Capital One Platinum Secured Credit Card Review 2022
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Quick take: The Capital One Platinum Secured Credit Card lets you open a $200 line of credit with a security deposit that starts at just $49. The card does not earn rewards, but it also has no annual fee. You can also qualify for line of credit increases and upgrade your card when your credit improves. The security deposit is refundable if you ever close the card or decide to upgrade.
- Filing requirements
- Credit line
- Annual fees
How did we calculate this?
- Secure a $200 line of credit with a deposit from $49
- No annual fee
- Eligible for line of credit increases and card upgrades
- Those with bad credit can qualify
- Does not earn rewards
- APR is higher than other secure cards
- The 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 line of credit of $200 and requires a security deposit of $49, $99, or $200, depending on your credit history. Therefore, this credit card will have a lower entry point than other secured cards if you qualify. This card is specifically for those looking to strengthen their credit and is eligible for line of credit increases. Plus, you can upgrade to one of Capital One’s unsecured credit cards with more features later.
Let’s take a look at some of the key features of the Capital One Platinum Secured Credit Card.
One of the best things about Capital One Platinum Secured is that there is no annual fee. There are also no foreign transaction fees, so you can use it in other countries as well. It has a 3% balance transfer fee if you have a promotional APR, which is low for balance transfers. For cash advances, there is a fee of $10 or 3% of the amount transferred, whichever is greater.
The Capital One Platinum Secured Credit Card has a variable annual percentage rate, which means it can vary with market rates. The card currently has a APR. This rate is higher than what you will get with the OpenSky Secured visa or the intro APR on the Discover it Secured credit card.
In terms of deposit requirements, the Capital One Platinum Secured Credit Card performs well compared to other secured cards. While most secured credit cards require you to deposit an amount equal to your line of credit, the Capital One card lets you deposit half or a quarter of that amount, depending on your credit history.
The initial line of credit 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 line of credit up to $1,000. While the increase is appreciated, some secured credit cards allow you to increase your line of credit by two to three times more than the Platinum Secured card’s maximum.
How the Capital One Platinum Secured Credit Card Stands Out
The Platinum Secured card stands out in two important ways: its lack of annual fees and the ability to deposit less than the card’s line of credit. 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 line of credit (if you qualify) is a benefit 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 Secure credit card
The Discover it Secured credit card is one of the strongest contenders for the Capital One Platinum Secured card. There is no annual fee and offers 2% cash back on up to $1,000 in gas station and restaurant spend each quarter. Plus, it offers a low introductory APR of 10.99% on balance transfers for the first six months. However, the rate increases after six months to reach a , which is comparable to the APR of the Platinum Secured card. Also, the minimum deposit on the Discover card is $200, which will be your line of credit.
Capital One Quicksilver Secure Rewards Credit Card
Capital One also offers the Quicksilver Secured Rewards credit card. As the name suggests, this secure credit card earns cash rewards – 1.5% on all purchases. This card, too, has no annual fee. However, its variable APR is higher than the APR of the Platinum Secured card and the minimum deposit is $200.
How to register
You can apply for the Capital One Platinum Secured Credit Card online; the process only takes a few minutes. Before you apply, Capital One lets you see if you’re pre-approved for the card. Although this process does not usually guarantee approval, it will not cause your credit score to drop. Plus, if you’re pre-approved, all you need to do is answer a few more questions to apply for the card.
Who is the Capital One Platinum Secured Credit Card for?
This credit card is ideal for those with limited or poor credit who want to work on increasing their credit score. It’s also best for those who want the flexibility to later switch to another Capital One credit card, such as the Venture Rewards card.
With no annual fee, the Capital One Platinum Secured Credit Card is a solid option for those looking to grow their credit and gain 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.
FAQsHere are the answers to some frequently asked questions about the Capital One Platinum Secured Credit Card.
- Is Capital One Platinum a secure credit card?
- The Capital One Platinum Mastercard is not a secure credit card. However, Capital One offers another product, the Capital One Platinum Secured Credit Card, which is secure.
- 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 “rebuilding” level of credit, as Capital One calls it.. Meanwhile, the Capital One Platinum is for those with at least fair credit.
- What is the credit limit of a Capital One Secured Card?
- The Capital One Platinum Secured Credit Card has an initial line of credit of $200, which can be increased up to $1,000.
Rates are subject to change; unless otherwise specified, prices are updated periodically. All other account information is accurate as of August 5, 2022.
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