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The Petal® 2 "Cash Back, No Fees" Visa® Credit Card is no longer available to new applicants.
If your credit score needs work and you're ready to develop the habits to turn it around, the Capital One Platinum Credit Card may be a good fit for you. It's available if you have fair/average credit (scores 580+) and it's an unsecured credit card, which means you don't need a security deposit to qualify. On the flip side, this card doesn't earn any rewards.
Below, CNBC Select has the details for this credit builder card and offers alternatives if it isn't the best fit for you.
The Capital One Platinum Credit Card is a credit-builder card that offers a path to upgrading to a more rewarding credit card in as little as six months.
- No annual fee
- No security deposit required
- No rewards on purchases
- No welcome offer
- High APR
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- No annual or hidden fees. See if you're approved in seconds
- Be automatically considered for a higher credit line in as little as 6 months
- Help build your credit through responsible use of a card like this
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Get access to your account 24 hours a day, 7 days a week with online banking from your desktop or smartphone, with Capital One's mobile app
- Check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier. Just hover your card over a contactless reader, wait for the confirmation, and you're all set
- Pay by check, online or at a local branch, all with no fee - and pick the monthly due date that works best for you
- Top rated mobile app
Balance transfer fee
- 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
Capital One Platinum Credit Card review
Welcome bonus and rewards
The Capital One Platinum Credit Card offers no welcome bonus and doesn't earn any rewards.
Benefits and perks
The Capital One Platinum Credit Card's benefits are fairly limited. Its main perks are that you can get virtual card numbers for shopping online, 50% off beverages at Capital One Cafés and seamless access to Capital One's free credit monitoring service CreditWise®. However, this doesn't mean it's not a useful card.
This is an unsecured credit card that's available with average credit, which means you won't need a security deposit to qualify. It's also easier to qualify for, and you may be eligible with a 580 FICO Score or higher.
A card like this can help you improve your credit if you pay your monthly bill on time and don't carry a balance. Using your Capital One Platinum Credit Card responsibly can help you step up to a rewards card in the Capital One family.
Rates and fees
The Capital One Platinum Credit Card has no annual fee and no foreign transaction fees, making it a useful option for international travelers. The ongoing APR is a variable 28.99% and there is a late payment fee of up to $40.
Card comparison
Capital One Platinum Credit Card vs. Discover it® Secured Credit Card
Information about Discover cards has been collected independently by CNBC Select and has not been reviewed or provided by the issuer prior to publication.
To be eligible for the Discover it® Secured Credit Card, you'll need a deposit of at least $200. Discover will automatically consider you for an upgrade to an unsecured card starting at seven months. If you're eligible for an upgrade, you'll get your deposit back.
The Discover it Secured Credit Card's advantage over the Capital One Platinum is that it earns cash back. You'll get 2% cash back on up to $1,000 in combined purchases at gas stations and restaurants each quarter (then 1% cash back). All other purchases earn 1% cash back.
Capital One Platinum Credit Card vs. Petal® 2 "Cash Back, No Fees" Visa® Credit Card
The Petal® 2 "Cash Back, No Fees" Visa® Credit Card is an unsecured card that doesn't require a credit score (although if you have a credit score, you'll need a fair credit score or higher). This makes it a solid option if you don't have a Social Security Number or are otherwise new to credit.
In addition to helping build credit, the Petal 2 Visa also earns rewards. You start off earning 1% cash back on every purchase and can boost that return up to 1.5% cash back everywhere after making 12 on-time monthly payments. This is a good rate of return considering it has so few fees, including no annual fee, no foreign transaction fees, no late fee and no returned payment fee.
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Is the Capital One Platinum Credit Card right for you?
The Capital One Platinum Credit Card offers access to unsecured credit even if your credit score is less than perfect. So it can give you a path to improving your credit score and expanding your credit card options in the future. However, it only works if you're consistently making your payments on time and not accumulating credit card debt.
The biggest drawback to this card is that it offers no rewards. Even if you have no credit or poor credit, there are other options that earn cash back as you strengthen your credit.
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At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best credit cards.
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