You can upgrade your Capital One Platinum Credit Card to a better offer as long as you’ve had the card for at least several months. Plus, you will have the best odds if your credit score and income have gone up since you applied. To see if your Capital One Platinum card qualifies for an upgrade, call customer service at the phone number you see on the back of your card. Capital One also periodically sends targeted upgrade offers to existing cardholders on theironline account.
What You Should Know About the Capital One Platinum Card Upgrade
- Capital One does not state a specific amount of time the card account must be open before it’s eligible for an upgrade. But it’s a good idea to wait at least 6 months before requesting an upgrade.
- A history of on-time payments andlow credit utilizationincreases your chances of getting an upgrade.
- Capital One only allows upgrades to cards within the same card family. For example, you cannot upgrade from Capital One Platinum to a business card or co-branded card.
- If you upgrade to a Capital One card with an annual fee, the charge will appear on the new card’s first monthly statement.
- You will not be eligible for any initial bonuses or introductory 0% APR offers associated with the new card, unless they’re included as part of the upgrade offer.
- Capital One Platinum card upgrades do not require a hard inquiryon your credit report, so there’s no effect on your credit score.
A Capital One Platinum card upgrade typically takes just a few minutes. If you are approved, you should receive your card within 7-10 business days from the approval date. Your card number won’t change, but you will receive a new card with an updated expiration date and security code.
You can use your old card until the new one arrives, and it will have all the benefits of the new card as soon as the upgrade is complete. Your current credit limit and APR will carry over to the new card. You will also receive any unredeemed rewards, unless stated differently in the upgrade terms.
This answer was first published on 12/06/21 and it was last updated on 01/12/24. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
Capital One cardholders can check for offers by signing in to their Capital One account. You can also ask Eno, your Capital One assistant, for help finding your offers. Accept an offer and enjoy your new card. If you're approved for an upgrade, it's time to accept the offer and officially upgrade your credit card.
How to answer Capital One credit line increase questions? ›
You'll need to provide us with information like your total annual income, employment status and sometimes monthly mortgage or rent payment, so have that in hand. If you're applying for a credit line increase for your Spark business credit card, you'll also need to provide last year's total business revenue.
What is the highest credit limit for Capital One Platinum? ›
The Capital One Platinum credit limit can be as high as $3,000 according to online cardholder reports, but it will depend entirely on the specifics of each applicant's credit and their overall financial situation. Most cardholders get credit limits of at least $300, though.
How to change credit cards without hurting credit score? ›
But before you close that card, however, it's important to follow some steps to ensure you prevent or minimize damage to your credit score:
- Call and negotiate fees. ...
- Pay off any remaining balance before closing the card. ...
- Redeem your rewards. ...
- Update billing information where this card is being used.
If you qualify for the Quicksilver card, there's no question you should choose it over the Capital One Platinum card. While neither card has an annual fee or foreign transaction fees, the Quicksilver offers 1.5% cash back on all purchases, a 15-month intro period with 0% APR and lower interest rates after that.
Does Capital One Platinum give automatic credit limit increases? ›
With the Platinum Mastercard, you'll automatically be considered for a credit limit increase in as little as six months. Using your card responsibly could increase your chances of receiving the increase.
How often does Capital One Platinum increase credit limits? ›
The Capital One Platinum Credit Card will increase your credit limit no more than once every six months generally. This time frame applies whether you request a credit limit increase yourself or wait for Capital One to offer you an automatic increase.
How to answer why are you requesting a credit line increase? ›
3 Reason to request a credit limit increase
- You regularly spend a large portion of your income. ...
- Your credit score is much higher than when you first opened the card. ...
- You're making more money. ...
- You've been sloppy with your account. ...
- You just received your credit card. ...
- You're carrying a large balance and want to spend more.
Carmen Peters, Member. The Capital One Quicksilver credit limit depends on your income, creditworthiness and payment history, which are evaluated once you apply for the card. According to anecdotal reports, the card's credit limit can be as low as $750 and as high as $10,000.
What is the hardest Capital One card to get? ›
Capital One Venture X Rewards Credit Card
A rating of 5 is the best a card can receive. Why it's one of the hardest credit cards to get: The Capital One Venture X Rewards Credit Card is hard to get because it requires excellent credit for approval and charges an annual fee of $395. You get a lot in return, though.
Quicksilver: Quicksilver Clearly Wins — If You Qualify. The Platinum is a bare-bones card that helps people build credit, and that's about it. If you've graduated beyond the credit-building stage, choose the Quicksilver for its handsome rewards.
Is Capital One Platinum hard to get? ›
The Capital One Platinum Credit Card is available to applicants with fair credit or better, although eligibility isn't decided by credit scores alone. Your income, debts and other factors are also considered. Fair credit, also called "average" credit, is generally defined as a FICO credit score of 630 to 689.
What happens to your old credit card when you upgrade? ›
What happens to my existing Credit Card in case of an upgrade? You can continue to use your existing card until the new card reaches you. Your existing card will be disabled once you start using your upgraded card or within 60 days of card upgrade or on the date of existing card's expiry, whichever comes earlier.
Does upgrading a credit card increase the limit? ›
In the case of upgrading your Credit Card, you may upgrade the credit card you current owe, in order to take advantage of the benefits that come with it. However, it may not come with an enhanced credit limit. In such a case, you may opt to use multiple credit cards even if you upgrade a single credit card.
Does cancelling a card hurt credit? ›
Credit experts advise against closing credit cards, even when you're not using them, for good reason. “Canceling a credit card has the potential to reduce your score, not increase it,” says Beverly Harzog, credit card expert and consumer finance analyst for U.S. News & World Report.
Can I product change my Capital One Platinum card? ›
You can usually upgrade or downgrade a Capital One personal or business credit card by calling the Capital One hotline at 1-800-227-4825 or using the live chat option. Capital One also provides an online pre-approval tool that you can use to check if you're eligible to apply for a credit card.
Is it hard to get Capital One Platinum? ›
The Capital One Platinum Credit Card is available to applicants with fair credit or better, although eligibility isn't decided by credit scores alone. Your income, debts and other factors are also considered. Fair credit, also called "average" credit, is generally defined as a FICO credit score of 630 to 689.
Can I have 2 platinum Capital One cards? ›
Another way to get a second Capital One Platinum card:
You can also get access to two Capital One Platinum cards without having to submit a second application. If you're the primary cardholder for a Capital One Platinum card, you could also sign up as an authorized user on someone else's card account.
What is the best way to use Capital One Platinum card? ›
To get the most out of the Capital One Platinum card, use it responsibly to more quickly increase your credit score — and your credit limit. Pay your bills on time. The most important factor that makes up your FICO score is your payment history. On-time payments can also help you get to a credit line increase faster.
