Capital One Platinum Secured Credit Card Review


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Capital One Capital One Platinum Secured Credit Card

Capital One Platinum Secured Credit Card

Capital One Capital One Platinum Secured Credit Card

Capital One Platinum Secured Credit Card


Capital One Platinum Secured Credit Card

Details


Recommended Credit

Limited, Bad


Regular Annual Percentage Rate (APR)

29.74% Variable

Pros & Cons
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Highlights
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Additional Reading
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The Capital One Platinum Secured Credit Card is a good choice for folks who are new to credit or rebuilding their credit score. Because it’s a secured credit card, you’ll have to put down a security deposit — but its minimum deposit is lower than that of many similar cards. 

Review: Is the Capital One Platinum Secured Credit Card the Best Credit Card for You?

Getting approved for any of the best credit cards is next to impossible if you have a bad credit score or no credit history at all. Fortunately, secured credit cards are an option for those with limited or poor credit. While they don’t typically come loaded with benefits, they’re a good stepping stone in your credit journey. With responsible use over time, you can potentially improve your credit score and qualify for better rewards credit cards in the future.

The Capital One Platinum Secured Credit Card is one such card, and its standout feature is its relatively low minimum security deposit compared to similar cards. And although the card doesn’t earn rewards, you’ll have the opportunity to be considered for a credit line increase in as little as six months if you make payments on time.

While the Capital One Platinum Secured Credit Card doesn’t charge an annual fee, be aware it charges a high 29.74% Variable APR. That’s well above the current average credit card interest rate, so you’ll want to be careful to avoid carrying a balance — otherwise, you’ll be on the hook for high interest charges.

If you’re happy with a no-frills card, the Capital One Platinum Secured Credit Card is a good choice. However, there are other secured credit cards that earn rewards and offer more perks, including the Capital One Quicksilver Secured Cash Rewards Credit Card and Discover it® Secured Credit Card. Be sure to compare all of your options to find the right secured card for your wallet.

Insider’s Featured Secured Credit Cards

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Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Earn 1% unlimited cash back on all other purchases

Earn 1.5% cash back on all purchases

We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

How the Capital One Platinum Secured Credit Card Works

Secured credit cards like the Capital One Platinum Secured Credit Card require you to put down a security deposit, which effectively acts as collateral against your credit line. If you default on your payments, Capital One will use that money to pay off your account.

The Capital One Platinum Secured Credit Card requires a minimum security deposit of $49, $99, or $200 (depending on your creditworthiness) to secure a $200 credit line. It’s possible to deposit more than that, up to $1,000, to get an equivalent higher credit limit.

Once you’re approved and you’ve funded your minimum deposit, you can start using your card. By making payments on time, Capital One may consider you for a higher credit line in as little as six months. And once you have proven you’re responsible with credit over time, you may be offered an upgrade to the unsecured Capital One Platinum Credit Card and receive your security deposit back.

Capital One will report your card usage and payments to all three major credit bureaus (Experian, Equifax, and TransUnion). With responsible use, your credit score should start to improve, which can help you qualify for loans, mortgages, and other credit cards down the road.

Capital One Platinum Secured Credit Card Benefits and Features

The Capital One Platinum Secured Credit Card is fairly bare bones when it comes to additional perks, but it does offer a few handy benefits.

No foreign transaction fees

Many of the best credit cards for bad credit add on extra fees, including foreign transaction fees of 3% or more when you use the card outside of the US. Capital One cards, including the Capital One Platinum Secured Credit Card, don’t add foreign transaction fees, so you can confidently use your card when traveling abroad without worrying about getting stung with extra charges.

Automatic consideration for credit limit increases

Starting in as little as six months after you open your Capital One Platinum Secured Credit Card, Capital One will automatically review your account and consider you for a credit limit increase. To qualify you’ll need to show responsible card use (that means paying off your card on time every month). Getting access to a higher credit line is helpful for larger purchases, and it can also help you increase your credit score by improving your credit utilization ratio.

Refundable security deposit

Depending on your credit profile, you’ll need to put down at least $49, $99, or $200 as a security deposit on the Capital One Platinum Secured Credit Card. However, you’ll have the opportunity to earn get it back and convert to an unsecured card with responsible use over time. You’ll also receive a refund of your deposit if you close your account, as long as your balance is paid in full.

Other card benefits

The Capital One Platinum Secured Credit Card offers with additional benefits that come standard on Capital One cards, including:

  • Credit monitoring through Capital One Credit Wise
  • Account and security alerts
  • Virtual card numbers (great for online purchases)
  • Free authorized users
  • $0 fraud liability (you’re not responsible for unauthorized charges if your card is lost or stolen)
  • Card lock (for when your card is misplaced, lost, or stolen)
  • Emergency card replacement

Capital One Capital One Platinum Secured Credit Card

Capital One Platinum Secured Credit Card

Capital One Capital One Platinum Secured Credit Card

Capital One Platinum Secured Credit Card


Capital One Platinum Secured Credit Card

Details


Recommended Credit

Limited, Bad


Regular Annual Percentage Rate (APR)

29.74% Variable

Pros & Cons
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.

Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.

Additional Reading
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.

Fees and Costs

The annual fee on the Capital One Platinum Secured Credit Card is $0, and there are no foreign transaction fees. However, there are fees for balance transfers, cash advances, and late payments.

You should always pay your card off in full every month, otherwise you’ll be charged a high 29.74% Variable APR.

Compare Capital One Platinum Secured vs Other Capital One Cards for Building Credit

Capital One Platinum Secured vs Other Secured Credit Cards

*5% cash back category choices on the U.S. Bank Cash+® Visa® Secured Card are fast food, home utilities, TV, internet, and streaming services, department stores, electronic stores, cell phone providers, sporting goods stores, furniture stores, movie theaters, gyms and fitness centers, ground transportation, and select clothing stores

Capital One Platinum Secured Credit Card Frequently Asked Questions (FAQ)

There are actually two different “Platinum” cards from Capital One, and it’s important to know the difference. The regular Capital One Platinum Credit Card is not a secured card, and is designed for those with fair or average credit.

The Capital One Platinum Secured Credit Card is the secured version of the card, and doesn’t require as high a credit score — but you’ll have to put down a security deposit as collateral.

To be considered for the Capital One Platinum Secured Credit Card, you don’t need a good credit score. It’s possible to be approved with bad or limited credit, which Capital One frames as “rebuilding” credit — defined as having defaulted on a loan more than once, or having been declined for a credit card in the past three months.

The credit limit you’ll get on the Capital One Platinum Secured Credit Card is determined by the amount you put down as a security deposit. The minimum deposit is $49, $99, or $200, depending on your creditworthiness, which gives you a $200 credit limit. You can get a higher initial credit line by depositing more than the minimum, up to a maximum limit of $1,000.

The Capital One Platinum Secured Credit Card, can help raise your credit score by giving you the opportunity to develop a positive credit history. Using secured credit cards responsibly by paying your bills on time and in full will have a positive effect on your credit score. But if you miss payments or pay late, your score may drop.

In addition, opening a new line of credit increases the total amount of credit available to you and improves your credit utilization ratio (the ratio of the amount of credit you’re currently using to the total amount of credit available to you). This can also boost your credit score.

The security deposit on your Capital One Platinum Secured Credit Card is there for good reason; Capital One needs to see that you’re responsible and trustworthy with credit, so they use your security deposit as collateral.

That said, once you’re able to show that you’re managing your credit card responsibly by making on-time payments, Capital One may upgrade you to the unsecured version of the card. You’ll get your security deposit will be refunded if that happens (or if you close your account, as long as your bill is paid in full).



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