The Capital One Platinum Secured Card is an excellent choice for those embarking on their credit-building journey. It's a practical, no-frills option that eliminates annual fees and streamlines the approval process, making it accessible and straightforward. Notably, this card rewards responsible financial behavior, offering the opportunity for credit line increases within six months and the potential to earn back your security deposit. Its standout features include robust security measures and complimentary credit monitoring, ensuring peace of mind and financial growth. While it's a smart pick for credit newcomers, users should be aware of its higher APR, balancing its benefits with mindful spending.
MoneyGeek’s Take
Capital One Platinum Secured Credit Card Review
Updated: October 23, 2024
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Capital One Platinum Secured Credit Card
On Issuer's Site
APR
29.99% variableMin. Security Deposit
$49Annual Fee
$0Recommended Credit
(No Credit History)Moneygeek.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
Capital One Platinum Secured Credit Card Overview
Understanding the diverse features of a credit card, such as those offered by the Capital One Platinum Secured Credit Card, is crucial in making an informed choice that aligns with your financial needs and goals. It's also worth acknowledging that each feature has advantages and potential limitations.
- Regular APR: 29.99% (variable)
- Deposit required: $49 to $200 (depending on your credit)
- Potential credit limit: $200 to $1,000 (depending on your deposit)
- Annual fee: $0
- Rewards rate: None
Important Card Details
The Capital One Platinum Secured Credit Card offers a blend of features that cater to various financial needs and situations, but not without its considerations. This analysis delves into the card's unique aspects, ranging from its accessibility with a low-security deposit to the implications of its higher APR, providing a comprehensive overview of its advantages and potential drawbacks.
Security Deposit
Starting your credit journey can sometimes require a leap of faith. With the Capital One Platinum Secured Credit Card, you can take that leap with a minimal safety net: a refundable security deposit of just $49. This deposit, while modest, unlocks a $200 initial credit line. What's unique is the potential to earn back this deposit as a statement credit. Moreover, after six months of responsible card use, you can qualify for an increased credit line without an additional deposit.
Fees
Nothing stings more than unexpected fees, but you're in for a treat here. The Capital One Platinum Secured Card boldly commits to no annual or hidden fees. This feature adds immense value in a world where many cards squeeze profits from unsuspecting users through such charges.
Credit Building Potential
Building or rebuilding credit is no small feat. The Capital One Platinum Secured Card reports to all three major credit bureaus. You can effectively build or improve your credit score by making timely payments.
Other Features
With the Capital One Platinum Secured Card, security is paramount. It offers $0 Fraud Liability, ensuring you're not on the hook for unauthorized charges. Also, the card comes with free access to CreditWise, which lets you monitor your credit score. Plus, the convenience of 24/7 account access through their mobile app or online banking means you're always in the driver's seat. But note that with a regular APR at 29.99% (variable), it's essential to be diligent with monthly payments to avoid accumulating interest.
How the Capital One Platinum Secured Credit Card Compares
In this side-by-side comparison, we'll meticulously examine the distinct features and potential trade-offs of two popular credit cards, providing a clear perspective to help you determine which aligns best with your financial objectives and lifestyle.
How This Card Compares
Capital One Platinum Secured Credit Card
- Regular APR: 29.99% (variable)
- Deposit required: $49 to $200 (depending on your credit)
- Potential credit limit: $200 to $1,000 (depending on your deposit)
- Annual fee: $0
- Rewards rate: None
- Best for: Individuals seeking to build or rebuild their credit history with a low-cost, secured credit option, offering a manageable entry point and increasing the potential for a credit line.
Chime Credit Builder Secured Visa® Credit Card
- Regular APR: N/A
- Deposit required: $200
- Potential credit limit: $200
- Annual fee: $0
- Rewards rate: None
- Best for: Consumers looking for a secured credit card that not only assists in building credit but also offers cash back rewards, making it ideal for those who value earning rewards on everyday purchases and travel expenses.
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
About Grace Pilling
Grace Pilling was the Senior Content Manager for Credit Cards at MoneyGeek. She previously led personal finance teams at Bankrate, CreditCards.com and MoneyUnder30.
Pilling has a bachelor's degree in English from Western Sydney University and a diploma in book editing, proofreading and publishing. She is focused on empowering readers to make informed financial choices that support their best lives, not a company’s bottom line.
*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.
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.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.