Capital One Platinum Secured Credit Card Review 2024
Updated September 17, 2024 at 12:36 pm
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With a minimum security deposit of $49, $99, or $200 depending on your credit history and no annual fee, the Capital One Platinum Secured Credit Card is a solid choice if you’re looking to build or rebuild credit.
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Capital One Platinum Secured Credit Card
Credit ranges are derived from FICO® Score 8, which is one of many different types of credit scores. If you apply for a credit card, the lender may use a different credit score when considering your application for credit.
Expert Take
Like other secured credit cards, the Capital One Platinum Secured Credit Card requires a refundable cash deposit as collateral. But it can have one of the lowest deposit requirements compared to other cards on the market for those that qualify. This secured card also shines over the competition because it has no annual or foreign transaction fees. It’s an excellent pick for consumers who want to rebuild or build their credit.
Pros and Cons
- Minimum security deposit of $49 for those that qualify
- Reports to the credit bureaus
- No annual fee
- No foreign transaction fees
- Requires a security deposit as collateral
- No rewards for spending
- Potential for a low initial credit limit
- High APR
Vault’s Viewpoint on the Capital One Platinum Secured Card
The standout feature of the Capital One Platinum Secured Credit Card is its starting refundable security deposit of $49, $99, or $200, which unlocks a starting credit limit of $200. This can be one of the lowest initial deposits for a secured credit card.
Another notable benefit of this card is that it has no annual fee and no foreign transaction fees. This makes it an excellent contender for consumers who want to rebuild or build their credit while on a tight budget.
Capital One will automatically review account usage in as little as six months for consideration of a higher credit line. After making at least six consecutive on-time payments, users may qualify to graduate to a higher credit limit. After demonstrating responsible credit usage, users may also be eligible to get their deposit back and graduate to the unsecured Capital One Platinum Credit Card.
That said, other Capital One Platinum Secured credit card benefits are lacking, and you won’t earn rewards with this card. But that’s typical of secured credit cards. Since the Capital One Platinum Secured card has a high interest rate, the best strategy is for consumers to pay their entire balance monthly to avoid costly interest charges.
Read our Capital One Platinum Secured review to determine if this is an ideal secured credit card for you.
Capital One Platinum Secured Highlights
Annual fee: $0
Welcome bonus: N/A
Earning Rewards With the Capital One Platinum Secured
Hoping to earn Capital One Platinum Secured rewards when you make purchases with your card? The Capital One Platinum Secured Card doesn’t offer any rewards for spending, which is a drawback to consider. After all, many other secured credit cards that can help build credit for the future also offer cash back for spending that can add up over time.
Rates and Fees
Most fees charged by the Capital One Platinum Secured Card are easy to avoid completely. Here’s a listing of common credit card fees, along with details on which ones apply to the Capital One Platinum Secured Card.
- Annual fee: $0
- Regular APR: 29.74% variable
- Balance transfer fee: $0 at the transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
- Foreign transaction fee: None
- Late payment fee: Up to $40
- Penalty APR: None
- Cash advance fee: Either $5 or 5% of the amount of each cash advance (whichever is greater)
- Cash advance APR: 29.74% variable
Capital One Platinum Secured Benefits
The Capital One Platinum Secured comes with very few benefits, although this is a common theme among secured credit cards. Here are the main features this card offers.
- Automatic account reviews: Capital One automatically reviews accounts after six months to see if cardholders are eligible for a credit limit increase.
- Card upgrade potential: By using the card responsibly, users can get their deposit refunded and upgrade to an unsecured Capital One card.
- Emergency card replacement: Capital One will expedite new card delivery in instances where a card is lost or stolen.
- Flexible security deposit: Cardholders can put down $49, $99 or $200 to get a minimum credit limit of $200 (based on eligibility) or opt for a higher credit limit of up to $1,000 with a commensurate deposit amount.
- Security alerts: Receive notifications if the card issuer notices suspicious activity on your account.
Capital One Platinum Secured Card Drawbacks
The Capital One Platinum Secured Credit Card has some noteworthy drawbacks:
- No rewards: You won’t earn rewards when making purchases with the Capital One Platinum Secured card. If you’re looking for a secured credit card with rewards opportunities, explore other options, like the Capital One Quicksilver Secured Rewards Credit Card.
- High APR: This credit card has a 29.74% variable APR, which is high. But you can avoid interest charges by paying off your entire credit card balance every month.
- Meager benefits: The Capital One Platinum Secured lacks useful perks that some other credit cards provide. While this is common for no-annual-fee secured credit cards, you should look elsewhere for a card with feature-packed perks.
What Is the Credit Limit on a Secured Capital One Card?
After making an initial refundable deposit of $49, $99, or $200 depending on your credit history, the starting credit limit for the Capital One Platinum Secured Credit Card is $200. Credit limits of up to $1,000 may be available to applicants who make security deposits above the minimum deposit amounts before their account is opened.
People with responsible credit usage and a history of on-time payments may be considered for a credit line increase in as little as six months.
Who Is the Capital One Platinum Secured Best For?
The low starting security deposit on the Capital One Platinum Secured, which could be as low as $49 or $99, makes the card a good choice for someone who needs to build credit but is tight on cash. The lack of rewards on the Capital One Platinum Secured also makes it a solid option for people who are serious about building credit for the future without being tempted to overspend to earn cash back.
Ultimately, the goal of getting this card is using it to build credit over time so users can graduate to a card with better rewards and perks. The Capital One Platinum Secured makes this possible since it approves applicants with poor credit or limited credit, and since it reports payments to the three credit bureaus—Experian, Equifax and TransUnion.
Who Should Consider an Alternative to the Capital One Platinum Secured?
The Capital One Platinum Secured is definitely a good credit-building card in its own right, but its lack of rewards for spending means it’s not the best for everyone. After all, a range of secured credit cards have more perks and earn cash back, making it an attractive option for people who want to get something in return for everything they buy.
That said, other secured credit cards typically require a minimum security deposit of at least $200, and potentially more. While these deposits are fully refundable, this still means alternative secured cards work better for people who can part with at least $200 while they work toward building credit for the future.
How Does the Capital One Platinum Secured Stack Up to Competitors?
The Capital One Platinum Secured is one of the best secured credit cards on the market today, but it’s not the only one that builds credit for the future. Consider these alternative cards before you sign up for the Capital One Platinum Secured.
Capital One Platinum Secured vs. Discover it® Secured Credit Card
While the Discover it® Secured Credit Card requires a minimum security deposit of at least $200 to get started, this secured card earns cash back for spending with no annual fee and no foreign transaction fees. Users earn 2% cash back on up to $1,000 spent at gas stations and restaurants each quarter (then 1% back) and 1% cash back on all other purchases. Discover also matches all rewards earned after the first year through its Cashback Match™ program.
The Discover it® Secured Credit Card is easy to get approved for since applicants don’t even need a credit score to apply. Like other secured cards, it also reports to the three credit bureaus to help build credit over time. On top of that, Discover says users can get their deposit back and qualify for an unsecured credit card in as little as seven months with responsible use.
Capital One Platinum Secured vs. Capital One Quicksilver Secured Rewards Credit Card
The Capital One Quicksilver Secured requires a minimum security deposit of $200, yet it also earns 1.5% cash back on all purchases with no annual fee. This card also offers a pathway to an unsecured card according to Capital One, with cardholders becoming eligible after building credit history and making on-time payments. A higher credit limit can also become available after at least six months of on-time payments and using the card responsibly.
Like all Capital One credit cards, this secured card doesn’t charge foreign transaction fees.
Capital One Platinum Secured vs. OpenSky® Secured Visa® Credit Card
Individuals who want a secured credit card but are worried about being approved can also look into the OpenSky Secured Visa Credit Card. This secured card requires at least $200 in collateral to get started, yet applicants don’t have to go through a credit check when they apply. This has led to an average approval rating of 88%, according to the card issuer.
Unlike the Capital One Platinum Secured, you can earn up to 10% cash back rewards on purchases at over 40,000 retailers with this card. The OpenSky Secured Visa charges a $35 annual fee and a 3% foreign transaction fee.
Is the Capital One Platinum Secured Worth It?
The Capital One Platinum Secured can be well worth it for people who want to build credit for the future without paying an annual fee or parting with more cash upfront than they have to. Just keep in mind that there are several tradeoffs to make in order to get a security deposit as low as $49, including not being able to earn rewards for spending and having to pay a very high interest rate when debt is carried from one month to the next.
Frequently Asked Questions
What Is the Credit Limit on the Capital One Platinum Secured?
While the minimum security deposit on this card starts at just $49, the minimum credit limit starts at $200. Credit limits of up to $1,000 are also available for cardholders who put down a higher security deposit up to that amount.
What Credit Score Do You Need for the Capital One Platinum Secured?
The Capital One Platinum Secured is for people who have poor credit or a limited credit history. The card issuer doesn’t list a minimum credit score to get approved, but it does say users can be eligible if they have defaulted on a loan more than once or have had a credit card application denied in the last three months.
Does the Capital One Platinum Secured Offer Rewards?
The Capital One Platinum Secured does not offer rewards for spending. However, the Capital One Quicksilver Secured card does.
Newsweek writer Natasha Etzel contributed to this post
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
Newsweek Vault has partnered with CardRatings for our coverage of select credit card products. Newsweek Vault and CardRatings may receive a commission from certain card issuers.
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