Capital One Platinum Secured Credit Card review
This card goes beyond the basics with free credit tracking and Platinum Mastercard benefits. Its low minimum security deposit is even more attractive if you want to build or rebuild your credit history.
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Key Features
descriptionEditor Analysis:
- A security deposit as low as $49 can be used to establish your line of credit.
- The option to choose your own due date makes managing your monthly budget and bill paying just a bit easier.
- There's no annual fee with this card.
- It's not unexpected for a secured card, but the APR is high at RegAPR, so make sure you're paying off your balance in full each billing cycle. See Rates and Fees
card_name features
With no annual fee, a free credit tracking tool and Platinum Mastercard® benefits, the CardName goes beyond the basics secured cards typically offer. Plus, its low minimum security deposit requirement make it an even more attractive option for individuals looking to build or rebuild their credit history with responsible use.
CardName best features include:
- No annual fee
- Chip-enabled
- Receive an initial credit line of $200 after making a security deposit of $49, $99 or $200. Access to an authorized bank account is required to make your $49, $99 or $200 refundable security deposit.
- Regular reporting to all three major credit bureaus
- $0 fraud liability coverage for unauthorized charges
- See Rates and Fees
The CardName has all the basics someone needs to build or rebuild their credit (with responsible use), with the addition of a few perks you don’t normally get with secured credit cards.
Pay a refundable security deposit of $49, $99 or $200 based on your credit history and receive an initial credit line of $200.
Financial education and responsible use are important when you’re building or rebuilding your credit. Capital One makes sure cardmembers have access to this information through its Financial Education site. The site features content about budgeting, balancing a checkbook and investing as well as additional resources that connect cardmembers to financial literacy programs (some of which are free). And if you want more tips about how to use credit wisely, follow Capital One’s Twitter handle, @YourFutureEdge, to get more financial education.
The CardName, which reports to all three major credit bureaus, also helps cardmembers learn how to improve and build their credit through responsible use through CreditWise®. The tool, available to people even beyond Capital One cardholders, gives you unlimited access to your credit score and free financial tools to help you better manage your credit. One unique feature of the tracker is a Credit Simulator, which shows you how specific actions can affect your credit score. With these tools, Capital One is doing more than providing a platform for people to rebuild their credit, it’s doing the proverbial "teaching a man (or woman) to fish."
CardRatings Tip
One of our favorite features of the CardName is the option to select your own due date, making bill management just a little bit easier.
Potential downsides of the CardName
The CardName doesn’t have a points program, so you won’t get any rewards. But since this card is more about utility than perks, use it wisely to build your credit and then graduate to a rewards card when your credit history allows.
The card also has a higher APR – RegAPR – than many of its competitors. If you’re concerned about interest charges, a secured card with a lower APR may work just as well for rebuilding your credit (with responsible use, of course). See Rates and Fees
How do cardholders rate the CardName?
CardRatings conducts a survey annually to learn what actual cardholders think of their cards. Here are the results for the CardName:
| Current Scores | Past Scores | |
|---|---|---|
| Overall Score | 79.5 | 80.1 |
| Features Satisfaction | 7.8 | 8.0 |
| Customer Service | 8.2 | 7.9 |
| Website/App Usability | 8.0 | 8.2 |
| Likelihood of Continuing to Use | 7.9 | 8.4 |
| Recommend to a Friend/Colleague | 8.0 | 7.9 |
How does the CardName compare to other cards?
CardName vs. CardName
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Both cards report to all three major credit bureaus and both cards require a refundable security deposit. However, the CardName has a AnnualFees annual fee.
You can qualify for the CardName without a minimum credit score or a credit check. So, you can apply for this card without an inquiry showing up on your credit report, which can be helpful if you’re trying to limit inquiries.
CardName vs. card_name
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The CardName is another secured card option that comes with an annual fee, in this case AnnualFees. Pay your security deposit and enjoy a credit limit of $200-$3,000. You can fund your card with a low $200 refundable security deposit to get a $200 credit line.
Once again, you’re dealing with an annual fee, but if you foresee wanting a higher credit limit soon, this could be a better option for you. You can also open an card_name without a credit check or even a checking account, so this could be a great option for individuals starting from the ground up with their credit history.
Is the CardName a good card?
This card might be a good fit for anyone currently using a prepaid debit card or unsecured credit card because of a credit history in need of rebuilding. The CardName is also a reasonable option for college students and first-timers who need to establish credit, especially since it doesn’t require an annual fee to carry. See Rates and Fees
Our Methodology
Survey methodology: CardRatings commissioned Op4G in September 2023 to conduct surveys among 1,869 cardholders nationwide. CardRatings website analytics from Jan. 1, 2023-Aug. 31, 2023 were used to determine a selection of the most popular cards and additional cards were included to add survey breadth. Responses to each of nine questions were given on a scale of 1-10 and respondents’ scores were then averaged under broad topics. To determine the overall score, responses from questions 1-8 were summed and the answer to "How likely are you to recommend this card to a friend, coworker or family member?" was double weighted. Current Scores reflect scores from the most recent survey (2023); “Past Scores” reflect scores from the 2022 survey.
Disclaimer:The information in this article is believed to be accurate as of the date it was written. Please keep in mind that credit card offers change frequently. Therefore, we cannot guarantee the accuracy of the information in this article. Reasonable efforts are made to maintain accurate information. See the online credit card application for full terms and conditions on offers and rewards. Please verify all terms and conditions of any credit card prior to applying.
This content is not provided by any company mentioned in this article. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any such company. CardRatings.com does not review every company or every offer available on the market.
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
