Capital One Platinum Secured Credit Card Review

Capital One Platinum Secured Credit Card

The Capital One Platinum Secured Credit Card offers flexibility and affordability for those looking to improve their credit score through responsible usage. With no annual fee and a low requirement for the initial security deposit, this card is an attractive option for those on a budget. You can start with a minimum refundable deposit of $49 and still receive a credit limit of at least $200. Alternatively, you can deposit up to $1,000 for a higher limit, making it easier to maintain a healthy credit utilization ratio. This makes the Capital One Platinum Secured Credit Card a practical choice for those looking to build their credit score while keeping costs low.

Quick Highlights

• No annual or hidden fees. See if you’re approved in seconds.
• Build your credit with responsible use of the card.
• Refundable security deposit starting at $49 for an initial credit line of $200
• Earn back your security deposit as a statement credit by making timely payments.
• Automatic consideration for a higher credit line within six months with no additional deposit required
• $0 Fraud Liability for unauthorized charges
• Free access to CreditWise from Capital One for credit score monitoring
• Convenient online banking and mobile apps are available 24/7 to manage your account. So you can stay on top of your finances anytime and anywhere.

Rewards Rate

This card doesn’t offer cash back, miles, or points.

Rate and Fee

• Intro offer: No current offer
• Annual fee: $0
• Regular APR:74% variable
• Recommended credit: (No Credit History)
• Late Payment fee: Up to $40.

Benefits of Capital One Platinum Secured Credit Card

The Capital One Platinum Secured Credit Card offers numerous benefits to help you manage your finances and protect your account. With this card, you can take advantage of the following features:

• Personalized Account Alerts: Set up email or text reminders to stay on top of your account.
• Balance Transfer: Easily transfer higher-rate balances onto your Capital One card for better interest rates.
• 24/7 Customer Service: Access helpful customer service representatives any time of the day or night.
• Security Alerts: Receive notifications via text, email, and phone if there are potential suspicious transactions on your account.
• $0 Fraud Liability: You will not be held responsible for unauthorized charges if your card is lost or stolen.
• Card Lock: Use the Capital One Mobile app to lock your card if it goes missing.
• Capital One Mobile App: Manage your account and view transactions on the go, and even get free credit monitoring with CreditWise.
• No Foreign Transaction Fees: Make purchases outside the United States without incurring transaction fees.
• 50% off Handcrafted Beverages: Enjoy a 50% discount on all handcrafted beverages at Capital One Cafés nationwide.
• Emergency Card Replacement: If your card is lost or stolen, you can quickly get an emergency replacement.

• ATM Location Services: Receive help finding the nearest ATM when traveling. If you’re using your Platinum Secured Credit Card at an ATM to take out a cash advance, be sure you have reviewed the Cash Advance fees on your card beforehand.

• Account Alerts from Eno: Receive an alert if Capital One detects a potential mistake or unexpected charges like a potential duplicate purchase or a sudden recurring bill increase.

Using the Capital One Platinum Secured Credit Card Responsibly

Here’s how to get the most out of your Capital One Platinum Secured Credit Card and build a healthy credit history:

• Make on-time payments: This is crucial to avoid fees and negative marks on your credit report. Consider setting up autopay to ensure you never miss a due date.
• Increase your credit limit (optional): A larger security deposit can boost your credit utilization ratio, another critical factor in your credit score.
• Skip cash advances: These come with high fees that can quickly escalate your debt.
• Pay your balance in full: This helps you avoid interest charges and demonstrates your ability to manage credit responsibly.

Is the Capital One Platinum Secured Credit Card right for you?

This card is ideal if you’re new to credit or aiming to rebuild it. A low-security deposit allows you to establish yourself as a responsible borrower and improve your credit score.

However, if you already have a fair credit score (typically above 580), consider an unsecured card like the Capital One Platinum Card, which doesn’t require a security deposit.

Application and Approval for the Capital One Platinum Secured Credit Card

Capital One Platinum Secured Credit Card is designed for those rebuilding credit or with limited credit history. Here’s what you need to know about applying and getting approved:

Eligibility Criteria

• Be at least 18 years old.
• Have a Social Security number or ITIN.
• Have a U.S. residential address (no P.O. boxes).
• Provide proof of income sufficient for the minimum monthly payment.
• Have a checking or savings account for automatic payments (optional but recommended).

Approval Process

• Capital One does not disclose a minimum credit score requirement for the Platinum Secured Card. However, it generally targets individuals with rebuilding or limited credit history.
• You can pre-qualify for the card without a hard credit check to see your approval odds.
• Once you apply, Capital One will review your application and decide based on your overall financial picture.

Security Deposit

• You’ll need a refundable security deposit of $49, $99, or $200. The amount you choose determines your initial credit limit.
• After responsible card use and on-time payments for a set period (usually six months), Capital One may review your account and consider increasing your credit limit without requiring an additional deposit.

Customer Service

• Helpline Number: 1-800-CAPITAL (227-4825)
• Official Website: Capital One

Conclusion

The Capital One Platinum Secured Credit Card is a solid option for those seeking to build or rebuild their credit. With its low-security deposit, manageable fees, and credit line increases for responsible use, it offers a chance to establish a positive credit history. However, if you already have fair credit, unsecured cards might be better as they don’t require a security deposit.

WhatCard Recommended Credit Cards

• Capital One Quicksilver Student Cash Rewards Credit Card Review
• Capital One Platinum Credit Card Review