Capital One Platinum Secured Credit Card Review 2024
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If your credit score isnโt the best, and youโre looking to change that, a secured credit card is usually one of the best options available. However, these cards typically require a security deposit that is equal to your credit line. The card_name is a notable alternative, as it may let you put down less in collateral than your credit limit.
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Cons:
The card_name extends a credit line starting at $200 with security deposits as low as $49 for those who qualify. Otherwise, you may qualify with a security deposit of $99 or $200. Thereโs annual_fee_disclaimer annual fee, and those with bad or limited credit may be eligible for the card. Additional benefits are limited, and the ongoing annual percentage rate (APR) is high at reg_apr,reg_apr_type. But the card is a decent option if youโre looking to get around the typical security deposit requirements.
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This cardโs standout feature is the ability to get a $200 credit line with refundable security deposits as low as $49. This makes it best for those who want to build their credit but donโt have the $200 typically required to open a secured credit card.
Somewhat counterintuitively, the lower deposits of $49 and $99 are available based on your creditworthiness. If your credit score is on the low end, you may still have to cough up $200 to open this card. However, if your credit is only slightly damaged you may qualify for a lower deposit, making this an attractive option.
Capital One doesnโt indicate a specific credit score required for this card, but it does say itโs for people whose credit level is โrebuilding.โ It defines this as one of the following:
If either of these applies to you, your credit score probably isnโt the best. In this case the card_name might be the right choice to build your credit.
While the card_name is a little light on features, it does have a few extras that make it worth a look.
The need to lock up your money isnโt ideal, and many secured credit cards donโt have an upgrade path. This means youโll have to keep your security deposit with the credit card issuer as long as you have the card.
Happily, this isnโt the case for the card_name. Security deposits are refundable, as you can upgrade to an unsecured Platinum card later. Capital One says this is possible with responsible credit card use.
Given that the card_name is meant for people who are rebuilding their credit, Capital One reports on-time payments to the three major credit bureaus: Experian, TransUnion, and Equifax. With responsible credit card use, you can build your credit score.
However, keep in mind that Capital One also reports late payments and delinquent accounts. Therefore, only making your payments on time will give you the best chance of raising your credit score.
Some secured credit cards charge excessive fees, such as annual fees and even credit-lineโincrease fees. The card_name is reasonable about fees, with no annual fee and no foreign transaction fee. Whatโs more, there are no additional fees that will nickel-and-dime you.
You can increase your credit limit from the initial $200, and there are two ways to do so:
First, you can increase your credit line by depositing more, up to a maximum of $1,000. Capital One also allows you to increase your deposit in increments as low as $20.
Second, you can automatically be considered for a credit line increase after six months with responsible credit card use. The latter requires no additional security deposit.
The card_name provides a basic set of hidden perks:
While these are standard benefits and donโt set this card apart from the competition, itโs good to see some additional protections are available to cardholders.
One of the biggest areas of improvement for this card is its regular APR. At reg_apr,reg_apr_type, carrying a balance on this card could be costly. And some other secured credit cards have significantly lower APRs. For instance, the OpenSkyยฎ Secured Visaยฎ Credit Card has a 22.64% variable APR. Or consider the card_name, which charges no interest at all.
Another thing that could be improved about this card is its lack of rewards program. While that isnโt exactly standard for secured credit cards, the card_name earns cash back in several common spending categories. It would be nice to see Capital One extend this to the card_name.
Lastly, this card doesnโt come with a welcome offer or introductory APR. Cardholders could benefit from earning some free cash back or transferring balances with a low APR. As it stands, those features arenโt available with this card.
Description | $49, $99, or $200 |
|
---|---|---|
APR | reg_apr,reg_apr_type | reg_apr,reg_apr_type |
Annual fees | annual_fees | annual_fees |
Credit score | credit_score_needed | credit_score_needed |
The card_name is a welcome option for credit builders who donโt have the funds available for a $200 security deposit. Fees are minimal, and thereโs a possibility to qualify for a credit line increase or upgrade to an unsecured card later. However, there may be better options if you want a lower APR, a welcome offer, or to earn rewards on your purchases.
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Cons:
The card_name starts with a $200 credit line. You can increase your credit line up to a maximum of $1,000 by adding to your security deposit. Alternatively, you may be eligible for a credit limit with responsible credit card use in as little as six months. No additional security deposit is required if you qualify for a credit line increase.
Capital One says there is no set timeline for upgrading from a secured card to an unsecured one. However, the card issuer says you will receive a notification if you become eligible for an upgrade.
The โbest unsecured credit cardsโ means largely the same thing as the best credit cards in general, as most credit cards are unsecured. There are many excellent credit cards from which to choose. Popular cards include the card_name, card_name, and the card_name.
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