Capital One Platinum Secured Credit Card: Rebuild your credit with no frills

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All things considered, few people would find the Capital One Platinum* Secured Credit Card the best option available to them. Compared to other secured credit cards – which generally require a security deposit to maintain your line of credit and are designed for those with no credit or bad credit — Capital One’s offer is generally lackluster. His potential line of credit is the smallest of those on our radar at $200 to $1,000, and his buy APR (26.99% variable) is as high as we have seen. There’s no rewards program or welcome bonus, although that’s pretty typical for secured credit cards.

The biggest advantage of this Capital One credit card is the possibility of having an initial line of credit greater than your deposit. In almost all cases, secure credit cards set your credit limit to the amount of your deposit – if your deposit is $300, that’s your limit. But with this card, your initial line of credit will be $200, but your deposit could be $49, $99, or $200, depending on your application criteria. This means that it is possible to score an initial line of credit on top of your deposit amount.

Here’s what you need to know about the Capital One Platinum Secured Card, as well as some comparable cards worth considering.

In this article

Introductory offerN / A

APR26.99% (Variables)

Recommended credit Limited, Bad

Reward rateN / A

Annual fees$0

Intro Purchase APRN / A

Intro Balance Transfer APRN / A

Balance Transfer Fee $0 to this transfer APR

APR balance transfer26.99% (Variables)

Late payment fees Up to $40

Foreign transaction fees Any

APR Penalty Any

Filing and Qualifications

As with most other secured credit cards, there is no annual fee associated with the Capital One Platinum Secured Credit Card – you are only responsible for depositing $49, $99 or $200. The amount you owe for your initial deposit will be determined by your request. If you want a higher credit limit, you can deposit up to $1,000, in which case your limit will be equal to the amount you deposited.

Although some secure credit card issuers give you a pass for a firm credit check, Capital One is not one of them. They will check your credit when processing your application – as well as your income, employment status and housing payment – ​​but they offer pre-approval if you are curious to see if you qualify without committing to a full credit check. Note that even once you are approved, your account is not officially “opened” until you submit your security deposit.

Once you’re set up with this card, there’s not much you can do but use it responsibly. Try to keep your usage to 30% or less of your credit limit ($60 or less per month on a $200 credit limit), but use it at least occasionally and pay it off in full each month to avoid interest charges and start boost your credit.

Build credit with this card

Even though secured credit cards may recall debit cards due to the security deposit, secured credit cards are legitimate lines of credit from which issuers report your activity to the credit bureaus. Responsible activity on your card (light to moderate use, with full payments each month) will help you grow your credit more effectively.

outraged improve your credit score, a responsible activity can also recover your security deposit. In as little as six months, Capital One can begin automatically reviewing your account to see if you qualify for a higher line of credit or a security deposit refund (in the form of a statement credit), you allowing access to the Capital One Platinum credit card. *, from which you can continue to increase your credit and credit line.

Other advantages

Although there are no awards or login bonus, you can enjoy a few benefits with the Capital One Secured Platinum card. With flexible due dates, you can choose when you make your monthly payments. And like all the others Capital One Credit Cardsthere are no foreign transaction fees with this card. So if you’re traveling abroad, you can use this card anywhere Mastercard is accepted without paying extra. Usually, these fees amount to around 3% of the transaction.

Comparable cards

Discover it® Secure credit card

The Discover it®* secured credit card is by far one of our favorite secured credit cards. Although it offers no leverage on the initial security deposit, your line of credit range is wider from $200 to $2,500. Moreover, this secured credit card offers a pretty good rewards program and a sign-in bonus, while most secured credit cards are picky for these features. Discover our full review of the Discover it® Secured Credit Card for more details.

Chime Credit Builder Secure Visa® Credit Card

The Chime Credit Builder* Secure Visa Credit Card is another of our favorite secure cards. While this card is similar to the Capital One Secured Platinum card in that it doesn’t offer fancy benefits, it does give the cardholder the easiest access to a line of credit. With this card there is no credit check associated with the application, which can help be approved easier. Additionally, this card has no minimum or maximum deposit limit, giving you freedom over your line of credit depending on your available cash.

Capital One Platinum Credit Card

If you think you are about to qualify for a traditional credit card, you can skip the Capital One Platinum Secured Credit Card application process and apply for the Capital One Platinum Credit Card instead. This is the card you can upgrade to from the Platinum Secured Card, and it’s designed for those who have fair credit (usually a FICO score of 580 to 669). The specs and benefits are basically the same, except with this card, you won’t have to put down your money to open the account.

FAQs

What is a secured credit card?

This type of credit card usually requires an initial deposit equal to the credit limit. So, for a card with a credit limit of $500, you would need to deposit $500. Secured credit cards are always subject to late and rejected payment fees and generate interest on unpaid balances. As such, a secured credit card presents lower risk to card issuers and allows them to extend lines of credit to borrowers who do not have good credit or do not meet the credit score threshold. minimum credit.

How is my credit score calculated?

Credit scores are calculated by looking at a variety of factors related to your personal credit, including length of credit history, payment history, amounts owed, new credit, and credit mix. The exact weight of each factor depends on the score model (FICO, VantageScore or other) and your own credit history. If, for example, you have no credit history, the other factors may be weighted more heavily. (See this article for more information on credit scores.)

How long does it take to improve my credit rating?

After opening a secured credit card account, it will take approximately one to two months for the secured credit card issuer to report it to a major credit bureau, in which case it will begin to impact your credit report and your credit score. It then takes several more months before account activity is significant enough to make a difference. If you maintain a low or zero balance and manage the rest of your finances well, you could increase your score by several hundred points in a year or two, but that will depend on your particular situation. If you have a longer credit history with a number of issues, it will take longer. If you have a shorter history, each month’s activity will play a much bigger role.

Our approach

We review the most popular cards with the best benefits. We go through the fine print so there are no surprises when you open an account. We find the key factors that make a card stand out and compare them with other top cards. This way, readers can opt for a different card with similar functionality if our choice doesn’t suit them. Our opinions are regularly checked and updated to incorporate new recommendations, as well as to reflect changes in offers and the market.

*All information about the Capital One Platinum Secured Credit Card, Discover it Secured Credit Card, Chime Credit Builder Secured Card and Capital One Platinum Credit Card has been independently collected by CNET and has not been reviewed by CNET. the transmitter.

Editorial content on this page is based solely on objective, independent assessments by our editors and is not influenced by advertising or partnerships. It was not supplied or commissioned by a third party. However, we may receive compensation when you click on links to products or services offered by our partners.

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