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Capital One Platinum Secured Credit Card review

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Capital One Platinum Secured Credit Card
4.4
★★★★★
Finder score
Terms and conditions apply. Rates and fees
Annual fee
$0
Purchase APR (variable)
29.99%
Recommended credit score
New to credit

Our verdict

One of the best secured cards available, offering a potentially low deposit and credit limit boost.

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 29.99% on purchases, 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 list of top secured credit cards.

Pros

  • No annual fee. This is one of the rare secured cards that has no annual fee.
  • Low security deposit. Deposit either $49, $99 or $200 based on your creditworthiness and you may receive a $200 credit line without having to put down a security deposit of the same amount.
  • Chance at a higher credit line. You'll automatically be considered for a higher credit line in as little as 6 months after opening the card.

Cons

  • Secured deposit required. You must make a secured deposit to use the card.
  • No rewards. You won't earn any rewards on your purchases with this card.

In this guide

  • Our verdict
  • Details
    • Features
    • Fees
  • Your reviews
  • Ask a question

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.

Details

Features

Annual fee $0
Welcome offer N/A
Rewards N/A
Purchase APR 29.99% variable
Balance transfer APR 29.99% variable Balance Transfer Fee applies to balances transferred at a promotional rate (0% at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you)
Minimum credit score New / limited credit
Issuer Mastercard

Fees

Balance transfer fee Balance Transfer Fee applies to balances transferred at a promotional rate (0% at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you)
Cash advance rate 29.99% variable
Cash advance fee $5 or 5% of the cash advance amount, whichever is greater
Cash advance fee description 5% of the amount of the cash advance, but not less than $5
Foreign transaction fee None
Interest free period Up to 25 days
Late payment fee Up to $40
Security deposit $49, $99 or $200
Rates & fees Terms apply, see rates & fees

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.

  1. 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.

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.
  • 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 29.99% variable. But this card may not be the cheapest way to transfer balances with high APR for all 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 29.99% 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.

Compare secured credit cards

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Name Product Filter values Minimum deposit required Annual fee Minimum credit score
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$0
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300
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Varo Believe Secured Credit Card
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Varo Believe Secured Credit Card
N/A
$0
300
A path to better credit from an entirely new kind of credit card. No minimum security deposit No annual fee No APR
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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?

survey question 2

Based on a survey data of 124 people (out of 1076 respondents) on finder.com.

Answer choicesResponses
740-8504.03%
670-7398.06%
580-66933.87%
300-57954.03%

What interests you most about this credit card?

survey question 3
Based on a survey data of 796 people (out of 1076 respondents) on finder.com.
Answer choicesResponses
Credit building features64.57%
Minimum deposit / credit line30.15%
Features and benefits3.02%
APR2.26%

Bottom line

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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