Review
Updated
Fact Checked
Eric McWhinnie
When it comes to secured credit cards, the Capital One Platinum Secured Credit Card is without a doubt one of the very best on the market today. This card boasts no annual fees and a low deposit requirement, making it a top pick if you want to open a secured card account without breaking the bank. In the Capital One Platinum Secured Credit Card review below, we'll cover the pros and cons, and more.
Apply Now for Capital One Platinum Secured Credit Card
On Capital One's Secure Website.
Capital One Platinum Secured Credit Card
Great for: Flexible security deposit
Apply Now for Capital One Platinum Secured Credit Card
On Capital One's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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Apply Now for Capital One Platinum Secured Credit Card
On Capital One's Secure Website.
Credit Score
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Fair/New to Credit Under(669)
Intro APR
Purchases: N/A
Balance Transfers: N/A
Regular APR
29.99% (Variable)
Annual Fee
$0
Welcome Offer N/A
N/A
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Comes with a low initial security deposit and no annual fee, making it a top pick if you want to open a secured card account without breaking the bank.
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- No annual fee
- Low minimum deposit amount
- Can graduate to an unsecured card
- No minimum credit score required
- No rewards
- High APR
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- No annual or hidden fees. See if you're approved in seconds
- Building your credit? Using the Capital One Platinum Secured card responsibly could help
- Put down a refundable security deposit starting at $49 to get a $200 initial credit line
- You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
- Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Get access to your account 24 hours a day, 7 days a week with online banking to access your account from your desktop or smartphone, with Capital One's mobile app
Full Capital One Platinum Secured Credit Card review
This credit card is a good fit for: Consumers taking the first steps toward improving their credit who want a secured card with a small starting deposit.
Top perks
No annual fee
This card already has a big leg-up on many of its peers because it doesn't have an annual fee. Considering that some secured credit cards have annual fees and monthly maintenance fees that can add up to more than $200 per year, the Capital One Platinum Secured Credit Card is a compelling bargain due to the fact it doesn't have either of these things.
Low deposit requirement
The Capital One Platinum Secured Credit Card has three different deposit requirements, depending on your creditworthiness. To get a $200 credit limit, you will have to deposit $49, $99, or $200, depending on your income and credit score. You can also increase your line of credit by depositing up to $1,000.
Many other secured cards require you to deposit an amount equal to your credit line ($200 for a $200 credit line, for example) regardless of your creditworthiness. The potential to get started with a smaller deposit than other cards makes this a top choice.
You can graduate to an unsecured card
After you demonstrate responsible card usage, you may be able to graduate to an unsecured Capital One Platinum Credit Card. When this happens, Capital One will refund your security deposit. Other card terms will remain the same.
Credit score monitoring
Capital One offers an app known as CreditWise®, which allows you to track your credit score over time. This is an important feature for a credit card in this category.
LEARN MORE: Best No Annual Fee Credit Cards
What could be improved
No 0% intro APR period
Given that you have to make a security deposit to get a secured credit card, it would be nice if that secured card offered a 0% intro APR period on purchases. Admittedly, this feature is rare with secured cards, so it's hard to criticize the Capital One Platinum Secured Credit Card for not offering it.
No cash back rewards
Rewards aren't a make-or-break feature for secured cards, considering so few actually have rewards programs, but a cash back rewards program would be a welcome addition to the Capital One Platinum Secured Credit Card.
High APR
Ideally, you'll pay off your credit card balance in full each month so the card's annual percentage rate (APR) won't affect you. However, if you need to carry a balance, it's important to know that many of the top secured credit cards offer lower APRs than the Capital One Platinum Secured Credit Card.
Find the best credit card for your needs
Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.
Suggested credit score
Even if you have no credit history or bad credit (usually defined as a FICO® Score below 580), it's likely you can qualify for a secured credit card. The deposit you put up to open a secured credit card protects the card issuer in the event you fail to repay your balances.
Your income may be the only limitation to getting approved, as the terms and conditions for the Capital One Platinum Secured Credit Card state that your monthly income must exceed your monthly rent or mortgage payment by at least $425. You could also be denied if you have another Capital One card that's over the limit or past-due, you've had a Capital One account charged off in the past year, or you have a bankruptcy that hasn't yet been discharged.
LEARN MORE: Best Capital One Credit Cards
The Capital One Platinum Secured Credit Card is right for you if:
Used correctly, a secured card can help you build toward excellent credit. But used irresponsibly, a secured card can harm your credit score and result in costly fees and interest on your balances. If all of the following statements apply to you, then the Capital One Platinum Secured Credit Card should make the short list of credit cards to apply for:
- You have bad credit or no credit and/or limited income.
- You have $49 to $200 to open an account.
- You will always pay on time and in full.
- You won't overspend.
Alternatives to consider
If you want a secured credit card that earns rewards: It can be very difficult to find a secured credit card that offers any sort of rewards program, but the Discover it® Secured Credit Card does. It earns 2% cash back at gas stations and restaurants on up to $1,000 in purchases each quarter and unlimited 1% cash back on everything else. However, this card does come with a minimum deposit requirement of $200.
If you want a credit-building credit card that doesn't charge a security deposit: The Petal® 2 "Cash Back, No Fees" Visa® Credit Card is another credit card designed for building credit that doesn't charge an annual fee or require a security deposit. Petal looks at more than just your credit score -- they may also consider data from your bank account such as income and on-time bills paid. The first step of the application is a pre-approval process that will let you know your chances of qualification without any impact on your credit history. This card also offers cash back.
As of Apr. 16, 2024
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| Capital One Platinum Secured Credit Card | Discover it® Secured Credit Card |
Petal® 2 "Cash Back, No Fees" Visa® Credit Card |
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Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Rating image, 4.25 out of 5 stars.
4.25/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
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Apply Now for Capital One Platinum Secured Credit Card
On Capital One's Secure Website. |
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Credit Rating Requirement:
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Fair/New to Credit Under(669)
Fair/New to Credit Under(669) |
Credit Rating Requirement:
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: New/Rebuilding Under(579)
New/Rebuilding Under(579) |
Credit Rating Requirement:
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Fair/New to Credit Under(669)
Fair/New to Credit Under(669) |
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Welcome Offer: N/A N/A |
Welcome Offer: Discover will match all the cash back you’ve earned at the end of your first year. |
Welcome Offer: — |
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Rewards Program: — |
Rewards Program: 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically 1% - 2% Cashback |
Rewards Program: Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments. 1% cash back on eligible purchases right away. 2% - 10% cash back at select merchants. |
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Intro APR: Purchases: N/A Balance Transfers: N/A |
Intro APR: Purchases: n/a Balance Transfers: 10.99%, 6 months |
Intro APR: Purchases: — Balance Transfers: — |
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Regular APR: 29.99% (Variable) |
Regular APR: 28.24% Variable APR |
Regular APR: 18.24 - 32.24% Variable |
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Annual Fee: $0 |
Annual Fee: $0 |
Annual Fee: — |
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Apply Now for Capital One Platinum Secured Credit Card
On Capital One's Secure Website. |
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Our credit card methodology
At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.
We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.
FAQs
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No, the Capital One Platinum Secured Credit Card is made of plastic.
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No. The Capital One Platinum Secured Credit Card will look the same as other Capital One cards and won’t contain the word "secured."
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The initial line of credit is $200; however, you can get a limit of up to $1,000 by depositing additional funds.
Our Credit Cards Experts
Elizabeth is a personal finance writer specializing in credit cards, debt repayment, and small business. Her work has appeared on The Motley Fool, MSN Money, Yahoo! Finance, and Business Insider. She’s an avid credit card points collector and perpetual traveler currently living in Costa Rica.
Robin Hartill, CFP®, is a personal finance writer and editor whose work frequently appears in various national publications. She wrote the syndicated “Dear Penny” financial advice column for four years.
Fact Checked
Eric McWhinnie
Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Elizabeth Aldrich has no position in any of the stocks mentioned. Robin Hartill has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Target and Visa. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.
The Motley Fool owns shares of and recommends Visa.