Capital One Platinum Secured Credit Card Review
Rating as of Mar. 8, 2018 based on a review of services March 7, 2023.
- Poor
If you are worried that you will not get approved for a conventional credit card or have been rejected in the past, the Capital One Platinum Secured is an excellent option. It’s rare to find one that doesn’t charge an annual fee and Capital One will automatically review your credit limit in as little as six months.
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Put down a refundable security deposit starting at $49 to get a $200 initial credit line.
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Be automatically considered for a higher credit line in as little as six months with no additional deposit needed.
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No annual fee and no foreign transaction fees.
- No annual or hidden fees. See if you're approved in seconds
- Building your credit? Using the Capital One Platinum Secured card responsibly could help
- Put down a refundable security deposit starting at $49 to get a $200 initial credit line
- You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
- Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Get access to your account 24 hours a day, 7 days a week with online banking to access your account from your desktop or smartphone, with Capital One's mobile app
Everything you need to know about the Capital One Platinum Secured Credit Card. If you have a poor credit rating and want a solid, reliable card to boost your credit score, this should be your first port of call. The Capital One Platinum Secured Credit Card is a solid, reliably supportive secured credit card that is ideal for anyone with a poor credit rating or first-time cardholders.
The Capital One Platinum Secured Credit Card gives you the flexibility of a credit line that goes up to $1,000. It also offers top digital financial tools, and the power to check your credit standing as much as you’d like.
Practical benefits, travel assistance, and Apple Pay just add to the appeal.
Introduction
If you have poor credit or need to start building your credit score from scratch, the Capital One Platinum Secured Credit Card is a great option. It’s a solid and reliable secured card that can help you build your credit score and give you the lifeline of emergency credit and the ability to order online. The Capital One Platinum Secured Credit Card stands out among other secured cards because it gives you a credit limit that’s bigger than your security deposit.
We got the Capital One Platinum Secured Credit Card for my daughter at college to build her credit score and learn how to manage credit cards. It’s great for anyone who wants the flexibility of a credit card but doesn’t qualify for most unsecured credit cards.
There’s no annual fee and no other charges apart from late payment charges, and thanks to the low minimum credit rating and zero minimum income requirements, it’s accessible to almost all Americans.
Key Facts
- For people rebuilding credit: The Capital One Platinum Secured Credit Card is geared towards borrowers who need to rebuild their credit or build it from scratch. If you’ve been declined other credit cards in the last few months or your credit score is below 600, the Capital One Platinum Secured Credit Card may be a good fit for you.
- No annual fee: There’s no annual fee so you can use this credit card without worrying about an up-front annual cost.
- High APR: The interest rates on the Capital One Platinum Secured Credit Card are high at 29.99% (Variable), but the whole point of using this credit card is to pay off the balance in full each month and build credit. If you do that, the interest rates won’t bite and you’re likely to improve your credit score..
- Higher line of credit: The Capital One Platinum Secured Credit Card stands out from other secured cards because your credit limit can be automatically considered for a higher credit line in as little as six months without requiring you to add to your security deposit.
- Reports to the credit bureaus: Unlike a prepaid credit card, the Capital One Platinum Secured Credit Card is a credit card in every way. This means it reports to all three credit bureaus so you can generally improve your credit score.
- No rewards: The Capital One Platinum Secured Credit Card isn’t out to woo borrowers with cash back and air miles. It’s a solid card that gives you access to credit and supports you in rebuilding your credit score.
In-Depth Analysis
If you think that the Capital One Platinum Secured Credit Card could be right for you but you need more details before you take the plunge, here’s an in-depth look at the most important features of this card.
Higher Line of Credit
It’s important to remember that the Capital One Platinum Secured Credit Card is not a prepaid card. Your security deposit is just that, a deposit, that will be refunded when you close the card. Depending on your financial situation, you could get a $200 credit line for just a $49 security deposit. Capital One also offers a higher credit limit of up to $1,000 if you add to your security deposit. It’s rare to find a secured credit card that allows borrowers to start with such a high credit limit.
My daughter paid $200 and got the starter $200 credit line, but she took her responsibilities seriously. In as little as six months, Capital One raised her credit limit without making her add to her security deposit.
Rates and Fees
First and foremost, there’s no annual fee. So if you pay off your balance in full each month you can use this card without the cost of interest. The APR of 29.99% (Variable) is definitely high, but that’s to be expected in exchange for a credit card for borrowers with low credit scores.
The Capital One Platinum Secured Credit Card is also a great card to use abroad, thanks to the zero foreign transaction fees. You can use it overseas like a regular credit card. All of your purchases will be converted into dollars without any extra charge and you’ll be charged interest on them at the normal rate. On top of this, there are attractive insurance and travel protection offers too.
Credit Building Tools
Capital One really wants to help you build your credit so that you can move on to fun credit cards with plenty of perks and special offers, so they present a range of credit building tools. The credit card reports to all three main credit agencies so that your responsible credit card use quickly gets noticed.
Security and Support
I’ve always been concerned about the risks of identity fraud and credit card theft, so I’m relieved to find a card that takes them as seriously as I do. Capital One Platinum Secured Credit Card is covered by a $0 fraud guarantee that promises that you won’t have to pay anything if your card is lost or stolen.
Identity theft is tackled head-on with a 24/7 year-round identity theft support team. They’ll help you report identity theft to all three credit bureaus, place a an alert on your credit record, and give you template letters to notify all of the relevant authorities.
Travel Benefit
If you card is lost or stolen, Capital One’s 24-hour global assistance line will help you cancel the card and send you a temporary card the next day if you’re in the U.S. or within two business days, no matter where you are in the world.
Digital Banking
The Capital One Platinum Secured Credit Card is a card for the digital world. You can use the Capital One mobile banking app and the Capital One digital wallet to track your spending anytime, anywhere. The mobile app shows your recent purchases, allows you to set up autopay to pay your bills on time, and gives you an overview of your financial circumstances.
With the digital wallet you can take photos of your receipts and the wallet will automatically link them to your recent purchases to help you stick to a budget. You can also lock and unlock your card through the digital wallet.
To help you stay on top of everything you have to remember in today’s busy world, Capital One will also send you email or text alerts through the app to remind you to pay your bills. Through the app you can adjust your settings, including choosing your own payment date and method. It’s all at your fingertips.
Finally, the Capital One Platinum Secured Credit Card rides the cutting edge of contactless payments by incorporating Apple Pay. Apple Pay permits contactless payment in stores and fast, secure payment in apps and online.
Credit Card Benefits
Although you’re using a secured card, you will not get any lower level of service than unsecured card users. There’ll be nothing on your card to mark it as a secured card, so there’s no need for embarrassment.
Standard credit card benefits like an extended warranty for eligible purchases are available and you’ll find that they are extremely useful. These include doubling or adding another 12 months to the standard manufacturer’s warranty on expensive smaller items such as appliances and jewelry worth up to $10,000.
Roadside assistance throughout the United States is also included. Capital One will send someone to rescue you if you break down, no matter where you are.
If they can’t get you started again they’ll tow you to the nearest mechanic. There’s also very handy car rental insurance for if you rent a car for up to 15 days using your Capital One Platinum Secured Credit Card. You’ll get coverage for collision, damage, and theft, potentially saving many dollars since car rental firms charge high rates for these levels of coverage. Because it’s available worldwide, you can use it for car hire in Thailand or South Africa as easily as in Alaska or Florida.
Pros & Cons
Pros
- Low Fees — This card has no annual fee.
- You Don't Need Perfect Credit — This is a great card for rebuilding your credit.
Cons
- Small Credit Limit — You will likely receive a low initial line of credit.
- Costly Interest Charges — This card has a high standard interest rate.
Should You Get the Capital One Platinum Secured Credit Card?
Every individual is going to have to answer this question in a different way, according to his or her personal financial situation. In my opinion, anyone who wants to build their credit or adjust to good credit card habits should turn to this credit card first.
The lower credit limits and credit tools help anyone who needs to rebuild credit as well as students and graduates who are on their first credit card after being an authorized user on their parents’ cards. Anyone learning responsible financial habits and budget-balancers will also benefit from the account reminders, auto-pay, and spending tracking features.
With digital banking and NFC payment features it’s cutting edge as well as responsible, while security-conscious users will be reassured by the anti-fraud and identity theft measures that are built in.
The fact is that if you have a high credit score and want top cash back or travel rewards, this isn’t the card for you. But if you have a poor credit rating and want a solid, reliable card to boost your credit score while giving you the reassurance of an emergency credit card, this should be your first port of call.
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.