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Capital One Platinum Secured Credit score Card evaluation: Full particulars


Capital One Platinum Secured Credit score Card overview

The Capital One Platinum Secured Credit score Card is a strong possibility for folks with restricted or poor credit score historical past. It has a reasonably excessive approval charge and a refundable deposit as little as $49. The cardboard doesn’t have an annual payment or international transaction charges (see charges and costs) however doesn’t supply reward earnings or a sign-up bonus. Card score*: ⭐⭐

*Card score relies on the opinion of TPG’s editors and isn’t influenced by the cardboard issuer.

You’ll have seen us rave about a few of our favourite bank cards solely to see the really useful credit score rating and really feel dismayed that yours is not there.

However having little credit score historical past or a low credit score rating does not shut you out of the world of bank cards. Typically, you simply must spend a while constructing or repairing your credit score earlier than you will be eligible for the highest rewards playing cards — and getting a secured bank card will help you get there.

A secured bank card is geared towards these with little or low credit score to construct their credit score rating. With one of these bank card, you will put down a safety deposit, which generally determines your preliminary credit score restrict. You possibly can often get your deposit again after demonstrating good credit score habits.

In case you’re on a credit score journey, it’s possible you’ll be contemplating getting the Capital One Platinum Secured Credit score Card. Let’s dive into the cardboard particulars that can assist you resolve if it is a good match for you.

Associated: What is an efficient credit score rating?

Capital One Platinum Secured Credit score Card execs and cons

Professionals Cons
  • No annual payment (see charges and costs)
  • No international transaction charges (see charges and costs)
  • Robotically thought-about for the unsecured model after demonstrating accountable credit score utilization
  • No reward incomes or sign-up supply
  • Excessive rate of interest on purchases if not paid on time

Capital One Platinum Secured Credit score Card welcome supply

The Capital One Platinum Secured doesn’t have a welcome supply. Whereas disappointing, that is pretty frequent for secured bank cards.

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Associated: How you can apply for a bank card

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Capital One Platinum Secured Credit score Card advantages

As a secured card, the Capital One Platinum Secured has restricted advantages; nonetheless, it does not cost an annual payment or international transaction charges (see charges and costs).

It additionally permits you to pay as little as $49 in your safety deposit to open your account with an preliminary credit score line of $200. You possibly can improve your credit score line by placing down a better deposit of as much as $1,000.

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Plus, you may earn your deposit again and improve to the unsecured model of the cardboard after a interval of accountable bank card use.

In any other case, the principle advantage of a secured bank card is that it permits you to increase your credit score rating. When your credit score rating will increase, you will need to take into account playing cards with extra intensive advantages.

Associated: 6 issues to do to enhance your credit score rating

Incomes rewards on the Capital One Platinum Secured Credit score Card

The Capital One Platinum Secured doesn’t earn rewards on spending.

Once more, the principle advantage of a secured bank card is to construct (or rebuild) your credit score. Nonetheless, some secured bank cards do earn rewards on spending, so it’s possible you’ll need to take a look at different choices if this can be a perk you need (choices are given later on this information.)

Associated: How do credit score scores work?

Redeeming rewards on the Capital One Platinum Secured Credit score Card

Since you will not earn rewards on the Capital One Platinum Secured, you will not have to fret about redeeming rewards.

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As a secured card, take into account this an funding in longer-term rewards. It permits you to construct your credit score to be eligible for bank cards that earn rewards afterward.

Associated: Your subsequent bank card approval is within the palms of those 3 companies

Which playing cards compete with the Capital One Platinum Secured Credit score Card?

In case you’re seeking to construct your credit score, you might have a number of choices; certainly one of these could be a greater match than the Capital One Platinum Secured.

The data for the Uncover It Secured Credit score Card has been collected independently by The Factors Man. The cardboard particulars on this web page haven’t been reviewed or offered by the cardboard issuer.

For extra choices, try our lists of the greatest secured bank cards and the greatest starter bank cards.

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Associated: How you can earn factors and miles with honest to poor credit score

Is the Capital One Platinum Secured Credit score Card price it?

If you would like a secured bank card that requires a minimal deposit, the Capital One Platinum Secured is an efficient possibility. Nonetheless, different secured bank cards mean you can earn rewards in your spending, so you will seemingly get extra worth from a kind of.

Backside line

If it’s essential to construct your credit score to be eligible for extra helpful rewards bank cards, the Capital One Platinum Secured Credit score Card is an efficient possibility. Nonetheless, it has no welcome bonus or incomes potential, so it’s possible you’ll need to go for a distinct secured bank card to earn rewards whilst you construct credit score.


Apply right here: Capital One Platinum Secured Credit score Card




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