The Capital One Platinum Mastercard is one of the rare bank credit cards for average credit or below-average credit consumers that offers the potential for instant approval. Instant approval is not guaranteed, but Capital One states the following about any of its credit cards: “If you apply by phone or online, you will often get a response in 60 seconds.”
The upside to the Capital One Platinum is that it might approve you if you have “average” credit, which Capital One loosely defines as someone who may have “defaulted on a loan in the past 5 years” or “have limited credit history” of less than 3 years. In many scenarios, having defaulted on a loan in the past 5 years would put you squarely in the “bad credit” category, so it is somewhat surprising to see Capital One define it in that way.
The downside to the card is that you don’t get much other than the ability to buy on credit. It has no rewards program, and it has a high 24.99% interest rate, so you definitely don’t want to carry a balance with this card.
But if your credit is not so good, the Capital One Platinum is a way to get a no annual fee card from a major card issuer, which could be a stepping stone to improving your credit history going forward.
And, if you’re lucky, you could be approved instantly.