Capital One Platinum Secured Credit Card Review Bankrate Main Menu Mortgages Financing a home purchase Refinancing your existing loan Finding the right lender Additional Resources Looking for the perfect credit card? Narrow your search with CardMatch Main Menu Banking Compare Accounts Use calculators Get advice Bank reviews Looking for the perfect credit card? Narrow your search with CardMatch Main Menu Credit cards Compare by category Compare by credit needed Compare by issuer Get advice Looking for the perfect credit card? Narrow your search with CardMatch Main Menu Loans Personal Loans Student Loans Auto Loans Loan calculators Looking for the perfect credit card? Narrow your search with CardMatch Main Menu Investing Best of Brokerages and robo-advisors Learn the basics Additional resources Looking for the perfect credit card? Narrow your search with CardMatch Main Menu Home equity Get the best rates Lender reviews Use calculators Knowledge base Looking for the perfect credit card? Narrow your search with CardMatch Main Menu Real estate Selling a home Buying a home Finding the right agent Additional resources Looking for the perfect credit card? Narrow your search with CardMatch Main Menu Insurance Car insurance Homeowners insurance Other insurance Company reviews Looking for the perfect credit card? Narrow your search with CardMatch Main Menu Retirement Retirement plans & accounts Learn the basics Retirement calculators Additional resources Looking for the perfect credit card? Narrow your search with CardMatch Advertiser Disclosure

Capital One Platinum Secured Credit Card review A one-stop shop for no-nonsense credit building

“Capital One Platinum Secured Credit Card: A secured credit card with travel benefits that may convert to an unsecured account after excellent use” – Erica Sanberg Written by Credit Cards Editor As a Bankrate credit cards editor, Ashley Parks is fascinated by the ways people can make credit cards work for them when armed with the right knowledge. Aug. 3, 2022 Aug. 3, 2022

Share

Bankrate Logo

Why you can trust Bankrate

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Bankrate Logo

Why you can trust Bankrate

At Bankrate, we have a mission to demystify the credit cards industry — regardless or where you are in your journey — and make it one you can navigate with confidence. Our team is full of a diverse range of experts from credit card pros to data analysts and, most importantly, people who shop for credit cards just like you. With this combination of expertise and perspectives, we keep close tabs on the credit card industry year-round to: Meet you wherever you are in your credit card journey to guide your information search and help you understand your options. Consistently provide up-to-date, reliable market information so you\'re well-equipped to make confident decisions. Reduce industry jargon so you get the clearest form of information possible, so you can make the right decision for you. At Bankrate, we focus on the points consumers care about most: rewards, welcome offers and bonuses, APR, and overall customer experience. Any issuers discussed on our site are vetted based on the value they provide to consumers at each of these levels. At each step of the way, we fact-check ourselves to prioritize accuracy so we can continue to be here for your every next. Bankrate Logo

Editorial Integrity

Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.

Key Principles

We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.

Editorial Independence

Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate Logo

How We Make Money

You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Bankrate Logo

Insurance Disclosure

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

ON THIS PAGE

PREV NEXT

Snapshot

4.2 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. star icon star icon star icon star icon star icon star icon star icon star icon star icon star icon Bottom line The Capital One Platinum Secured Card is built for people with low-end credit scores looking for a focused way to rebound. Though the card offers no rewards, it does have a suite of cardholder perks that are worthwhile on your credit-building journey. Plus, the card’s affordability is hard to miss thanks to a low deposit requirement, no annual fee and no foreign transaction fees. You should beware of carrying a balance, as the sky-high APR can eat into your credit-building efforts quickly. on Capital One's secure site

Best for building credit

Capital One Platinum Secured Credit Card

Rewards rate Annual fee Intro offer Intro offer is not available to this Capital One credit card Regular APR Recommended Credit Score A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Capital One Platinum Secured Credit Card Overview

The Capital One Platinum Secured Credit Card is a , meaning you have to put down a cash deposit to secure your line of credit. Secured cards like the Capital One Platinum Secured Credit Card are significantly easier to get approved for than unsecured credit cards, making them a thoughtful alternative if you need to build credit from scratch or rebuild your credit after having made mistakes in the past. If your credit score isn't that great, you haven't started building credit yet or your score falls anywhere under 600 on the FICO scale, the Capital One Platinum Secured Credit Card could be exactly what you need to turn your situation around. It's an especially smart option, even among the because you can get started building credit with a security deposit as low as $49 and still get a decent credit limit. Typically, secured cards match your credit limit with your deposit, but Capital One gives you a bit more: even with a deposit of just $49, you'll get an initial line of credit of $200.

What are the advantages and disadvantages

Pros

Start building credit with a cash deposit as low as $49, and get your security deposit back when you close your account in good standing. Easy approvals if you need a . Capital one reports your credit movements to the three credit bureaus, which can help boost your credit score over time. No annual fee, which is an extra plus to an already affordable card option.

Cons

No rewards for your spending, which might lessen the card’s long-term value if you want some kind of return for your credit-building efforts. The ongoing APR on this card is high and could prove costly if you carry a balance since there are no intro APR offers.

A deeper look into the current card offer

Quick highlights

Rewards rate: N/A Welcome offer: N/A Annual fee: $0 Purchase intro APR: N/A Balance transfer intro APR: N/A Regular APR: 28.49 percent variable APR

Current welcome offer

The Capital One Platinum Secured Credit Card doesn't offer a welcome bonus for new cardholders. Aside from a few outliers that do carry a welcome offer, like the Discover it® Secured Card, this is standard on secured credit cards. While a welcome offer is always a nice benefit on a new credit card, it shouldn't be expected on these types of cards.

Rewards rate

The Capital One Platinum Secured Credit Card doesn't earn rewards for spending, which may be disappointing to potential cardholders. However, compared to other secured cards, the Platinum Secured is incredibly affordable, requiring a minimum deposit of just $49 to secure a $200 line of credit. For credit-builders, this benefit may even be more valuable than a rewards program, as it should make it easier to keep your low. Even if you don't have much money to tie up in a security deposit, you can still get a decent credit limit and build credit with responsible card use.

Other cardholder perks

Unlike other secured credit cards, the Capital One Platinum Secured Credit Card comes with quite a few cardholder perks. Automatic credit line reviews. Once you put down a cash deposit to open your card account, you will start with a credit limit as low as $200. However, Capital One automatically reevaluates your account after six months to see if you qualify for a higher credit limit. Additionally, by using your card responsibly and making on-time payments, you may be able to earn back your deposit as a statement credit. Personalized payment options. Capital One gives you the chance to pick your own credit card payment due date. This benefit can be helpful for budgeting purposes or in instances where you might prefer to pay your credit card bill on a certain day of the month or right after payday. Credit score alerts. You'll get access to CreditWise® from Capital One, which will automatically alert you to changes on your TransUnion credit report. Travel benefits. The Capital One Platinum Secured Credit Card comes with some travel perks, including no foreign transaction fees and emergency card replacement Extended warranties. Cardholders also have extended warranty coverage for items purchased that already come with a manufacturer's warranty.

Rates and fees

The Capital One Platinum Secured Credit Card doesn't charge an annual fee or any foreign transaction fees. However, you will pay a 3 percent cash advance fee (minimum $10) if you choose to at an ATM. Up to a $40 late payment fee can also apply if you pay your credit card bill past its due date. The card also carries an ongoing regular APR of 28.49 percent.

How the Capital One Platinum Secured Credit Card compares to other secured credit cards

Although a great card for a budding credit card holder or credit achiever because of its affordability, the Platinum Secured Credit Card may not be as beneficial to cardholders who have at least $200 available to open a secured card account. Cardholders who meet that requirement may qualify for a secured card that earns rewards, which can make credit building more favorable.

Capital One Platinum Secured Credit Card

star icon star icon star icon star icon star icon star icon star icon star icon star icon star icon Bankrate Score Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. on Capital One's secure site Annual fee Intro offer Intro offer is not available to this Capital One credit card Rewards rate Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Discover it® Secured Credit Card

on Discover's secure site Annual fee Intro offer Intro Offer: Unlimited Cashback Match - only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! There's no minimum spending or maximum rewards. Just a dollar-for-dollar match. Rewards rate Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Earn unlimited 1% cash back on all other purchases – automatically. Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Citi® Secured Mastercard®

on Citi's secure site Annual fee Intro offer Intro offer is not available to this Citi credit card Rewards rate Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Capital One Platinum Secured Credit Card vs Discover it® Secured Credit Card

The comes with some serious benefits you don't get with other secured credit cards. You'll earn 2 percent cash back on purchases made at gas stations and restaurants (up to $1,000 in combined purchases each quarter, then 1 percent) and you may also qualify for an introductory rate on balance transfers for six months. The Discover it Secured Card, like the Capital One Platinum Secured Card, also comes with no annual fee, so it's an easy option to consider if you need to build credit with a secured credit card while earning rewards. However, earning rewards on your spending may not be important to you if your goal is building credit. Not only that, but rewards cards on their cards overall, and that may be the opposite of what you're hoping to accomplish with a secured credit card. The Capital One Platinum Secured Card displaces the rewards temptation and replaces it with a more easily accessible $200 line of credit for a low deposit of $49.

Capital One Platinum Secured Credit Card vs Citi® Secured Mastercard®

When compared to the , the Capital One Platinum Secured card has a relatively high regular APR, which could be intimidating to people new to, or rebuilding credit. The Citi Secured Mastercard could be an ideal alternative for cardholders who aren't motivated by rewards or cash back and who can put down at least $200 for the security deposit. Although it costs more than the Capital One Platinum Secured card to access the same minimum $200 credit line, the Citi Secured card comes with a lower APR, which can be beneficial to cardholders who may need to carry their balance from time to time.

Best cards to pair with the Capital One Platinum Secured card

A good card to pair with the Platinum Secured would be one that comes with a few perks or rewards relevant to your lifestyle and spending habits. You could find a card that fits the bill among some of the that are still available for a low or no annual fee. The could be a great choice since it earns 1 percent cash back on all purchases right away and incentivizes good credit behavior by boosting that rate to 1.5 percent after 12 months of on-time payments. Plus, if you couple this card with the Platinum Secured card, the combined credit limit between both will give you more flexibility to keep your overall credit utilization low. The Petal 2 comes with a credit limit as low as $300 and as high as $10,000, giving you a total of at least $500 in available credit if you combined both cards. To get a better idea of which cards may suit you, try out , which can help you narrow down your options by giving you card recommendations based on your goals and spending habits.

Bankrate s Take Is the Capital One Platinum Secured Credit Card worth it

The Capital One Platinum Secured Credit Card is an excellent option if you need to start building credit right away, and this is especially true if you need to get started with the lowest deposit amount possible. Getting approved is possible even if you have bad credit, and you can get the chance to prove your creditworthiness and earn a higher credit limit over time. Be sure to keep the high APR in mind, though. As you build toward better credit, you'll want to pay on time each month anyway, but the Platinum Secured card's high APR can be a punishing drawback if you fall behind.

Frequently Asked Questions

What are the benefits of the Capital One Platinum Secured card

Some of Capital One’s great cardholder benefits built to protect your account and add convenience to your credit card experience include email and text account alerts, 24/7 access to a list of merchant subscriptions, autopay and 24/7 customer service.

What credit score do I need to apply for the Capital One Platinum Secured card

There is no minimum credit score requirement for the Capital One Platinum Secured Card. This card is for people new to credit and people who want to rebuild their credit.

How much does the security deposit cost on the Platinum Secured card

You can get started with the Capital One Platinum Security card for as low as $49, which gives you access to a $200 line of credit.

Can you upgrade the Capital One Platinum Secured card

Yes. Once you’ve demonstrated responsible card use over a period time via actions like on-time payments, you should be able to upgrade to an unsecured Capital One credit card. Contact your issuer for more details on how to facilitate the upgrade.

Can my application be denied for the Capital One Platinum Secured Credit Card

Like with all credit cards, there is the chance your application for the Platinum Secured card could be denied. Capital One lets you on their website. You can also use the to see other cards you pre-qualify for.

ON THIS PAGE

Written by Ashley Parks Credit Cards Editor As a Bankrate credit cards editor, Ashley Parks is fascinated by the ways people can make credit cards work for them when armed with the right knowledge.

Advertiser Disclosure

Bankrate.com is an independent, advertising-supported comparison service. The offers that appear on this site are from companies from which Bankrate.com receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within listing categories. Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval also impact how and where products appear on this site. Bankrate.com does not include the entire universe of available financial or credit offers.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. * See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer. Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.