Posted by William Charles on December 31, 2018
Credit Card Review

Published on December 31st, 2018 | by William Charles

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Capital One Launches New ‘Platinum Preferred’ Credit Card – No Sign Up Bonus, 2% On Gas/Grocery

Looks like this card has been discontinued, no longer shows as being available for sign up.

Capital One has launched a new credit card called ‘Platinum Preferred‘. Let’s talk a look at this card in some more detail in this quick review.

Card Basics

  • No annual fee
  • No sign up bonus
  • Card earns at the following rates:
    • 2% on gas and grocery stores
    • 1% on all other purchases
  • 0% introductory APR for 9 months

Our Verdict

This card is obviously targeted towards people with less than perfect credit. Even when talking this into account, this card isn’t attractive at all. Capital One pulls from all three credit bureaus and other cards in the market offer 2% cash back on all purchases with no annual fee as well. I’m actually surprised to see Capital One launch such a weak card, given the improvements they have been making to other cards in their portfolio (e.g miles becoming transferable to airline partners and Savor adding postmates benefit).



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Charlie
Charlie

All of their cards are weak when compared to what’s available elsewhere.

Andrew
Andrew

idk… their 99 cents low balance cancelation is pretty solid. mine gets used every month as it was my first card

Etreju
Etreju

Capital One Savior adding postmates benefit? Is that another one of those deals you must be a Christian to qualify for? 😉

raekwon
raekwon

Yuck. I’ve had their secured card since summer and (along with other factors) have seen my FICO scores go from the mid-500s since then to 700+. They’re supposed to offer a CL increase and possibly allow a product change after 6 months of on-time payments and I REALLY hope they don’t try to offer me this trash. Was hoping to move to the Savor family. We’ll see.

Parkerthon
Parkerthon

Congrats on turning around you credit score so drastically. 700+ you ought to be good to branch out. Try applying for citi doublecash.

Abey

No big bank other then Capital One offers completely free Checking and Savings accounts with no minimum needed plus free check books. No they don’t suck!

Kurt
Kurt

banc of california does – personal & business. bank of the west is n/c to those over 55. penfed, nfcu, golden 1, all n/c. cap1 does kind suck, absolutely non-existent customer service. then again if this is ones last resort I supposed service is a moot point

Midnight
Midnight

Minor typo Should be “Savor” not “Savior” card.

Chuck

Fixed, thank you

CM

If you’re new to credit, I don’t think this is necessarily a bad offer, plus the extra HP probably don’t matter, either.

Bad in the day when I was a student, the first card they’ve approved me for didn’t have any rewards at all, so, this is certainly better than that.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Discover>

CM

Discover sucks balls — I’ve applied several times when student, and they’ve never approved me. C1 is better than most churners seem to think of it. They’ve approved me for a regular non-secured card back in the day.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

I respectfully disagree. They approved me the day I turned 18 w/ no history.

Abe
Abe

Discover allows you to product change a Discover it chrome secure card to a 5% rotating categories Discover It secure card . I did so the first week after I got approved more than 2 years ago. This was my first credit card related product with non-existent credit history on top of that I got the Cashback match for the first year. This is hard to beat as far as secure cards are concerned.

KP
KP

Capital One cards get a bad rap for good reason. I do like my Quicksilver card for spending while I’m abroad though. That said, this card is really bad for DoC readers. However, it is a major step up from the ordinary Capital One Platinum which offers absolutely no rewards. So at least people just starting out and the folks who are rebuilding their credit can get some cashback on their spend. In that context, it’s a good card. For the rest of us, let’s just say we’re not the target audience lol!

Andrew
Andrew

and while you are at home it gets a decent low balance cancelation

YRK
YRK

@Andrew what’s the low balance cancellation?

NinjaX
NinjaX

doesnt matter. i keep getting fucking rejected with tripple pulls.

Sometimesstuff-yeah
Sometimesstuff-yeah

Dang. I don’t have a dedicated grocery/gas card yet and have been waiting a little before applying for a new card, but have the regular, no earning Cap1 Plat from years and years ago (to keep my AAoA up). Called and tried to product change. They said it wasn’t available since it is a new card. Maybe in March then…

April
April

Does this card still exist? I can’t find it on CapOne’s site.

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