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Capital One Platinum Secured Credit Card Review: A Good Card for Building Credit

Capital One Platinum Secured Credit Card Review: A Good Card for Building Credit

The Capital One Platinum Secured Credit Card is a great no-frills secured card option to help consumers rebuild their credit.

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Quick facts

More details

Rates & fees

  • Credit needed: 0 - 600
  • Required refundable deposit: $49, $99 or $200 minimum refundable deposit
  • Annual fee: $0
  • APR: 28.49% (Variable)
  • Foreign transaction fees: None
  • Credit line: Automatic credit line reviews

Quick facts

  • Credit needed: 0 - 600
  • Required refundable deposit: $49, $99 or $200 minimum refundable deposit
  • Annual fee: $0
  • APR: 28.49% (Variable)
  • Foreign transaction fees: None
  • Credit line: Automatic credit line reviews

More details

  • No annual or hidden fees. See if you're approved in seconds
  • Building your credit? Using the Capital One Platinum Secured card responsibly could help
  • Put down a refundable security deposit starting at $49 to get a $200 initial credit line
  • You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
  • Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
  • Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
  • Monitor your credit score with CreditWise from Capital One. It's free for everyone
  • Get access to your account 24 hours a day, 7 days a week with online banking to access your account from your desktop or smartphone, with Capital One's mobile app

Rates & fees

  • Intro Purchase APR: N/A
  • Regular Purchase APR: 28.49% (Variable)
  • Intro BT APR: N/A
  • Regular BT APR: 28.49% (Variable)
  • Annual Fee: $0
  • Foreign Transaction Fee: None
  • Balance Transfer Fee: $0 at this Transfer APR

Pros

  • $0 annual fee
  • Deposit is refundable
  • No foreign transaction fees
  • Ability to graduate to the unsecured Platinum card
  • Can be approved with poor credit history

Cons

  • Requires a deposit
  • No rewards
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Is the Capital One Platinum Secured Credit Card worth it?

The Capital One Platinum Secured Credit Card is worth it for cardholders trying to establish or rebuild a credit history.

There is a $0 annual fee, and with responsible credit usage, it offers a refundable deposit that's lower than many competing cards. Depending on your creditworthiness, you can fund a $200 initial credit line with a deposit as low as $49 (most secured credit cards match your credit limit to your deposit).

On top of this, there are a suite of useful tools that help cardholders stay on top of their credit score, payments, and available balances. For these reasons, the Capital One Platinum Secured Credit Card is one of our best secured credit cards.

Who is the Capital One Platinum Secured Credit Card best for?

The Capital One Platinum Secured Credit Card is best for consumers with little to no credit history, who are just starting out and need to begin building their credit. It's also great for people with 0 - 600 credit scores who are looking for a way to rebuild it.

Annual fee

One of the best features of The Capital One Platinum Secured Credit Card is its $0 annual fee.

Many cards targeted to consumers with low credit scores are laden with fees, including annual fees and monthly maintenance fees, that can range over $100 per year.

If you are dubious of paying a deposit up front, you should take a close look at the fees that come with a non-secured alternative. The Capital One Platinum Secured Credit Card could prove to be a much cheaper alternative in the long run.

Refundable deposit

The Capital One Platinum Secured Credit Card uses your refundable deposit as collateral for your initial credit line.

The nice thing about this card is that your deposit may be as low as $49 with a starting credit line of $200. You can also deposit more than the minimum amount to receive a higher credit line up to a maximum of $1,000.

The possibility of setting down such a low deposit is fairly unique among other secured credit cards, which typically require you to deposit an amount equal to the credit limit.

Furthermore, Capital One will automatically review your account after six months. With a history of responsible payments, you can potentially graduate to the unsecured Platinum card and get your deposit refunded.

Note that you will need access to an authorized bank account to make your security deposit.

Other benefits

You can set up email or text alerts to notify you when your payment is due or when you're approaching your credit limit.

If your Capital One Platinum Secured Credit Card is lost or stolen, you won't be responsible for any unauthorized or fraudulent charges made on your card.

This is a nice perk of the Capital One Platinum Secured Credit Card as you won't need to worry about paying a fee each time you use your card internationally.

Drawbacks

  • No rewards — Unfortunately this card does not offer any rewards. Other secured cards, like the Discover it® Secured Credit Card, do offer a rewards structure. However, a no-frills card may help consumers stay focused on responsible spending habits rather than on earning rewards.
  • Requires a deposit — As with most secured credit cards, the Capital One Platinum Secured Credit Card requires a refundable deposit. However, cardholders may be able to start off with a very reasonable deposit of $49 for a starting line of $200.

What credit score is needed for the Capital One Platinum Secured Credit Card?

The Capital One Platinum Secured Credit Card is targeted toward people with no credit history or poor credit history, so it's easy to be approved for this card regardless of your credit score. The Capital One Platinum Secured Credit Card requires a 0 - 600 credit score for approval.

You'll also need a checking or savings account (not necessarily at Capital One). If you have or have had a credit card with Capital One, there are other restrictions. You may not have applied for a Capital One credit card three or more times in the last 45 days or have any recently discharged cards, among several restrictions.

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Alternatives to the Capital One Platinum Secured Credit Card

Here are three other secured credit cards that people typically consider, along with our thoughts on how each card stacks up to the Capital One Platinum Secured Credit Card.

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Capital One Platinum Secured Credit Card
Capital One Platinum Secured Credit Card
U.S. Bank Secured Visa Card
U.S. Bank Secured Visa Card
Savings Secured Visa Platinum Card
Savings Secured Visa Platinum Card
BankAmericard® Secured Credit Card
BankAmericard® Secured Credit Card
Editor's Rating?
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Annual Fee
$0
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More card details
Not available on ValuePenguin
Not available on ValuePenguin
Not available on ValuePenguin
Not available on ValuePenguin

Capital One Platinum Secured Credit Card vs. U.S. Bank Secured Visa Card

Verdict: Good for consumers who want to fund a higher starting credit line

The U.S. Bank Secured Visa Card is a decent secured credit card option from U.S. Bank. Like the Capital One Platinum Secured Credit Card, it allows you to build credit without paying an annual fee. Unfortunately, it requires a much higher initial deposit of $300, and your deposit must match your credit line.

However, cardholders can fund a credit line as high as $5,000 (the Capital One Platinum Secured Credit Card only offers a credit limit up to $1,000). If you have enough money to establish a larger credit line, this could be a good way to build up your score. Your credit utilization ratio (i.e., your monthly balance compared to your credit limit) is a major factor in credit scoring. Having a larger credit line helps keep your utilization ratio low.

Capital One Platinum Secured Credit Card vs. Savings Secured Visa Platinum Card

Verdict: Earn rewards while you rebuild your credit

The Savings Secured Visa Platinum Card is one of the best secured cards available. It offers rewards on your spending and charges a $0 annual fee. Cardholders can Earn Flexpoints Rewards - 1 point for every $1 spent program. You'll also have access to Visa card benefits, like roadside dispatch. If you're looking for a secured card that offers rewards, the Savings Secured Visa Platinum Card could be a good option.

Capital One Platinum Secured Credit Card vs. BankAmericard® Secured Credit Card

Verdict: Another good option for funding a high credit line

Like the U.S. Bank Secured Visa Card, the BankAmericard® Secured Credit Card is a decent $0-annual-fee secured card that requires a $300 refundable deposit. And, it also allows you to fund a much higher starting credit limit than the Capital One Platinum Credit Card — as high as $4,900. For cardholders who are interested in starting with a larger credit limit, it's another good alternative to the Capital One Platinum Credit Card.

Should you get the Capital One Platinum Secured Credit Card?

If you're looking to build or rebuild your credit history, we would definitely recommend the Capital One Platinum Secured Credit Card. With a $0 annual fee and a potentially low deposit, this card can be great for consumers just starting to build their credit history, or for those with damaged histories trying to improve their credit score.

While this card is a great option for those seeking a secured credit card, it does not offer rewards. If that's something that is important to you, there are a number of other secured card options that may be better suited to your needs.

Capital One Platinum Secured Credit Card FAQs

What is the credit limit on the Capital One Platinum Secured Credit Card?

The credit limit on the Capital One Platinum Secured Credit Card will either start at $200 if you pay any of the minimum required deposits, or can increase to up to $1,000 if you deposit more initially.

Does the Capital One Platinum Secured Credit Card build your credit?

With responsible card use, the Capital One Platinum Secured Credit Card can certainly build your credit. When you pay off your card in full and on time each month consistently, your credit score will slowly start to increase.

Does the Capital One Platinum Secured Credit Card ever become unsecured?

Yes, the Capital One Platinum Secured Credit Card can become unsecured if you show responsible financial habits, like paying off your card on time and in full each month, for a period of time. Capital One periodically reviews your card usage and will determine whether or not you can qualify for the unsecured card.

The information related to Capital One Platinum Secured Credit Card, U.S. Bank Secured Visa Card, Savings Secured Visa Platinum Card and BankAmericard® Secured Credit Card has been independently collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication.

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The products that appear on this site may be from companies from which ValuePenguin receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). ValuePenguin does not include all financial institutions or all products offered available in the marketplace.

How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).

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