Capital One Platinum Secured Credit Card: A Useful Credit-Boosting Tool

Capital One Platinum Secured Credit Card: A Useful Credit-Boosting Tool article image.

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Are you trying to rebuild your credit? If you have a poor credit score, the Capital One Platinum Secured Credit Card could be a smart alternative to unsecured credit cards with high interest rates and annual fees. This secured credit card charges no annual fee, reports to the three major credit bureaus, and has a low initial credit limit that can help keep your spending manageable.

Capital One Platinum Secured Credit Card

Apply

on Capital One's website

Poor, New to Credit, Rebuilding

Capital One Platinum Secured Credit Card

APR

26.99% (Variable)

Intro APR

N/A

Rewards

None

Annual Fee

$0

Card Details
  • 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
Customer service contact info for Capital One
1 (877) 383-4802Capital One
Attn: General Correspondence
P.O. Box 30285
Salt Lake City, UT 84130-0287
ProsCons
Available to applicants who are rebuilding their creditRefundable security deposit required
No annual feeLow initial line of credit
Considered for a higher credit rate within as little as 6 monthsHigh APR

Experian Review

If you have a poor credit score or no credit history, it can be difficult to get approved for a credit card. That's where the Capital One Platinum Secured Credit Card comes in. Pay a refundable security deposit to open your account, use the card responsibly, and you can start to build a positive credit score. That's because unlike prepaid cards, the Capital One Platinum Secured Credit Card reports your payment history to the three major credit bureaus (Experian, TransUnion and Equifax).

Access to a Higher Credit Line With On-Time Payments

In most cases, credit card issuers don't consider credit history when it comes to secured credit cards. That's what makes the Capital One Platinum Secured Credit Card different. Capital One actually looks at your credit score to determine your deposit, which starts at a $49 security deposit for 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. You can make your security deposit online or over the phone.

Once you've paid your deposit and your credit application is approved, your account will open with a $200 initial line of credit. Capital One may give you access to a higher credit limit if you make your first six monthly payments on time, with no additional deposit needed. Or, if you want a higher credit limit to start with, make a bigger security deposit, up to the maximum credit limit of $1,000. (If you're seeking a credit limit higher than that, you may want to look for a different secured card.)

To be eligible for the Capital One Platinum Secured Credit Card, your monthly income must exceed your monthly rent or mortgage payment by at least $425. You must be over 18, have a checking or savings account, and have a valid Social Security number or Taxpayer ID Number.

Enjoy Capital One Cardholder Benefits

The Capital One Platinum Secured Credit Card comes with plenty of benefits designed to help you manage your money, stay on top of your spending, and protect your financial data and credit score. All of these features make this card a good option for someone who is trying to rebuild their credit or establish credit for the first time. Here's a closer look.

Benefits to Protect Your Data and Credit Score

Proactive account monitoring is a useful feature of this card. You can receive alerts if Capital One detects a potential mistake or unexpected charge, as well as email or text reminders to help you stay on top of your account. Use the Capital One Platinum Secured Credit Card mobile app to check and monitor your credit score for free with CreditWise, which sends you alerts when your TransUnion or Experian credit score changes.

If your card is lost or stolen, you can instantly lock it using the Capital One mobile app. There's 0% fraud liability, so you don't have to worry about unauthorized charges.

Benefits for Travelers

Whether you're traveling across the country or around the world, the Capital One Platinum Secured Credit Card has features travelers will appreciate. To start with, the card does not charge foreign transaction fees on purchases made outside of the United States, making it ideal for overseas travel.

Additional Info

Purchase APR: 26.99% (Variable)Grace period: 25 days after close of billing cycle
Transfer APR: 26.99% (Variable)Annual fee: $0
Cash advance APR: 26.99% (Variable)Balance transfer fee: $0 at this Transfer APR
Minimum interest charge: $.50Cash advance fee: $10 or 3% of the amount of the cash advance, whichever is greater
Foreign transaction fee: $0
Late payment fee: Up to $40
Returned payment fee: None

Authorized-User Policy

Are you trying to keep tabs on your family's spending, or give a teen or college student their first experience with managing credit? Then you'll appreciate the authorized-user benefits the Capital One Platinum Secured Credit Card offers. You can add an authorized user to your account with no need for a credit check. If you stay current with your payments, your authorized users will benefit from your improving credit score, which can help give them a head start on establishing their own good credit score.

As the primary cardholder, keep in mind that you're still responsible for making the monthly payment. Stay on top of it by tracking spending by user and setting up real-time purchase alerts to help you coordinate your family's spending. Run into a problem with an authorized user? You can instantly lock their card so they can't use it and turn it back on whenever you want.

Is the Capital One Platinum Secured Credit Card Right for You?

The Capital One Platinum Secured Credit Card could be the perfect choice if you're trying to improve your credit score or establish credit for the first time. On the downside, the card offers no rewards, and its 26.99% (Variable) interest rate is quite high. However, few secured credit cards offer rewards and if you make your payments on time and pay your balance in full each month, you won't have to pay any interest. (If the interest rate is a primary concern, check out other secured credit cards.)

The low credit limit of the Capital One Platinum Secured Credit Card makes it hard to get into too much financial trouble, while the host of features to keep you on top of your spending and payments offers the helping hand you may need to get back on track. Pay your bill on time, and Capital One may consider raising your credit limit as soon as six months after approval. Bonus: If you're planning a trip overseas in the near future, this card can help you manage your vacation spending without paying foreign transaction fees.

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