Last updated on March 27th, 2023
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Capital One Platinum Secured Credit Card
Capital One Platinum Secured Credit Card
- 29.99% variable based on the Prime Rate Regular Purchase APR
- 29.99% variable based on the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The Capital One Platinum Secured Credit Card is a useful tool for building credit, so long as you make the required, refundable security deposit and follow through with the responsible behavior that credit bureaus tend to look for. You can also gain access to a higher credit line after making your first 5 monthly payments on time, sans any further security deposits. Of course, you can always deposit more money on top of that to further boost your credit line.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 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 wo'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
- Regular Purchase APR: 29.99% variable based on the Prime Rate
- Balance Transfer APR: 29.99% variable based on the Prime Rate
- Balance Transfer Transaction Fee: 3% of the amount of each transferred balance that posts to your account at a promotional APR that we may offer you. None for balances transferred at the Transfer APR.
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: 3% of the amount of the cash advance, but not less than $3
- Late Payment Penalty Fee: Up to $40
- Minimum Deposit Required: $49, $99, or $200 based on your creditworthiness
- You want to quickly build your credit using a secured card
- You do not want to pay annual fees or foreign transaction fees
- You want a Capital One card accepted at millions of locations worldwide
Capital One Platinum Secured Credit CardTerms & Conditions
Capital One Platinum Secured Credit Card Review
Getting your credit score off the ground isn’t a complicated endeavor when you use the Capital One Platinum Secured Credit Card. After making a $49, $99 or $200 refundable deposit based on your creditworthiness, cardholders will get an initial credit line of $200 that will increase in as little as five months so long as they make their first 5 payments on time.
Comparing No Annual Fee Secured Cards
OpenSky® Plus Secured Visa®
Capital One Platinum Secured
|No annual fee||No annual fee|
|Your good payment habits can qualify you for credit line increases every 6 month||Be automatically considered for a higher credit line in as little as 6 months|
|$200 to $3,000 minimum refundable deposit||$49, $99 or $200 minimum refundable deposit|
|Reports monthly to the three major credit agencies: Equifax, Experian, and TransUnion||Capital One reports to the three major credit bureaus.|
Access to a Higher Credit Line
Access to a higher credit limit is one for the best feature of the Capital One Platinum Secured Credit Card. Many secured card offers don’t have a clear strategy for helping those with bad credit work their way towards higher credit lines and an unsecured card offer in the future. Capital one, on the other hand, makes it straightforward – and simple – to improve your credit score and credit history.
Other Card Features
Other conveniences offered by the Capital One Platinum Secured Credit Card include no foreign transaction fee, no balance transfer fee, and no annual fee. Individuals carefully watching their spending habits, as one should be when applying for this card, can also rely on the card’s included price protection benefits and 24/7 online account management via mobile devices or their app.
Should You Apply for the Capital One Platinum Secured Credit Card?
Overall, the Capital One Platinum Secured Credit Card might not be the most exciting secured card, but it is a valuable tool for building credit when used correctly.
Secured credit cards can be confusing, due to annual fees, security deposits, and hidden fees. Capital One streamlines this with its secured card product. No matter what the state of your credit score, or what’s on your credit report, the card is one of the more popular options out there. from the larger card issuers.
Related Article: What Are the Best Secured Cards for Building Credit?