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The Capital One Platinum Credit Card is a popular choice for individuals looking to build or establish their credit. However, if you’re someone who is interested in earning rewards like cash back, you might be wondering: Can you get cash back with Capital One Platinum Card? The short answer is no.
The Capital One Platinum Credit Card does not offer any rewards program, including cash back. Instead, it is designed to help users improve their credit score, especially for those who are new to credit or rebuilding after past financial challenges.
In this blog post, we’ll dive deeper into why the Capital One Platinum Credit Card doesn’t offer cash back, what you can expect from this card, and what other Capital One cards might be a better fit if you’re looking for rewards like cash back. Let’s explore this together.
Introduction
Credit cards are a versatile financial tool. Many people use them not only for their convenience but also for the rewards they offer. Cash back, travel points, and other perks can make credit cards especially appealing.
However, not all credit cards are created equal. Some, like the Capital One Platinum Credit Card, focus solely on helping users build or repair their credit, without offering any rewards.
If you’re specifically looking to earn rewards with your credit card, it’s important to understand the limitations of the Capital One Platinum Card.
In this blog post, we’ll explore why the Capital One Platinum doesn’t offer cash back, the purpose of the card, and how it can still benefit you in other ways. Plus, we’ll highlight some alternative Capital One credit cards that do offer cash back rewards.
No Rewards Program: The Capital One Platinum Card’s Purpose
When you ask, Can you get cash back with Capital One Platinum Card?, the answer lies in understanding the primary purpose of the card. Unlike other Capital One credit cards, such as the QuicksilverOne or Quicksilver Secured cards, the Capital One Platinum Card does not offer a rewards program.
The Capital One Platinum Credit Card is specifically designed to help individuals build, rebuild, or establish their credit. If you have no credit history or a less-than-perfect credit score, this card can be a great tool for you to improve your credit over time.
Using the card responsibly—by making timely payments and keeping your balance low—can help boost your credit score, which is often one of the most important financial goals for many people.
What to Expect From the Capital One Platinum Card
While the Capital One Platinum Credit Card does not offer cash back, there are other features that make it a solid choice for individuals looking to improve their credit. Let’s take a look at some key aspects of the Capital One Platinum Card:
- No Annual Fee: One of the biggest advantages of the Capital One Platinum card is that it has no annual fee. This makes it an affordable option for individuals who want to start building credit without the burden of additional fees.
- Access to Credit Line Increases: After making regular, on-time payments, you may become eligible for a credit limit increase. This can improve your credit utilization ratio, which is another factor that helps boost your credit score.
- No Rewards Program: As mentioned earlier, the Capital One Platinum card does not offer cash back, points, or miles. While this can be disappointing for those hoping to earn rewards, it’s important to understand that the card’s primary goal is credit building, not rewards accumulation.
- Low Starting Credit Limit: As with most credit cards designed to build credit, the Capital One Platinum card may start you off with a low credit limit. However, if you use the card responsibly and pay your bills on time, you may be eligible for a higher limit in the future.
Can You Get Cash Back With Capital One Platinum Card?
At this point, you may be wondering, Can you get cash back with Capital One Platinum Card? The direct answer is no, you cannot earn cash back with the Capital One Platinum Card.
This card does not have a rewards program in place. It’s not designed to help you earn rewards for your spending, but rather to help you establish and improve your credit score.
If your goal is to earn rewards such as cash back, you’ll need to consider other Capital One credit cards. The Capital One QuicksilverOne Cash Rewards Credit Card, for instance, offers unlimited 1.5% cash back on every purchase.
The QuicksilverOne card is a great option for individuals who are still building their credit but want to earn rewards as they spend.
While the Capital One Platinum Credit Card won’t give you cash back, it still serves a vital role in helping you build a better financial future.
Alternatives for Cash Back: Other Capital One Credit Cards
If cash back is an important factor in your decision-making, there are other Capital One credit cards that do offer cash back rewards. Here are a few options you can consider:
Capital One QuicksilverOne Cash Rewards Credit Card
The Capital One QuicksilverOne Cash Rewards Credit Card offers 1.5% unlimited cash back on every purchase. This card is a great option if you want to earn cash back but still need to build or improve your credit.
It’s designed for people with average credit, and it offers straightforward cash back rewards with no rotating categories or sign-up bonuses to keep track of.
Capital One Quicksilver Secured Cash Rewards Credit Card
If you have no credit or poor credit and want to earn cash back, the Capital One Quicksilver Secured Cash Rewards Credit Card may be a good choice. This card requires a deposit to open, but it offers 1.5% cash back on every purchase, just like the QuicksilverOne card.
It’s a secured card, meaning you’ll need to provide a refundable security deposit, but it can help you build or rebuild your credit while earning rewards.
Capital One SavorOne Cash Rewards Credit Card
Another excellent option for earning cash back is the Capital One SavorOne Cash Rewards Credit Card. This card offers 3% cash back on dining, entertainment, popular streaming services, and grocery stores, along with 1% cash back on all other purchases.
It also comes with no annual fee and is a great option for people with good or excellent credit who want to maximize their cash back earnings.
Cash Advances with the Capital One Platinum Card
While the Capital One Platinum Credit Card does not offer cash back as part of a rewards program, it does allow you to take out a cash advance if needed. However, it’s important to understand how cash advances work and the associated costs.
When you take out a cash advance with the Capital One Platinum Card, you’ll typically face higher interest rates than for regular purchases. Cash advances also come with a fee, which is usually a percentage of the amount you withdraw (often 3-5%) or a flat fee.
Additionally, interest on cash advances begins accruing immediately—there is no grace period like there is for regular purchases. This makes cash advances an expensive option for borrowing money, so it’s generally advisable to avoid them unless absolutely necessary.
Frequently Asked Questions
Here are some of the related questions people also ask:
Can I earn cash back with the Capital One Platinum Card?
No, the Capital One Platinum Card does not offer any rewards, including cash back. It is designed primarily for individuals who want to build or improve their credit.
What is the Capital One Platinum Card used for?
The Capital One Platinum Card is designed to help individuals establish or rebuild their credit score. It is not a rewards card, but it offers the benefit of helping users improve their credit with responsible usage.
Does the Capital One Platinum Card offer rewards points or miles?
No, the Capital One Platinum Card does not offer rewards points or miles. It focuses on credit building rather than offering rewards for spending.
Which Capital One card offers cash back?
The Capital One QuicksilverOne Cash Rewards Credit Card offers 1.5% unlimited cash back on every purchase. The Capital One Quicksilver Secured Card also offers cash back, along with the Capital One SavorOne Cash Rewards Credit Card, which provides 3% cash back on dining and entertainment.
Can I take a cash advance with the Capital One Platinum Card?
Yes, you can take a cash advance with the Capital One Platinum Card. However, cash advances come with higher interest rates and additional fees. Interest accrues immediately, so it’s better to avoid cash advances unless absolutely necessary.
Does the Capital One Platinum Card have an annual fee?
No, the Capital One Platinum Card does not have an annual fee, which makes it a cost-effective option for individuals looking to build or rebuild their credit.
How can I improve my credit with the Capital One Platinum Card?
You can improve your credit by using the Capital One Platinum Card responsibly—by making timely payments, keeping your balance low, and avoiding maxing out your credit limit. Over time, this can help improve your credit score.
Is the Capital One Platinum Card a good choice for beginners?
Yes, the Capital One Platinum Card is a great choice for individuals who are new to credit or looking to rebuild their credit. It has no annual fee and can help establish a positive credit history.
Are there any fees associated with using the Capital One Platinum Card?
While there is no annual fee, the Capital One Platinum Card may charge fees for cash advances and late payments. It’s important to understand the card’s terms to avoid these additional costs.
The Bottom Line
To answer the question: Can you get cash back with Capital One Platinum Card? No, the Capital One Platinum Credit Card does not offer cash back, points, or any other rewards. This card is primarily focused on helping users build or establish their credit score, making it a solid choice for individuals looking to improve their financial standing.
While you can’t earn rewards with this card, it still offers benefits such as no annual fee, access to credit line increases, and the opportunity to improve your credit score. If earning cash back is your primary goal, consider other Capital One cards like the QuicksilverOne or Quicksilver Secured cards.
Remember, the best credit card for you will depend on your financial goals. If you’re focused on building your credit, the Capital One Platinum Card is a great option. If cash back rewards are more important to you, consider one of Capital One’s other credit cards designed for cash back earning.