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Capital One Platinum Secured Credit Card Review
The Capital One Platinum Secured Credit Card is designed to help you build your credit with responsible use. With a $0 annual fee, the card reports to all three credit bureaus and will automatically consider you for a credit line increase after six months. (See Rates & Fees)
To open a Capital One Platinum Secured Credit Card, you’ll need to make a refundable minimum security deposit of $49, $99 or $200 online or by phone. You can pay your security deposit in a single payment or in installments (over a 35-day period), but your account won’t officially open until the minimum is met. The security deposit serves as collateral for the account; it will not earn interest or be applied toward your monthly payments.
Cardholders can choose their monthly due date, set up alerts via email or text, and use autopay to help them stay on top of payments. The card also has $0 fraud liability to protect you against unauthorized charges. To help secure your account further, you can use virtual card numbers, which let you pay for online purchases without revealing your real card number.
- Issuer NameCapital One
- Credit NeededLimited, Bad
- Annual Fee$0
- APR30.74% (Variable)
- Penalty APRNone
- Balance Transfer FeeBalance Transfer Fee applies to balances transferred at a promotional rate
- Cash Advance Fee5% of the amount of the cash advance, but not less than $5
- Foreign Transaction FeeNone
- Are trying to build or rebuild your credit.
- Want a card with no annual or foreign transaction fee.
- Don’t mind making a security deposit.
- Plan to make at least the minimum payment on time each month.
When you’re using a secured card like the Capital One Platinum Secured Credit Card to build or rebuild credit, you’ll want to pay attention to two main things: paying on time and keeping your balance in check. These are the two most important factors impacting your credit score.
For on-time payments, setting up automatic payments can guarantee that you’ll never miss a due date. The other factor, credit utilization – which is how much available credit you use compared to your credit line – is a little more complex.
The key is to avoid using a large percentage of your credit limit, which can be a challenge when your credit limit is low. The lower your credit utilization, the better it is for your score. Therefore, the best way to maximize this card is to use it only for small purchases and then pay it off in full.
Editor’s Take
For a secured credit card, this one has favorable terms, such as charging a $0 annual fee and automatically reviewing your account for a credit line increase after six months. The lower minimum security deposit of $49 with the ability to pay by installments can also make the card appealing for eligible applicants.
However, a few secured cards offer rewards and benefits – such as cash back. If those features are important to you, you might explore different products. But if your primary objective is to grow your credit score, you should start to see progress with six months of smart credit behavior such as small purchase amounts paid off in full each month. Over time, Capital One may increase your credit line and eventually offer to upgrade you to the unsecured version of the card and return your deposit.
Dawn PapandreaContributor
The Capital One Platinum Secured Credit Card does not have a welcome offer.
The Capital One Platinum Secured Credit Card does not offer rewards.
U.S. News rates credit cards by analyzing factors including fees, interest rates and benefits, each weighed against their importance to determine an overall score for each credit card. Consumers can rely on these ratings to provide objective, accurate assessments of credit card choices.
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For rates and fees of the Capital One Platinum Secured Credit Card, (See Rates & Fees).
For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
