How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Advertising Disclosure
LendingTree is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products. We are compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order).

Advertising Disclosure

LendingTree is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products. We are compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order).
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American Express Disclosure
Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.

American Express Disclosure

Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.

Capital One Platinum Secured Credit Card Review

LendingTree's Review

How LendingTree Rates Credit Cards?

Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.
3.8
Capital One Platinum Secured Credit Card
Reports to Credit Bureaus
Build Credit When Used Responsibly
Minimum Deposit
$49, $99, or $200
Regular Purchase APR
29.99% (Variable)
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It was not reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Our take: The Capital One Platinum Secured Credit Card is a great option for many people who want to build credit. It can offer a lower security deposit and automatic reviews to your credit limit — which are excellent features for a secured credit card.

Pros and cons of the Capital One Platinum Secured Credit Card

  • Flexible security deposit
  • Deposit is refundable
  • Chance for a credit line increase
  • Chance to upgrade to an unsecured card
  • $0 annual fee
  • Lower deposit not guaranteed
  • Credit limit is low
  • High interest rate
  • No rewards rate

Is the Capital One Platinum Secured Credit Card a good card?

If you’re looking for a credit card to help you improve your credit or build a new credit profile, the Capital One Platinum Secured Credit Card could be a good option.

One of the main benefits of this card is that it offers a potentially lower security deposit ($49, $99 or $200) than most secured credit cards. That’s a great feature, since you could end up with a credit limit that’s higher than your required deposit. Plus, Capital One will review your eligibility for an increased credit limit after six months of responsibly using the card — which not every secured credit card does.

It works just like a normal, unsecured credit card. It also has one other major advantage over most cards geared to consumers with low credit scores: It doesn’t charge an annual fee.

The main downside to this card, however, is that it doesn’t offer cash back rewards. If you’d rather earn cash back than qualify for a potentially lower security deposit, the Discover it® Secured Credit Card or Capital One Quicksilver Secured Cash Rewards Credit Card may be a better fit.

Quick facts

    • 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
    • For Capital One products listed on this page, some of the 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
  • Recommended Credit
    Credit scores ranges may vary. Your individual chance at approval may vary due to factors such as creditors using a particular variation at their discretion
  • 300 600
    Limited/Poor
  • Credit score access with CreditWise
  • $0 fraud liability for unauthorized charges
  • Emergency card replacement
  • 24/7 customer service

Intro Purchase APR

N/A

Regular Purchase APR

29.99% (Variable)

Intro BT APR

N/A

Regular BT APR

29.99% (Variable)

Annual Fee

$0

Cash Advance Fee

5% of the amount of the cash advance, but not less than $5

Foreign Transaction Fee

None

Balance Transfer Fee

Balance Transfer Fee applies to balances transferred at a promotional rate

*To see rates & fees for Capital One Platinum Secured Credit Card, please click here.

What we like about the Capital One Platinum Secured Credit Card

  • Flexible security deposit

    Most secured credit cards require applicants to submit a security deposit equal to the credit limit desired. Capital One’s minimum security deposit with this card can be either $49, $99 or $200 — in any case you’ll be granted an initial credit limit of $200.

    Note that you have to apply and be approved before your minimum deposit is determined, and you’re not guaranteed to get one of the lower deposits. Still, this is a unique feature that gives you the chance to pay less than $200 to secure a credit line.

  • Deposit is refundable

    You can get your security deposit back if your balance is paid in full and you close your account. Plus, Capital One may also review your account for on-time payments and decide that you’re eligible to upgrade to an unsecured card and have your deposit refunded. However, be aware that there’s no set time frame for that review.

  • Chance for a credit line increase

    Capital One will automatically review your account for a higher credit line in as little as six months. Since the minimum credit limit is only $200, a credit limit increase offers you more flexibility — and can help lower your credit utilization ratio, which increases your credit score.

  • Chance to upgrade to an unsecured card

    If you use the Capital One Platinum Secured Credit Card responsibly, your card may be upgraded to the Capital One Platinum Credit Card. The terms and features will be the same as the secured version, except your credit limit will no longer be tied to a security deposit.

  • $0 annual fee

    Another great reason to apply for the Capital One Platinum Secured Credit Card is that it doesn’t charge an annual fee. Credit cards for people with bad credit can charge expensive fees, like maintenance and annual fees. These can add up to $100 or more — which is high, especially for cards that don’t earn attractive rewards and sign-up bonuses. Plus, these cards typically require you to close the card when you’re done with it, which hurts your credit score.

    *To see rates & fees for Capital One Platinum Secured Credit Card, please click here.

What to look out for with the Capital One Platinum Secured Credit Card

  • Lower deposit not guaranteed

    If you’re approved for the Capital One Platinum Secured Credit Card, the issuer will set your minimum deposit at $49, $99 or $200. That means you could have to deposit the full $200 to get the card.

  • Credit limit is low

    With an initial $200 credit limit, you won’t be able to use this card for large purchases, though you do have the option of depositing more money to boost your credit line. But since you should keep your balance low for maximum credit score improvement, we recommend only using this card for small recurring purchases every month that you pay off in full by the due date.

  • High interest rate

    This card has a 29.99% (Variable) APR. While that’s in line with many secured cards, it is still high. Make sure to pay your balance off in full each month so you don’t incur interest charges, and the APR shouldn’t be a problem.

    *To see rates & fees for Capital One Platinum Secured Credit Card, please click here.

  • No rewards rate

    The Capital One Platinum Secured Credit Card doesn’t offer cash back rewards. And while most secured credit cards don’t, there are a few that do. For example, the Discover it® Secured Credit Card lets cardholders earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.

    Another secured credit card that offers cash back is the Capital One Quicksilver Secured Cash Rewards Credit Card, which earns 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply).

Alternate credit-building cards to the Capital One Platinum Secured Credit Card

Capital One Platinum Secured Credit Card vs. Discover it® Secured Credit Card

| Disclosures
Discover it® Secured Credit Card
Discover it® Secured Credit Card
apply-now-icon Apply Now
on Discover's secure site
Rates & Fees
N/A
28.24% Variable APR
$0
Earn 2% cash back at Gas Stations and Restaurants on up to
  • No credit score required to apply.
  • No Annual Fee, earn cash back, and build your credit history.
  • Your secured credit card requires a refundable security deposit, and your credit line will equal your deposit amount, starting at $200. Bank information must be provided when submitting your deposit.
  • Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.
  • Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.
  • Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites. Activate for free.
  • Terms and conditions apply.
300 600
Limited/Poor

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

The Discover it® Secured Credit Card is one of the best secured credit cards because it offers a cash back rewards program: Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.

Discover also conducts monthly reviews of your account, starting at seven months to see if you’re eligible to transition to an unsecured card. However, the Discover it® Secured Credit Card does require a minimum deposit of $200 — so if you’re looking for the chance to qualify for a lower security deposit, the Capital One Platinum Secured Credit Card may offer the opportunity to do that.

Capital One Platinum Secured Credit Card vs. Capital One Quicksilver Secured Cash Rewards Credit Card

| Disclosures
Capital One Quicksilver Secured Cash Rewards Credit Card
Capital One Quicksilver Secured Cash Rewards Credit Card
apply-now-icon Apply Now
on Capital One's secure site
Rates & Fees
N/A
29.99% (Variable)
$0
1.5% Cash Back on every purchase, every day; 5% Cash Back on
  • No annual or hidden fees, and you can earn unlimited 1.5% cash back on every purchase, every day. See if you're approved in seconds
  • Put down a refundable $200 security deposit to get a $200 initial credit line
  • Building your credit? Using a card like this responsibly could help
  • Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
  • 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
  • Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
  • Monitor your credit score with CreditWise from Capital One. It's free for everyone
  • Enjoy up to 6 months of complimentary Uber One membership statement credits through 11/14/2024
  • For Capital One products listed on this page, some of the 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
300 600
Limited/Poor

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

The Capital One Quicksilver Secured Cash Rewards Credit Card has many of the same perks as the Capital One Platinum Secured Credit Card — plus, it earns cash back: Earn 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply). That could be a huge benefit if you’re trying to save money; however, the card does require you to make at least a $200 security deposit.

If you use the card responsibly, you can eventually graduate to the unsecured version of the card, the Capital One Quicksilver Cash Rewards Credit Card, which has a $0 annual fee and also earns cash back.

*To see rates & fees for Capital One Quicksilver Secured Cash Rewards Credit Card, please click here.
*To see rates & fees for Capital One Quicksilver Cash Rewards Credit Card, please click here.

Capital One Platinum Secured Credit Card vs. OpenSky® Secured Visa® Credit Card

| Disclosures
OpenSky® Secured Visa® Credit Card
OpenSky® Secured Visa® Credit Card
apply-now-icon Apply Now
on Capital Bank, N.A.'s secure site
N/A
25.64% (variable)
$35
Earn up to 10% cash back* on everyday purchases
  • New feature! Earn up to 10% cash back* on everyday purchases
  • No credit check to apply. Zero credit risk to apply!
  • Looking to build or rebuild your credit? 2 out of 3 OpenSky cardholders increase their credit score by an average of 41 points in just 3 months
  • Get free monthly access to your FICO score in our mobile application
  • Build your credit history across 3 major credit reporting agencies: Experian, Equifax, and TransUnion
  • Add to your mobile wallet and make purchases using Apple Pay, Samsung Pay and Google Pay
  • Fund your card with a low $200 refundable security deposit to get a $200 credit line
  • Apply in less than 5 minutes with our mobile first application
  • Choose the due date that fits your schedule with flexible payment dates
  • Fund your security deposit over 60 days with the option to make partial payments
  • Over 1.4 Million Cardholders Have Used OpenSky Secured Credit Card To Improve Their Credit
  • *See Rewards Terms and Conditions for more information
300 600
Poor

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

The OpenSky® Secured Visa® Credit Card can help you build credit and doesn’t require a credit check to apply. So if you’re worried about getting rejected for a credit card, this card may be a good option for you.

Like the Capital One Platinum Secured Credit Card, you can receive credit line reviews every six months. However, the minimum security deposit is $200 — and there’s also an annual fee of $35, so you may have more upfront costs than you would with the Capital One Platinum Secured Credit Card.

Like the Capital One Platinum Secured Credit Card, the OpenSky® Secured Visa® Credit Card also lets you upgrade to its unsecured credit card. You can qualify for the OpenSky® Gold Visa® Unsecured Credit Card after six months of responsible credit card usage — and it too doesn’t require a credit check.

The OpenSky® Secured Visa® Credit Card‘s APR is 25.64% (variable), which is much lower than the Capital One Platinum Secured Credit Card‘s 29.99% (Variable) APR. So if you expect to carry a balance some months, then the OpenSky® Secured Visa® Credit Card may be a better choice to avoid more interest.

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

The Capital One Platinum Secured Credit Card is right for people who want to build their credit and are looking for a potentially lower security deposit than the typical $200. But if you don’t mind a $200 security deposit, the Discover it® Secured Credit Card might be a better card for you, since it allows you to earn cash back.

And if you’re concerned that something in your credit history might prevent you from being qualified for either of these secured cards, you might want to look at the OpenSky® Secured Visa® Credit Card. It’s also a secured card — but unlike the two previously mentioned cards, it doesn’t require a credit check when you apply (you will need to enter financial information, like your annual income and monthly housing payment.) However, the downside is that it has an annual fee of $35.

apply-now-icon Apply Now
on Capital One's secure site
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.