If you’re wondering whether the Capital One Platinum Secured Credit Card is a good card, the answer is yes — if you’re wondering if it’s the best secured card you can get, that depends.
For cardholders who can afford to put down a minimum deposit of $200, the Discover it® Secured Credit Card might be a better card. The opportunity to earn cash back, along with the guaranteed time frame for when your account will be reviewed to be upgraded to an unsecured card make it a compelling choice.
However, the Capital One Platinum Secured Credit Card does offer new applicants the chance to qualify for a lower minimum deposit of $49 or $99, rather than $200. So if you don’t have a lot of money to tie up in a security deposit, you could take your chances and see if you can get the lower deposit amount.
Finally, 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 charges an annual fee of $35. However, it doesn’t require a credit check when you apply. Instead, you’ll need to enter financial information, such as your annual income and monthly housing payment.