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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
Apply Now
On Capital One's Secure Website.
Capital One Platinum Secured Credit Card
Great for: Flexible security deposit
Apply Now
On Capital One's Secure Website.
Rating image, 4.50 out of 5 stars.
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.
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. 4.50/5
Apply Now
On Capital One's Secure Website.
Intro APR
Purchases: N/A
Balance Transfers: N/A
Regular APR
26.99% Variable
Rewards
N/A
Annual Fee
$0
Welcome Bonus
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
- No free credit score monitoring
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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 with CreditWise from Capital One. It's free for everyone and checking your credit does not hurt your credit score
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.
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 Jan. 13, 2022
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| Discover it® Secured Credit Card | Petal® 2 "Cash Back, No Fees" Visa® Credit Card |
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Rating image, 5.00 out of 5 stars.
5.00 stars
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.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. |
Rating image, 4.00 out of 5 stars.
4.00 stars
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.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. |
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Apply Now
On Discover's Secure Website. |
Apply Now
On Petal's Secure Website. |
| Read Full Review | Read Full Review |
| Rates & Fees | Rates & Fees |
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Credit Rating Requirement: |
Credit Rating Requirement: |
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Cashback Match |
Welcome Bonus: N/A |
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1% - 2% Cashback |
1% - 1.5% cash back |
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Intro APR: Purchases: N/A Balance Transfers: 10.99% Intro APR, 6 months |
Intro APR: Purchases: N/A Balance Transfers: N/A |
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Regular APR: 22.99% Variable APR |
Regular APR: 12.99% - 26.99% Variable |
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Annual Fee: $0 |
Annual Fee: $0 |
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Highlights:
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Highlights:
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Apply Now
On Discover's Secure Website. |
Apply Now
On Petal's Secure Website. |
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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.
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.
This 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
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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.
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No, the Capital One Platinum Secured Credit Card is made of plastic.
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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.
Apply Now
On Capital One's Secure Website.
About the Author
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.
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