Can i get cash back on capital one platinum

Capital One Platinum Credit Card vs. Credit One Bank® Platinum X5 Visa®

For someone rebuilding credit, the Credit One Bank® Platinum X5 Visa® is a potential alternative. It offers a 26.99% variable APR on purchases and earns 5% cash-back rewards on the first $5,000 of eligible gas, grocery, internet, cable, satellite TV, and mobile phone service purchases each year, then 1% thereafter. All other purchases earn 1%. The card does carry an annual fee of $95 and a low initial credit limit. Many customers will find the fee structure difficult to look past even after considering the ability to earn cash back.

Capital One Platinum Credit Card vs. Discover it® Student Cash Back

If you’re relatively new to credit cards, the Discover it® Student Cash Back card may compare favorably to the Capital One Platinum. It carries no annual fee and offers 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, and gas stations, up to the quarterly maximum once activated. Plus, automatically earn unlimited 1% cash back on all other purchases.

Additionally, at the end of a new cardholder’s first year Discover will provide a dollar-for-dollar match on all cash back earned. Remember, the Capital One Platinum does not provide any cash back.

Capital One Platinum Credit Card vs Capital One QuicksilverOne Cash Rewards Credit Card

There’s another Capital One product to consider: the Capital One QuicksilverOne Cash Rewards Credit Card. The rate and benefits are similar to that of the Platinum, though the QuicksilverOne offers 1.5% cash back on all purchases. It would take $2,600 in spending to offset the $39 annual fee. If you can meet that expense threshold, the QuicksilverOne is the better option. Also, the cash-back benefit is versatile: it may be redeemed as a check or statement credit or cover a recent eligible purchase.

It doesn't offer rewards or perks or even a low interest rate. What makes it such a popular card is who can get it. It's specifically marketed to people with average credit.

Here are the benefits of the Capital One Platinum Credit Card.

Qualify with average credit

There just aren't a lot of good credit card options for people with credit scores roughly between 630 and 690 — commonly referred as "fair" or "average" credit. There are options galore for those with good to excellent credit, and people with bad credit can turn to secured credit cards. Those in between the extremes can get stuck. The Capital One Platinum Credit Card is one of the few cards from a major issuer that is available to people with less-than-good credit and doesn't require a security deposit. In short, the signature Capital One Platinum Credit Card benefit is that it's available to so many people.

No annual fee

As a general rule, a credit card for someone with good to excellent credit won't charge an annual fee unless it offers outstanding rewards or perks that make up for the cost. But people with poor or fair credit sometimes face annual fees of $25 or more just for a basic card with no rewards. The Capital One Platinum Credit Card has an annual fee of $0. Not only does that save you money now, but a $0 fee means you can keep the card account open at no cost even after you qualify for other, better products — and that can benefit your credit score.

Read about the benefits of other popular credit cards

Path to a higher credit limit

You can be automatically considered for a credit limit increase in as little as six months if you pay your bill on time. This can add flexibility to your finances. More important, it can benefit your credit by reducing your credit utilization, or the percentage of your available credit that you're using, a major component in your credit score. This automatic account review is especially beneficial if you're working to build your credit because it means you don't have to request a credit line increase yourself. Customer-initiated requests can lead to a "hard" credit check that hurts your score.

No foreign transaction fees

Most U.S. credit cards impose a surcharge on purchases made outside the country. The typical fee is about 3%. Capital One's cards don't charge foreign transaction fees, making this card a fine traveling companion.

Choose your due date

You can select the date of the month when your payment will be due, a benefit to those who have to carefully manage their cash flow.

Excellent upgrade options

One drawback with many cards designed for average credit is that they come from specialty issuers that focus only on the lower-score segment of the market. You can use their cards to build credit, but once your score has improved, you have to look elsewhere for better options. Capital One, however, has an array of excellent rewards cards that you could request a product change to. Just know that approval for an upgrade is never guaranteed.

More about the card

Can I get cash from my Capital One Platinum credit card?

Does Capital One let you get cash back?

What are the perks of a Capital One Platinum card?

Can I use my credit one platinum credit card at an ATM?