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.
- Learn more about how to apply for Capital One Platinum Secured Credit Card.
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.
- 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.
- 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 without a fee at the transfer APR of 30.74% variable. But this card may not be the cheapest way to transfer balances with high APR for all balances.
- 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 30.74% variable. That’s a high rate compared to the average APR, 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.
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.
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.
- 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.
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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