Capital One Platinum Credit Card
vs. Capital One Platinum Secured Credit Card
Updated: March 19, 2024
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People looking to build limited to fair credit ought to consider the Capital One Platinum Credit Card and Capital One Platinum Secured as solid options for their wallet. Both Capital One cards feature no annual fee, $0 fraud liability, virtual card numbers and 24/7 customer support.
However, there are some key differences between the Capital One Platinum Credit Card and Capital One Platinum Secured card. The former is an unsecured card available for people with fair to good credit, whereas the latter is for those with limited or bad credit and requires a security deposit. MoneyGeek’s detailed comparison of the Platinum and Secured Mastercard below can help you determine which is best for you.
Comparison Overview: Capital One Platinum Credit Card vs. Capital One Platinum Secured Credit Card
- Capital One Platinum Credit CardCapital One Platinum Secured Credit Card
- Has Annual Fee
- Has Balance Transfer Offer
- Has APR Offer
- Has Rewarding Welcome Offer
- Recommended CreditFair – Good
Capital One Platinum Credit Card At a Glance
The Capital One Platinum Credit Card is an attractive option for people with at least fair credit since it comes with no annual fee and no foreign transaction fees. Capital One also offers credit line reviews in as early as six months, making this card excellent for users building their credit score.
- Capital One Platinum Credit Card
Good no-frills unsecured card for building credit
- NoneRewards Rate
- 29.99% VariableAPR
- $0Annual Fee
- Fair – GoodRecommended Credit
Pros
- No annual or hidden fees
- Fast approval process
- Potential for higher credit line
- Free credit score monitoring
Cons
- No reward system
- High APR
APRS, Fees, and Penalties
- Enjoy no annual or hidden fees with this card.
Credit Building
- Benefit from an automatic credit line review after six months.
- Responsible card use can help build your credit.
Security Features
- $0 Fraud Liability protects you from unauthorized charges.
Account Management
- Manage your account 24/7 via desktop or smartphone with the Capital One app.
- Monitor your credit score for free with CreditWise.
Payment Options
- Check out quickly and securely with the contactless payment feature.
- Choose flexible payment options with no fees, including online, by check, or at a local branch.
Capital One Platinum Secured Credit Card At a Glance
If you have bad credit, using the Capital One Platinum Secured can help you rebuild your credit on a budget. It carries no annual, monthly or foreign transaction fees, and no penalty APR. A refundable security deposit of $49 to $200 is required to open an account. Over time, responsible users can upgrade to a standard, unsecured card.
- Capital One Platinum Secured Credit Card
Best secured card for low deposit and potentially high credit limit
- 29.99% VariableAPR
- $49Min. Security Deposit
- $0Annual Fee
- Limited – BadRecommended Credit
Pros
- No annual fee
- Quick approval process
- Improves credit with responsible use
- Potential for higher credit line
- Comes with security protections
Cons
- Requires security deposit
- No rewards program
- High interest rates
APRS, Fees, and Penalties
- Enjoy no annual or hidden fees, and find out if you're approved in seconds.
Credit Building
- Build your credit by using the Capital One Platinum Secured card responsibly.
- Start with a refundable security deposit as low as $49 to access a $200 initial credit line.
- Earn back your security deposit as a statement credit by making on-time payments.
- Be automatically considered for a higher credit line in as little as 6 months without needing an additional deposit.
Perks & Benefits
- Benefit from $0 Fraud Liability, ensuring you're not responsible for unauthorized charges.
- Monitor your credit score for free with CreditWise from Capital One.
- Access your account 24/7 via online banking or the Capital One mobile app.
Comparison Summary
MoneyGeek’s detailed comparison of the Capital One Platinum Credit Card and Capital One Platinum Secured helps you determine which is more suitable for your needs.
Card Detail | Comparison Summary |
|---|---|
Fees | Both the Capital One Platinum Credit Card and Capital One Platinum Secured are low-budget cards with no annual or foreign transaction fees. Both also carry a late payment fee of up to $40, which is avoidable by paying bills on time. Winner: Tie |
Credit Required | Fair credit is required to qualify for the Capital One Platinum Credit Card. On the other hand, people with limited or bad credit can get the Capital One Platinum Secured. Capital One offers a risk-free pre-approval process on their website, which doesn’t impact your credit score. Winner: Capital One Platinum Secured |
Security Deposit | Capital One Platinum Secured is a secured credit card that requires a security deposit of $49 to $200 to open an account. No security deposit is needed for the Capital One Platinum Credit Card. Winner: Capital One Platinum Credit Card |
Tap To Pay | Capital One Platinum Credit Card allows cardholders to pay by hovering their cards over a contactless card reader. Capital One Platinum Secured does not have this Tap To Pay feature. Winner: Capital One Platinum Credit Card |
Which Card Should You Get?
Although both the Capital One Platinum Credit Card and Capital One Platinum Secured have a $0 annual fee, the latter requires a security deposit. As such, your credit rating will likely be the determining factor in choosing between the two.
Who Should Consider the Capital One Platinum Credit Card?
Capital One Platinum Credit Card is a solid contender if you’re looking to improve your credit score with a straightforward, no-annual-fee credit card.
Individuals with fair credit can use Capital One’s risk-free online pre-approval process to see if they’re qualified.
Responsible card-users can enjoy an increased credit line and improved credit rating in as early as six months.
≫ More: Read Our Full Review
Who Should Consider the Capital One Platinum Secured Credit Card?
Capital One Platinum Secured is a low-cost option for folks with limited or bad credit. Outside of the refundable security deposit, there is no annual fee to use this card.
Those who don't mind putting down a security deposit face a lower bar of entry and can still enjoy a much higher credit limit on their credit-building journey.
People looking to rebuild credit by paying bills on time and using the card responsibly can qualify for a credit line increase in as little as six months.
≫ More: Read Our Full Review
If you start out with the Capital One Platinum Secured Credit Card, make it a goal to improve your credit to be able to move on to an unsecured card. The sooner you move on from your secured card, the sooner your credit will continue to go up and you can begin qualifying for high-value rewards credit cards.
Other Helpful Decision-Making FAQs
Now you know the differences between the Capital One Platinum Credit Card and Capital One Platinum Secured Credit Card, so which one is right for you? Here are some common questions asked by people considering the same two cards.
Is the Capital One Platinum Credit Card better than the Capital One Platinum Secured card?
Capital One Platinum Credit Card is an unsecured card targeted toward people with fair to good credit. In contrast, Capital One Platinum Secured is a secured card for folks with limited to bad credit. A person’s credit score determines which card will be better for them.
Can you get the Capital One Platinum Credit Card if you have the Capital One Platinum Secured card?
Responsibly using the Capital One Platinum Secured card allows cardholders to improve their credit score and hopefully become eligible for an upgrade to the unsecured Capital One Platinum Card.
Can you switch from Capital One Platinum Credit Card to Capital One Platinum Secured?
Although possible, we don’t recommend switching from Capital One Platinum Credit Card to Capital One Platinum Secured since the latter requires a security deposit.
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About Doug Milnes, CFA
Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.
Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
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