Capital One Platinum Secured Credit Card review
One of the best secured cards available, offering a potentially low deposit and credit limit boost.
finder.com’s rating: 4.4 / 5
- Get this card if you want the chance to pay a low security deposit and potentially earn a credit-limit boost after six months.
- Pick something else if you want rewards.
- Apply if you’re new to credit, have a limited credit history or are rebuilding a poor credit score of 300 or higher.
Purchase APR (variable)
New to credit
Recommended credit score
Steven Dashiell is Senior Writer, Personal Finance at Finder specializing in all things credit cards. With more than 300 articles under his belt, he aims to help readers embrace credit cards and maximize their rewards. Steve is studying to become a Certified Educator in Personal Finance, and is a frequent face on Finder’s YouTube channel, offering the latest in credit card hacks and advice. His expertise has been featured on numerous outlets, including U.S. News & World Report, NASDAQ, Time, CBS, Fox Business, Lifehacker, Martha Stewart Living and more.
The Capital One Platinum Secured Credit Card is one of the easiest secured cards to use on the market because it focuses on the basics. It features $0 annual fee, a security deposit as low as $49, an ongoing variable APR of 26.99%, and the opportunity for a higher credit line after six months.
Typically, the amount you deposit for your secured card becomes your credit limit. With the Capital One Platinum Secured Credit Card, you may receive a higher credit limit than what you deposit. You could even see a bump to your credit line after 6 months. These benefits make it easier to get a secured card — and eventually graduate to an unsecured card.
The card also comes with a generous amount of account management and security features, which can help cardholders stay on top of their account activity. This combination of simplicity, flexibility and safety led to this card earning a place on our Best of 2021 list for secured credit cards.
How to apply for the Capital One Platinum Secured Credit Card
Capital One offers preapproval through its online application, so you should receive a decision within a minute. Once you’re approved, it typically takes seven to 10 days to receive your credit card in the mail. Expect to get a copy of your card agreement and welcome materials with the new card.
- Select Apply now.
What should I know before I apply?
If you’re ready to apply for the Capital One Platinum Secured Credit Card, check that you have the required information and funds for the security deposit.
- You’re at least 18 years old.
- You have a checking or savings account.
- You have an address in the 50 United States, Washington, DC or a US military location.
- Your monthly income exceeds your monthly rent or mortgage payment by at least $425.
Required documents and information
- Your name, date of birth and citizenship status.
- Some form of ID.
- Your address.
- Your email address and primary phone number.
- Financial information like your employment status, total annual income and monthly rent or mortgage payment.
Capital One Platinum Secured Credit Card benefits
- No annual fee. You’ll need to put down a security deposit for this card, so it’s nice not to pay an additional fee.
- Opportunity to deposit less than $200. With most secured credit cards, your credit line is equal to your security deposit. For the Capital One Platinum Secured Credit Card, you may only have to deposit $49 or $99 and still get a $200 credit line. It’s not a guarantee, though — depending on your credit history and information on your application, you may be required to put down a $200 deposit. If you want a higher credit line, you’re welcome to deposit more — up to a maximum of $1,000.
- No Social Security Number required. Capital One doesn’t require you have a Social Security Number to apply for this card. This makes it a credit-building card friendly to those new to the U.S. You’ll still need some form of ID however.
- Potential for higher credit line with responsible use. Capital One may consider your account for a credit line increase after six months of responsible use.
- No balance transfer fees. You can make balance transfers at no cost. But this card may not be the cheapest way to transfer balances with high APR for call balances.
Capital One Platinum Secured Credit Card drawbacks
- Security deposit required. Since this is a secured card, you’ll need to put down a security deposit before you can use your account. This differs from an unsecured card, which doesn’t require a deposit.
- High APR. The Capital One Platinum Secured Credit Card comes with an APR on all balances of 26.99% variable. That’s a high rate considering the average APR is around 16%, but it’s not uncommon among secured cards. Consider paying off your balance completely each month. It’ll keep you from accruing interest at a high rate, and it’ll set you up for good credit habits.
Compare secured credit cards
If you’re curious what other secured credit cards on the market are like, select up to four cards and click Compare to view their features side-by-side.
Capital One Platinum Secured Credit Card reviews and complaints
Many cardholders say they’ve received $200 credit limits with lower deposit amounts, and customers say their credit scores have improved since getting the card. Some reviewers advise paying off your balance every month to avoid interest charges.
Capital One is accredited with the Better Business Bureau (BBB) and receives an A+ rating from the agency. It has almost 5,000 customer complaints at the time of this writing, many of which the BBB reports have been answered by Capital One or resolved to customers’ satisfaction.
I got the card. Now what?
- Set up automatic payments from your Capital One online account. Enrolling in autopay is a great way to ensure you make on-time payments, which is a bedrock of building credit.
- Avoid interest. The Capital One Platinum Secured Credit Card has a high interest rate on all purchases, so it’s an excellent idea to pay off your balance entirely each month.
- Avoid fees. Late payments come with fees of up to $40. These fees are a huge drag when you’re trying to build credit, so make your payment on time.
- Contact customer service with questions. If you have questions, contact the number on the back of your card. Alternatively, contact Capital One’s main customer service line at 800-227-4825.
Survey data on Capital One Platinum Secured Credit Card
What credit score did you have when you were approved for this credit card?
Based on a survey data of 124 people (out of 1076 respondents) on finder.com.
What interests you most about this credit card?
Based on a survey data of 796 people (out of 1076 respondents) on finder.com.
|Credit building features||64.57%|
|Minimum deposit / credit line||30.15%|
|Features and benefits||3.02%|
If you’re looking for a secured card, add Capital One’s product to your shortlist. You may pay a low security deposit, and you may receive a credit line boost after 6 months of responsible use. If you use your card responsibly and pay your bill in full each month, you’ll be able to graduate to an unsecured card in no time.
Images: Capital One
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