Capital One Platinum Secured Credit Card Review

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Ideal for consumers with bad credit

Capital One Platinum Secured Credit Card

Regular APR

26.99% (variable)

Recommended credit rating

No credit history

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The Capital One Platinum Secured Credit Card is a secured credit card, which means you must make a cash deposit to secure your line of credit. However, secured cards such as the Capital One Platinum Secured Credit Card are much easier to obtain than unsecured credit cards, making them a thoughtful alternative if you need to create credit from scratch or replenish your credit. after making mistakes in the past.

The Capital One Platinum Secured Credit Card can be a particularly smart option among secured credit cards because it doesn’t come with an annual fee and you can start creating credit with a security deposit as low as $ 49. Your initial line of credit can be as low as $ 200, but keep in mind that the goal of this card is to build credit so you can improve your credit score and upgrade to a better credit card later. . Also note that the deposit is held as security for what you borrow and will get it back once you have paid off and closed your account.

If your credit score is not so good, or if you haven’t started building credit yet, the Capital One Platinum Secured Credit Card might be just what you need to turn your situation around. Read on to learn how this card works, who it is best for, and how it compares to secured credit cards from other issuers.

What are the advantages and disadvantages?

Advantages

  • Start creating credit with a cash deposit as low as $ 49 and get your security deposit back when you close your account in good standing
  • Easy approvals if you need a credit card for bad credit
  • Your credit movements will be reported to all three credit bureaus, which can help increase your credit score over time
  • No annual fee
  • Qualify for important benefits like travel accident insurance, extended warranties, and secondary rental car coverage

The inconvenients

  • No reward for your spending
  • Cash deposit required as collateral

A closer look at the current card offering

Quick Highlights

  • Reward rate: N / A
  • Welcome offer: N / A
  • Annual subscription : $ 0
  • APR purchase intro: N / A
  • Introductory APR to Balance Transfer: N / A
  • Regular APR: 26.99% variable APR

Sign-up bonus

The Capital One Platinum Secured Credit Card does not offer a welcome bonus for new cardholders, and does not offer any rewards for current spending.

Other benefits for cardholders

Unlike other secured credit cards, the Capital One Platinum Secured Credit Card comes with many benefits for cardholders. The main benefits you should know about are included below.

Automatic credit line reviews

Once you’ve made a cash deposit to secure your line of credit, you’ll start with an initial line of credit of just $ 200. However, Capital One promises to automatically re-evaluate your account after six months to see if you qualify for a higher credit limit. Capital One will monitor your account, and since you use it responsibly by doing things like making payments on time, you may be able to get your deposit back as a credit on the statement.

Custom payment options

With the Capital One Platinum Secured Credit Card, you have the flexibility to choose when your credit card expires. This can be useful for budgeting purposes or in cases where you might prefer to pay your credit card bill on a certain day of the month or right after payday.

Credit Score Alerts

You will have access to Capital One’s CreditWise®, which will automatically notify you of changes on your TransUnion or Experian credit reports.

Travel benefits

The Capital One Platinum Secured Credit Card includes a surprising number of travel benefits, including no overseas transaction fees, travel accident insurance, 24-hour travel assistance services, and secondary rental coverage. car.

Extended warranties

Cardholders will also benefit from extended warranty coverage for items purchased that are already covered by a manufacturer’s warranty.

Tariffs and fees

The Capital One Platinum Secured Credit Card does not charge annual fees or foreign transaction fees. However, you will pay a 3% cash advance fee (minimum $ 10) if you choose to use your credit card to withdraw money from an ATM. Late fees of up to $ 40 may also apply if you pay your credit card bill after its due date.

How the Capital One Platinum Secured Credit Card Compares to Other Secured Credit Cards

Capital One Platinum Secured Credit Card

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3.0

Apply now

on the Capital One secure site

Recommended credit

No credit history

Image of Citi

Citi® Secured Mastercard®

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3.0

Apply now

on the secure Citi site

Recommended credit

No credit history

As you can see, the Discover it® Secured Credit Card offers some serious benefits that you don’t get with other secured credit cards. You’ll earn rewards on your purchases for beginners, but you can also get an introductory rate on balance transfers for six months. Discover it Secured also comes with no annual fee, so it’s an easy option to consider if you need to build up credit with a secured credit card.

Again, earning rewards on your spending may not be important to you if your goal is to build credit. Not only that, but the rewards tend to make people spend more on their cards overall, and it may be the opposite of what you hope to accomplish with a secured credit card.

Not only that, but you will notice that the Capital One Platinum Secured credit card requires a much lower security deposit amount to start compared to Discover it Secured and Citi® Secured Mastercard®. This can be important if you need to get credit but are running out of money to put up as collateral.

Bankrate’s Take: Is the Capital One Platinum Secured Credit Card Worth It?

The Capital One Platinum Secured Credit Card is a great option if you need to start building credit right away, and this is especially true if you need to start with the lowest possible deposit amount. It’s possible to get approved even if you have bad credit, and you may have the chance to prove your creditworthiness and get a higher credit limit over time.

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