2021 Capital One Platinum Review

The Capital One Platinum credit limit is $300 or more, depending on your creditworthiness. So as long as you're approved for the card, you're guaranteed at least a $300 spending limit. But if your credit score and income exceed what Capital One is looking for, you could definitely start off with a higher limit. Some users have reported Capital One Platinum credit limits of $500 to $1,500 to start.

Keep in mind that you aren't stuck with your starting Capital One Platinum credit limit forever. Capital One may increase your limit if you make your first 5 payments on time. You can also request an increase yourself. Many users report their limits increasing over time.

Capital One Platinum credit limit details:

• You're guaranteed a credit limit of at least $300 if you're approved for Capital One Platinum.
• Capital One Platinum only requires limited credit for approval. If you have good credit or a lot of income relative to your debt, you'll likely start with a higher limit. Some users report getting $500-$1,500 initially.
• Capital One may increase your credit limit after you make your first 5 monthly payments on time. After the first 5 months, they will review your account periodically to see if you deserve a higher limit. Pay more than the minimum each month, if possible, to boost your chances.
• You can request a credit limit increase yourself by calling customer service at 1 (800) 227-4825. You can also log into your Capital One account. Just choose “Request Credit Line Increase” from the “Services” tab. You'll have to provide information about your income and employment for Capital One to make their decision.

So you'll get $300+ from Capital One Platinum to start. If you use your card responsibly, you'll provide yourself with opportunities to increase your limit. But it's best not to ask for an increase before five months of on-time payments, as you'll probably be denied. If you do request an increase, Capital One may generate a hard inquiry, or “hard pull,” of your credit report. This will cause a slight drop in your credit score. That's pretty standard.

The biggest Capital One Platinum benefits are $100,000 per trip in travel accident insurance and $50,000 in rental car insurance. The Platinum card offers 1 year of extended warranty coverage and $1,000 per year in price protection, too. It also has a $0 annual fee and a $0 foreign transaction fee.

The Platinum card's travel accident insurance provides reimbursement for death and disfiguring injuries caused by a travel provider. The rental car insurance policy provides coverage against collision damage and theft. It applies to rentals of up to 15 consecutive days in the U.S.

Capital One Platinum's benefits for everyday purchases can help you save money, too. Price protection refunds some of the money you paid for an item when you see the exact same item on sale within 60 days of the purchase date. You'll need to prove this lower price with a printed advertisement. Platinum's extended warranty coverage doubles the original warranty of items purchased with the Platinum card, up to a maximum of 12 months.

There are a few other noteworthy Capital One Platinum benefits as well. Being a cardholder gives you access to Eno. It's a financial assistant app. It can also generate virtual card numbers to keep your information safe when shopping online. Other benefits include $0 liability for fraud and the ability to get a higher credit line after the first 6 months.

The Capital One Platinum foreign transaction fee is 0%. With no foreign fee, Platinum cardholders do not have to pay extra for international purchases, either when 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 1% to 3% of the purchase amount. The Platinum card also comes with a 26.99% (V) annual fee.

The Platinum Card from Capital One doesn't have rewards. Low fees are its main benefit. The fact that it can help you build credit for free is more important than rewards anyway. There is one great feature, though. After 6 months, you'll be eligible for a credit limit increase.

You can take out a Capital One Platinum cash advance at an ATM as long as you have a cash advance PIN. You can request a cash advance PIN for your Capital One Platinum card through your online account or by calling customer service at 1 (800) 227-4825. To get a Capital One Platinum cash advance PIN online, log into capitalone.com and click “I Want To…,” then “Get a Cash Advance PIN” (under the header “Control Your Card”). You'll be able to get a PIN instantly delivered to your email or over text.

Once you have the cash advance PIN, you can withdraw cash at an ATM the same way you'd do with a debit card. You can use non-Capital One ATMs, but you'll be subject to additional fees (typically $3-$5). That would make cash advances even more expensive than they will be already. Capital One Platinum has a cash advance fee of $10 or 3%, whichever is greater. The withdrawal will also be subject to a high APR. The Capital One Platinum cash advance APR is 26.99%.

Another way you may be able to take out a cash advance is by using Capital One credit card checks, which Capital One sends to some cardholders based on creditworthiness. There are checks for purchases, balance transfers, and cash advances. Essentially, they work the same way any check would and allow you to pay at places that may not accept credit. However, if you do use a cash advance check, standard cash advance fees and rates apply. If you weren't sent credit card checks, you can call Capital One customer service at 1-800-227-4825 and request them, but it's not guaranteed your request will be granted.

You can upgrade from Capital One Platinum to Quicksilver with an offer from Capital One through your online account. Platinum cardholders who do not receive an offer can call customer service at (800) 227-4825 to request an upgrade. 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.

To accept an offer to upgrade Capital One Platinum to Quicksilver, click “Upgrade Now” on the notice in your online account or email, followed by “Finalize Now,” and check the box stating you agree to the terms. 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.

Once you've qualified to upgrade Capital One Platinum to Quicksilver, you should receive your new Quicksilver 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 Platinum card and utilize Quicksilver's features and benefits until the new card arrives. However, when you upgrade, you are not eligible for the Quicksilver card's $200 initial bonus.

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

The Capital One Platinum credit score requirement is fair or higher, for people who already have an established credit history. Capital One will also consider applicants with little or no credit history for the Platinum card. People with bad credit are unlikely to qualify.

It's important to note that Capital One Platinum's credit score requirement isn't the only factor involved in approval. The card's requirements also include a steady income – at least $800 more than your monthly housing payment, for one thing. You'll need to be at least 18 years old, too. Capital One will also consider things like your total debts, number of open credit accounts, recent credit inquiries and more. You can use Capital One's pre-qualification tool to see which Capital One cards give you a good chance of approval.

Capital One Platinum cardholders are generally eligible for credit limit increases after six months of on-time payments, but that doesn't mean you will necessarily be granted one.

Your best bet would be to call customer service and ask. For more information, you can check on credit limit increase options in the materials mailed with your credit card or read our article on How to Get a Higher Credit Limit​​​​​​​.

To make a Capital One Platinum payment online, log in to your account on capitalone.com or the Capital One mobile app, then go to the “Accounts Summary” page and click on the Platinum Card followed by “Pay Bill.” After that, enter the information for the bank account you're using to pay your Capital One Platinum Card'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 auto pay online, where Capital One automatically withdraws a payment each month so you don't have to remember to do it manually.

If you decide to pay your Capital One Platinum credit card by phone, call 800-227-4825 and enter your card number to speak to a representative. Then, give them the same bank account info that you'd enter online.

And if you'd like to make a Capital One Platinum card 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 Western Union or MoneyGram, but you'll need to have your credit card number on hand to complete the transaction. You can pay by mail, too, but that's far from the most convenient option. To pay by mail, send a check or money order to Capital One, Attn: Payment Processing, PO Box 71083, Charlotte, NC 28272-1083. Write your account number on the check or money order. Capital One doesn't accept cash by mail.

The Capital One Platinum APR is 26.99% (V). This is the rate that determines the amount of interest charged to your Platinum card account when you carry a balance from billing period to billing period. You can avoid interest charges completely if you pay the entire balance by the due date. The Platinum card has a grace period – a span of 25 days from the end of a billing period to the due date, in which you can pay off the full balance interest-free.

Capital One Platinum also comes with a cash advance APR, which is the same as the regular APR (though cash advances have no grace period). There is no introductory APR for purchases or balance transfers, nor is there a penalty APR for delinquent payments. But keep in mind that if you pay late or miss a payment, you'll lose the grace period. You'll have to pay the bill in full for two straight billing cycles in order to have the grace period restored.

The Capital One Platinum phone number is 1 (800) 227-4825. This is the Capital One credit card customer service number. You can call about issues with 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 Bank's general customer service line at 1 (877) 383-4802.