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Capital One Platinum Secured Credit Card

Capital One Platinum Secured Credit Card

Capital One Platinum Secured Credit Card

Reports to Credit Bureaus
Build Credit When Used Responsibly
Minimum Deposit
$49, $99, or $200
Regular Purchase APR
26.99% (Variable)
Edited by
Glen Luke Flanagan
Reviewed by
Julie Sherrier
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Who is the Capital One Platinum Secured Credit Card best for?

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.

In most ways, a secured credit card works just like a normal, unsecured credit card — the difference is that you must provide the issuer with a security deposit, which serves as your credit line.

Most secured cards require your deposit to match the amount of your desired credit limit, but the Capital One Platinum Secured Credit Card is unique in that Capital One might allow a smaller deposit than your starting credit limit (this is determined upon approval of your application). Plus, after six months of responsibly managing the card, Capital One will review your eligibility for an increased credit limit.

Capital One Platinum Secured Credit Card overview

    • 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 with CreditWise from Capital One. It's free for everyone and checking your credit does not hurt your credit score
  • Credit needed:
    300 599
    Limited/Bad
  • Credit score access and TransUnion credit report alerts with CreditWise
  • Platinum Mastercard benefits such as auto rental insurance
  • Virtual credit card numbers

Intro Purchase APR

N/A

Intro BT APR

N/A

Annual Fee

$0

Regular Purchase APR

26.99% (Variable)

Cash Advance Fee

3% of the amount of the cash advance, but not less than $10

Foreign Transaction Fee

None

Balance Transfer Fee

$0 at this Transfer APR

Pros and cons of the Capital One Platinum Secured Credit Card

Pros

  • Flexible security deposit
  • Deposit is refundable
  • Chance for a credit line increase
  • $0 annual fee

Cons

  • Lower deposit not guaranteed
  • Credit limit is low
  • High interest rate

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, and in any of these cases, 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 and you could only have to deposit a low amount to secure a $200 credit line. Capital One also allows your deposit to be paid over time, as long as you pay the full amount within 35 days of being approved for the card. (Each payment must be at least $20 and must be in whole dollar increments.)

  • Deposit is refundable

    You can get your security deposit back if your balance is paid in full and you close your account. And 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.

  • $0 annual fee

    Some secured cards charge an annual fee, but not the Capital One Platinum Secured Credit Card.

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 (up to a $1,000 credit limit). 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 26.99% (variable) APR. While that’s in line with many secured cards, it is 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.

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

Compare it to the Discover it® Secured Credit Card

Disclosures |
Discover it® Secured Credit Card
Discover it® Secured Credit Card
on Discover's secure site
N/A
22.99% Variable APR
$0
2% cash back at Gas Stations and Restaurants on up to $1,000
  • No Annual Fee, earn cash back, and build your credit with responsible use.
  • Using your secured credit card helps build a credit history with the three major credit bureaus. Generally, prepaid and debit cards can’t do that.
  • Establish your credit line with your tax return by providing a refundable security deposit of at least $200 after being approved. Bank information must be provided when submitting your deposit.
  • Automatic reviews starting at 8 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. Plus, earn unlimited 1% cash back on all other purchases – automatically.
  • Discover is accepted nationwide by 99% of the places that take credit cards.
  • Get 100% U.S. based customer service & get your free Credit Scorecard with your FICO® Credit Score
  • INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
300 659

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.

Another secured credit card option for building or rebuilding credit is the Discover it® Secured Credit Card.

The Discover it® Secured Credit Card stands out from competing secured cards in that it offers a cashback rewards program: earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, 1% unlimited cash back on all other purchases - automatically.

It’s also worth noting that Discover conducts monthly reviews of your account, starting at eight months to see if you’re eligible to transition to an unsecured card.

However, be aware that 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.

The Discover it® Secured Credit Card has a 22.99% variable apr — so you should avoid incurring interest charges by paying your card’s balance off in full every month.

Compare the Capital One Platinum Secured Credit Card to similar cards

Comparison of four different credit cards
Capital One Platinum Secured Credit Card Discover it<sup>®</sup> Secured Credit Card OpenSky<sup>®</sup> Secured Visa<sup>®</sup> Credit Card
Capital One Platinum Secured Credit Card Discover it® Secured Credit Card OpenSky® Secured Visa® Credit Card
Apply Now
on Capital One's secure site
Apply Now
on Discover's secure site
Apply Now
on OpenSky's secure site
Apply Now
Annual Fee
$0 $0 $35 N/A
Welcome Offer
No bonus Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match. N/A N/A
Rewards Rate
Non-rewards Card 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, 1% unlimited cash back on all other purchases - automatically None N/A
Intro Purchase APR
N/A N/A N/A N/A
Regular APR
26.99% (Variable) 22.99% Variable APR 17.39% (variable) N/A
Intro Balance Transfer Rate
N/A 10.99% for 6 months N/A N/A
Regular Balance Transfer Rate
26.99% (Variable) 22.99% Variable APR N/A N/A
Balance Transfer Fee
$0 at this Transfer APR 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)* N/A N/A
Recommended Credit
Limited/Bad Limited/Bad/Poor Limited/Bad/Poor N/A
Card Details
Capital One Platinum Secured Credit Card Discover it® Secured Credit Card OpenSky® Secured Visa® Credit Card

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

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.

Apply Now
on Capital One's secure site