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Capital One Platinum Secured Credit Card Review: Great for a Low Security Deposit

Review Updated
Elizabeth Aldrich
By: Elizabeth Aldrich

Our Credit Cards Expert

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

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.

Ratings Methodology

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.

Capital One Platinum Secured Credit Card
Rating image, 4.50 out of 5 stars.
4.50 stars
Circle with letter I in it. 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

Credit Score:
Fair/New to Credit Under(669) Circle with letter I in it. 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.

Apply Now for Capital One Platinum Secured Credit Card

On Capital One's Secure Website.

Intro APR

Purchases: N/A

Balance Transfers: N/A

Regular APR

29.99% (Variable)

Rewards

N/A

Annual Fee

$0

Welcome Offer

N/A

  • 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.

    • No annual fee
    • Low minimum deposit amount
    • Can graduate to an unsecured card
    • No minimum credit score required
    • No rewards
    • No free credit score monitoring
    • 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 and 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. 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

With as few as five on-time payments, your credit limit on your Capital One Platinum Secured Credit Card can be increased above $200. In addition, you may be eligible for graduation, which happens when the card issuer returns your security deposit, thus turning your secured card into an unsecured credit card. This card could easily be one that you have for the rest of your life, enabling you to eventually have years of positive credit history buoying your credit report.

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

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 Jun. 08, 2023
Image for
Image for
Image for
Capital One Platinum Secured Credit Card Discover it® Secured Credit Card Petal® 2 "Cash Back, No Fees" Visa® Credit Card
Rating image, 4.50 out of 5 stars.
4.50 stars
Circle with letter I in it. 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 stars
Circle with letter I in it. 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, 4.00 out of 5 stars.
4.00 stars
Circle with letter I in it. 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
Apply Now for Capital One Platinum Secured Credit Card

On Capital One's Secure Website.

Apply Now for Discover it® Secured Credit Card

On Discover's Secure Website.

Apply Now for Petal® 2 "Cash Back, No Fees" Visa® Credit Card

On Petal's Secure Website.

Read Full Review
Read Full Review
Rates & Fees Rates & Fees

Credit Rating Requirement:

Fair/New to Credit Under(669) Circle with letter I in it. 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.

Credit Rating Requirement:

New/Rebuilding Under(579) Circle with letter I in it. 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.

Credit Rating Requirement:

Fair/New to Credit Under(669) Circle with letter I in it. 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.

Welcome Offer:

N/A

Welcome Offer: Circle with letter I in it. Discover will match all the cash back you’ve earned at the end of your first year.

Cashback Match

Welcome Offer:

—

Rewards Program:

N/A

Rewards Program: Circle with letter I in it. 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:

—

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: —

Regular APR:

29.99% (Variable)

Regular APR:

27.99% Variable APR

Regular APR:

7.99% - 31.99% Variable

Annual Fee:

$0

Annual Fee:

$0

Annual Fee:

—

Highlights:

  • 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

Highlights:

  • No credit score required to apply.
  • No Annual Fee, earn cash back, and build your credit history
  • Your secured credit card requires a refundable security deposit, and your credit line will equal your deposit amount, starting at $200. Bank information must be provided when submitting your deposit.
  • Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.
  • Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases – automatically.
  • Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites. Activate for free.
  • Click through to Discover’s website to see terms and conditions.

Highlights:

  • No fees whatsoever. No late fee, foreign transaction fee, annual fee, or any-other-kind-of-fee, fee.
  • Variable APRs range from 7.99% - 31.99%
  • 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
  • $300 - $10,000 credit limits
  • No credit score? No problem. If eligible, we'll create your Cash Score instead.
  • See if you're pre-approved within minutes without impacting your credit score.
  • Build credit alongside hundreds of thousands of Petal card members.
  • Petal reports to all 3 major credit bureaus.
  • No deposits required
  • Card issued by WebBank
Apply Now for Capital One Platinum Secured Credit Card

On Capital One's Secure Website.

Apply Now for Discover it® Secured Credit Card

On Discover's Secure Website.

Apply Now for Petal® 2 "Cash Back, No Fees" Visa® Credit Card

On Petal's Secure Website.

Show More Arrow graphic to expand and collapse content Show Less Arrow graphic to expand and collapse content

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

I don't consider rewards to be 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.

Find the best credit card for your needs

Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.

Compare cards

Suggested credit score

Even if you have no credit history or bad credit (a score below 500), 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.

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.

FAQs

Our Credit Cards Expert

Elizabeth Aldrich
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.