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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.
Capital One Platinum Secured Credit Card
Great for: Flexible security deposit
On Capital One's Secure Website.
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.
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.
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.
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.
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.
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
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.
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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
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. |
Rating image, 5.00 out of 5 stars.
5.00 stars
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. |
Rating image, 4.00 out of 5 stars.
4.00 stars
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. |
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. |
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Rates & Fees | Rates & Fees | |
Credit Rating Requirement:
Fair/New to Credit Under(669)
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)
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)
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: 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: 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:
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Highlights:
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Highlights:
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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. |
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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.
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.
Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.
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
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:
The minimum starting credit limit for the Capital One Platinum Secured Credit Card is $200. You can increase your security deposit before your account opens to receive a higher credit limit. Capital One will automatically consider your account for a credit limit increase in as little as six months.
No, the Capital One Platinum Secured Credit Card is made of plastic.
It's possible to carry two of these cards. However, you're better off building your credit with one card, and then upgrading it later.
Our Credit Cards Expert
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