Capital One Platinum Secured Credit Card Review

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 histories.
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

What is a secured credit card?

A secured credit card is a type of credit card that offers you an opportunity to build or rebuild your credit with responsible use. This card type requires a refundable security deposit held as collateral while the account remains open, similar to the security deposit given to a landlord to rent an apartment. No interest is applied to the security deposit.

How does the Capital One Platinum Secured Credit Card differ from a prepaid card?

Unlike a prepaid card, a secured card is an actual credit card that reports to the three major credit bureaus—providing the opportunity to build your credit with responsible use. Prepaid cards are more like debit cards and cannot help you make your credit because they do not report to the major credit bureaus.

Will my Capital One Platinum Secured Credit Card have the word “secured” on it?

No. Your Capital One Platinum Secured Credit Card will not have the word “secured” on it. It will look just like other Capital One credit cards. This means you can use your card at any merchant or retailer that accepts Capital One credit cards without anyone knowing it is a secured card. This also helps to avoid any potential stigma associated with having a secured card, allowing you to use it confidently and discreetly.

6.9Expert Score

Credit Building

The Capital One Platinum Secured Credit Card is the perfect choice for those looking to improve their credit score with responsible use. With no annual fee and a low-security deposit requirement, this card offers flexibility and affordability.You can start with a refundable deposit as low as $49 and still receive a credit limit of at least $200. If you want to increase your credit limit and keep your credit utilization in check, you can deposit up to $1,000 for a higher starting credit limit. Choose the Capital One Platinum Secured Credit Card and take control of your credit journey today.

Credit Building Rating

8.2

Cost of Membership

Ease of Building Credit

4.5

APR

Issuer Customer Experience

7.6

PROS

The minimum credit limit is $200, and the deposit is as low as $49, making it one of the most accessible secured cards in the market.
Opportunity to increase credit limit after six on-time monthly payments and the possibility to graduate to an unsecured Capital One card with responsible use.

CONS

Unlike some competing secured and unsecured credit-building cards, no rewards program exists for purchases or specific spending categories.
Some other secured cards offer higher credit limits if a matching deposit is made, potentially expediting the process of building credit. However, this may vary depending on individual circumstances.

Specification: Capital One Platinum Secured Credit Card Review

Best For:	Secoured Credit Card
Recommended Credit	No Credit History Required
Intro Offer:	No Current Offer
Rewards	This card doesn't offer cash back, miles, or points
Annual Fee:	No Annual Fee
Regular APR:	30.74% variable
Intro Balance Transfers APR:	N/A
Intro Purchase APR:	N/A
Intro Purchase APR Period:	N/A
Balance Transfers Fee:	4% of the amount of each transferred balance
Foreign Transaction Fee	No Foreign Transaction Fee
Cash Advance Fee	N/A
Late Payment Fee:	Up to $40.
Cash Equivalent Fee	N/A
Convenience Check Fee	N/A
Returned Payment Fee:	N/A
Over Limit Fee:	N/A
ExtendPay Fee	N/A
Credit Card Limit:	higher than the amount of the security deposit
Credit Card Type	SECURED CREDIT CARD
Credit Card Features	$0 fraud liability, Tap to pay