Capital One Platinum Secured Credit Card Review
GOBankingRates Score
-
APR
4.5
-
Deposit Requirements
5.0
-
Credit Line
4.5
-
Annual Fee
5.0
Pros
- Secure a $200 line of credit with a deposit starting at $49
- No annual fee
- Eligible for credit line increases and card upgrades
- Those with poor credit can qualify
Cons
- Doesn't earn rewards
- APR is higher than other secured cards
- Maximum credit limit is lower than some secured cards
Capital One Platinum Secured Credit Card Overview
The Capital One Platinum Secured is one of the best secured credit cards available. It has an initial credit line of $200 and requires a security deposit of $49, $99 or $200, depending on your credit history. Hence, this credit card will have a lower entry point than other secured cards if you qualify. This card is specifically marketed to those who are looking to build their credit, and it is eligible for credit line increases. Plus, you can upgrade to one of Capital One’s unsecured credit cards with more features later.
Key Features
Let’s look at some of the Capital One Platinum Secured Credit Card’s key features.
Fees
One of the best things about the Capital One Platinum Secured is that it has no annual fee. It also has no foreign transaction fee so you can use it in other countries, too. It has a 3% balance transfer fee if you have a promotional APR, which is on the low end for balance transfers. For cash advances, there is a fee of $10 or 3% of the transferred amount, whichever is greater.
APR
The Capital One Platinum Secured Credit Card has a variable annual percentage rate, meaning it can vary based on market rates. The card currently has a APR. That rate is higher than you’ll get with the OpenSky Secured Visa or the intro APR on the Discover it Secured credit card.
Deposit Requirements
In terms of deposit requirements, the Capital One Platinum Secured Credit Card fares well compared to other secured cards. While most secured credit cards require you to deposit an amount equal to your credit line, the Capital One card lets you deposit one-half or one-quarter of that amount, depending on your credit history.
Credit Line
The initial credit line for the Capital One Platinum Secured Credit Card is $200, which you can increase by depositing more than the minimum security deposit. You can increase the credit line up to $1,000. While the increase is appreciated, some secured credit cards allow you to increase your credit line two to three times as much as the Platinum Secured card’s max.
How the Capital One Platinum Secured Credit Card Stands Out
There are two big ways in which the Platinum Secured card stands out: its lack of annual fee and the potential to deposit less than the card’s credit line. Other secured credit cards have a lower APR but charge an annual fee, or have no annual fee but have a higher APR. The ability to deposit less than the credit line (if you qualify) is a perk that other secured credit cards don’t offer.
Comparable Secured Credit Card Options
There are many secured credit cards available; let’s see how they compare.
Discover it Secured Credit Card
The Discover it Secured credit card is one of the most formidable contenders for the Capital One Platinum Secured card. It has no annual fee and offers 2% cash back on up to $1,000 in spending at gas stations and restaurants each quarter. Plus, it offers a low intro APR of 10.99% on balance transfers for the first six months. However, the rate increases after six months to a , which is comparable to the Platinum Secured card’s APR. Plus, the minimum deposit on the Discover card is $200, which will be your credit line.
Capital One Quicksilver Secured Rewards Credit Card
Capital One also offers the Quicksilver Secured Rewards Credit Card. As its name suggests, this secured credit card earns cash rewards — 1.5% on all purchases. This card, too, has no annual fee. Its variable APR is the same as the Platinum Secured card’s APR, and the minimum deposit is $200.
How To Apply
You can apply for the Capital One Platinum Secured Credit Card online; the process takes just a few minutes. Before you apply, Capital One allows you to see if you are preapproved for the card. While this process generally does not guarantee approval, it won’t cause a drop in your credit score. Plus, if you are preapproved, you only have to answer a few more questions to apply for the card.
Who the Capital One Platinum Secured Credit Card Is Best For
This credit card is best for those who have limited or poor credit and want to work on raising their credit score. It’s also best for those who want the option to later upgrade to another Capital One credit card, such as the Venture Rewards card.
Final Take
With no annual fee, the Capital One Platinum Secured Credit Card is a solid option for those who want to build their credit and have access to higher credit limits and upgrade options. Its starting deposit of $49 makes it ideal for those who have fair credit but want to improve their credit score.
FAQ
Here are the answers to some commonly asked questions about the Capital One Platinum Secured Credit Card.- Is Capital One Platinum a secured credit card?
- The Capital One Platinum Mastercard is not a secured credit card. However, Capital One offers another product, the Capital One Platinum Secured Credit Card, which is secured.
- What is the difference between the Capital One Platinum Mastercard and the Platinum Secured card?
- The Capital One Platinum Secured and the Capital One Platinum Mastercard are very similar credit cards. The main difference is that the Platinum Secured card is for those with a credit level of "rebuilding," as Capital One calls it. Meanwhile, the Capital One Platinum is for those who have at least fair credit.
- What is the credit limit on a Capital One secured card?
- The Capital One Platinum Secured Credit Card has an initial credit line of $200, which can be increased to up to $1,000.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Aug. 5, 2022.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
