to:
   
  Capital One
  Attn: Payment Processing
  PO Box 71083
  Charlotte, NC 28272-1083
   
  Overnight Address
   
  Capital One
  Attn: Payment Processing
  6125 Lakeview Rd
  Suite 800
  Charlotte, NC 28269
   
  Write your account number on the check or money order, too. Capital One doesn't accept cash by mail.

Keep in mind that payments via regular mail take the longest time to post. So, in order to avoid being late, always send your payments at least 5-7 days before your due date.

The Capital One Platinum phone number is (800) 227-4825. More specifically, this is the general Capital One credit card customer service number. So, you can call this line in regard to any Capital One credit card. Assistance is available 24 hours a day, 7 days a week.

When you call, a voice automated system will help route your call to the specific department related to your account issue. To speak to a live representative, press 0, or say “speak to a representative” at any time.

You can also call Capital One's general customer service line at (877) 383-4802. There are other ways to contact Capital One customer service, too.

Yes, you can upgrade from Capital One Platinum to the Capital One Quicksilver Cash Rewards Credit Card either with an offer from Capital One through your online account or by requesting it over the phone, by calling the number you see on the back of your card. Capital One tends to offer upgrades on accounts that are at least six months old with a history of timely payments and low credit utilization. 

How to Accept an Offer to Upgrade from Capital One Platinum to Capital One Quicksilver Online

1. Click “Upgrade Now” on the notice in your online account or email, followed by “Finalize Now.”
2. Check the box stating you agree to the terms.
3. Click “Upgrade Card” to complete the process.

Upgrade offers do not affect your credit score. If you call customer service to request an upgrade, however, Capital One will pull a copy of your credit report to see if you qualify. This will cause a slight decrease in your credit score, but only temporarily.

What Happens Once You Upgrade from Capital One Platinum to Capital One Quicksilver

Once you've qualified to upgrade Capital One Platinum to Capital One Quicksilver, you should receive your new card in about 7 to 10 business days. Unless it's stated differently in your upgrade offer, you will keep your current card number with no changes to either your APR or credit limit.

You can use the Capital One Platinum and utilize Capital One Quicksilver's features and benefits until the new card arrives. However, when you upgrade, you are not eligible for the Capital One Quicksilver's $200 initial bonus.

What to Do if You Don't Qualify for an Upgrade to Capital One Quicksilver

If you don't qualify for an upgrade from Capital One Platinum to Capital One Quicksilver, consider the Capital One QuicksilverOne Cash Rewards Credit Card instead. Its credit requirements are similar to the Capital One Platinum's, but it offers 1.5 - 5% cash back on all purchases. There's also a $39 annual fee.

The Capital One Platinum 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, though.

The Capital One Platinum card is designed for people with limited credit (less than 3 years of credit history).  If your credit score and debt-to-income ratio are significantly better than the issuer's minimum requirements, your chances of getting a higher credit limit will improve.

Ultimately, if you are unhappy with your credit limit, the issuer periodically reviews accounts for automatic credit limit increases after 6 months of on-time payments. If you'd rather not rely on an automatic increase, you can request one yourself instead.

Capital One Platinum means the Capital One Platinum Credit Card, which is a starter credit card geared toward people with limited or fair credit. Capital One Platinum is one of the best credit cards for beginners because it has a $0 annual fee, giving first-timers the chance to build credit inexpensively.

Key Things to Know About Capital One Platinum

• You can get approved even with limited credit.
• The card helps people build credit, as it reports account information to the 3 major credit bureaus each month.
• Cardholders do not earn rewards on purchases.
• The card comes with a high APR.
• Capital One Platinum does not offer any 0% introductory rates for purchases or balance transfers.
• There are no annual, monthly, or foreign-transaction fees.
• New cardholders are automatically considered for a higher spending limit in as little as 6 months.

WalletHub has ranked the Capital One Platinum Card as one of the best starter credit cards and one of the best first credit cards available right now. If you want to learn more about the card, check out our editor's full review of Capital One Platinum.

The credit score that you need for the Capital One Platinum Credit Card is at least 640. The Capital One Platinum Credit Card is also available to people with limited credit history, which means you may be able to get approved even without a credit score.

Other Capital One Platinum Approval Requirements

You should note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for the Capital One Platinum Card, too. Some other key criteria include your income, existing debt load, number of open accounts, recent credit inquiries, employment status and housing status.

If you excel in other areas, you might be able to get approved with a slightly lower credit score in some cases. But it's best to wait to apply until you meet the Capital One Platinum credit score requirement. You can check your credit score for free, right here on WalletHub.

You can increase your Capital One Platinum Credit Card credit limit by making a request online, through the Capital One mobile app, or by calling customer service at the number on the back of your card. Alternatively, you may also get a Capital One Platinum credit limit increase without asking, if your account is in good standing.

To raise your chances of being approved for a higher credit limit, pay your bill on time for at least six straight months, reduce your outstanding debt, and update the income Capital One has on file. Capital One will be more likely to increase your credit limit if the revised income clearly shows that you can afford a higher limit.

How to Get a Capital One Platinum Credit Limit Increase Online

1. Log in to your online account or the Capital One mobile app.
2. Choose the Capital One Platinum card from the list of account options (if you have more than one Capital One card).
3. Click on the “Services” tab, and then select “Request Credit Line Increase”.
4. Enter your total annual income, employment status, occupation, how much you will spend monthly on the card, your mortgage or rent payment amount, and your desired credit limit.
5. Confirm the information entered and click “Submit” to complete the request.

You should receive a decision in just a few seconds. If you're approved for a Capital One Platinum credit limit increase, the new limit is effective immediately.

Impact of a Capital One Platinum Credit Limit Increase on Your Credit Score

Generally, when you request a Capital One Platinum credit limit increase, Capital One will conduct a soft pull of your credit report, which does not affect your credit score. However, some Capital One Platinum credit limit increase requests may involve a hard pull, which will cause a short-term dip in your credit score. Capital One cannot do a hard pull without your permission.

Alternatively, you could be eligible for a Capital One Platinum credit limit increase without even requesting one. The Capital One Platinum card may offer an automatic credit limit increase if Capital One's regular review of your account shows a history of on-time payments and low debt. An automatic credit limit increase involves a soft pull, which does not affect your credit score.

The best benefits of a Capital One Platinum card are account alerts and $0 fraud liability. These perks are certainly good to have, though it's important to note that they are also relatively common benefits for credit cards.

Capital One Platinum Credit Card Benefits

• Account alerts
• $0 fraud liability
• Emergency card replacement

While these benefits aren't bad, the Capital One Platinum credit card simply doesn't have as many benefits as a lot of the other credit cards on the market. To learn more about the Capital One Platinum credit card, check out WalletHub's full review.