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.

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.

• 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 29.74% (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.

Compare it to the Discover it^® Secured Credit Card

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 seven 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 27.24% Variable APR — so you should avoid incurring interest charges by paying your card’s balance off in full every month.

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.