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Capital One Classic Platinum Credit Card Review

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

About.com Rating 3 Star Rating

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If you prefer lower rates and a long zero percent APR intro period, this card may be a better option than the Capital One Standard Platinum Card.

Who the Capital One Classic Platinum Credit Card Is For

  • People with poor credit who want an unsecured credit card. 

Credit Rating Required 

  • Poor (below 620)

About the Capital One Classic Platinum Credit Card

Pros

  • No balance transfer fee.
  • Long zero percent APR intro period on purchases. 

Cons

  • High annual fee.

Rewards

  • None.

APRs

  • Zero percent APR on purchases through September 2011.
  • 17.9 to 22.9 percent on purchases and balance transfers, depending on your credit rating.
  • 24.9 percent on cash advances.
  • Penalty APR: 29.4 percent.

Fees

  • Annual fee: $39.
  • Balance transfer fee: None.
  • Late payment fee: Up to $35.
  • Returned item fee: Up to $35.
  • Over-the-limit fee: Up to $29.

Capital One Classic Platinum Credit Card Review

This card is similar to the Capital One Standard Platinum Card except that it charges a high annual fee and lower interest rates.

The Standard Platinum card charges a $19 annual fee - which is waived the first year - but carries a 24.9 percent APR. This card charges a much higher annual fee - $39 starting in the first year - but the APRs are lower. It also offers a nine-month zero percent interest intro period.

Capital One says this card is designed for people with "average" credit, which it defines as being more than 60 days late on more than one credit card, medical bill, or loan payment in the past year, declaring bankruptcy or having defaulted on a loan in the past five years, or having a limited credit history.

If you qualify, Capital One says it will give you a minimum credit limit of $300.

Recommendation

I recommend the Capital One Standard Platinum Card over this one. While the long zero percent APR intro period is nice, there's a steep price - $39 - to pay for that. 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.

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