Capital One Classic Platinum Credit Card Review

A High Annual Fee but Relatively Low Rates for Those with Poor Credit.

The Capital One Classic Platinum credit card is a good option for people with average credit which Capital One defines as having defaulted on a credit card or loan within the past five years. I recommend it frequently for people who are trying to rebuild a bad credit score. If you're having trouble getting approved for other credit cards, try the Classic Platinum.

Capital One has a similar card, the Capital One Platinum Card which has a no annual fee in the first year, $19 after that, and a higher interest rate.

This card charges a $39 starting in the first year and has a 20.9% APR on purchases. Cash advances are subject to a 20.9% APR and a cash advance fee of $5 or 3%. Other than a late payment fee of up to $35, there are no additional penalty fees on the Capital One Classic Platinum card.

If you qualify, you'll start out with a minimum credit limit of $300. After 5 months of on time payments, you're eligible for a credit limit increase, according to Capital One's website for the Classic Platinum Card.

Other Perks

Access to Capital One Credit Tracker, which gives you unlimited access to your credit score, insight into how actions will affect your credit score, email alerts when your TransUnion credit report changes, and grades on factors affecting your credit score.

Real-time fraud alerts via text, email, or phone so you'll receive timely notification of any unusual activity on your account.

Capital One credit cards work with Apple Pay allowing you to quickly and easily make one-touch payments at the point-of-sale.


  • No balance transfer fee.
  • One APR for all balances.
  • More likely approval for applicants with recent credit mistakes


  • High annual fee.


  • None.


I recommend the Capital One Standard Platinum Card over this one. An annual fee of $39 is a steep price to pay for a slightly lower interest rate.

 If you're trying to rebuild or establish your credit for the first time, you don't want to get sucked into carrying a balance, which this card might get you to do. Always opt for the cheaper card.

Edited by LaToya Irby. Last updated July 12, 2015. Credit card terms and sign-up bonuses are subject to change from the time of this review. Refer to the application for current terms and conditions.