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By Coryanne Hicks | Reviewed by Ray Frager | Edited by Melanie Pincus | Updated: Tue Dec 13, 2022 By Coryanne Hicks | Edited by Melanie Pincus | Reviewed by Ray Frager | Updated: Tue Dec 13, 2022 U.S. News Rating Credit Needed Bad to Fair 300 670 Annual Fee$0 APR28.49% (Variable) Apply Now Apply Now Card SummaryCard SummaryThe Capital One Platinum Secured Credit Card is designed to help you build your credit with responsible use. With no annual fee and the potential to increase your credit limit, this card can grow with you. Review your financial situation to decide whether this card can help you. To open a Capital One Platinum Secured Credit Card, you'll need to make a refundable minimum security deposit of $49, $99 or $200 online or by phone. You can pay your security deposit in a single payment or in installments, but your account won't officially open until the minimum is met. The security deposit serves as collateral for the account; it will not earn interest or be applied toward your monthly payments. Cardholders can choose their monthly due date, set up alerts via email or text, and use autopay to help stay on top of payments. The card also has $0 fraud liability to protect you against unauthorized charges. To help secure your account further, you can use virtual card numbers, which let you pay for online purchases without revealing your real card number. Capital One Platinum Secured Credit Card review: Cardholders can build credit history with this secured credit card, but the Capital One Platinum Secured Credit Card is not a good fit for those who want to earn rewards while building credit. Pros
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U.S. News Ratings by Card CategoryCredit Cards With No Foreign Transaction Fee 3.00 OUT OF 5 2.00 OUT OF 5 Credit Cards With No Foreign Transaction Fee 3.00 OUT OF 5 Credit Cards With No Annual Fee2.00 OUT OF 5 how we score credit cards Comparisons With Other Credit CardsCapital One Platinum Secured Credit Card vs. Discover it Secured Credit CardAnnual fee: Neither card charges an annual fee. Rewards: The Capital One Platinum Secured Credit Card has no rewards system. The Discover it Secured Credit Card offers 2% cash back at restaurants and gas stations on up to $1,000 in combined purchases each quarter, and an unlimited 1% cash back on all other credit card purchases. Sign-up bonus: The Capital One Platinum Secured Credit Card does not have a sign-up bonus. The Discover it Secured Credit Card automatically matches all cash back new cardholders have earned at the end of the first year. Benefits: The Capital One Platinum Secured Credit Card offers benefits including emergency card replacement, and CreditWise from Capital One, a service that lets users track their credit. The Discover it Secured Credit Card gives users free access to their FICO credit score. Both cards have $0 fraud liability. Capital One Platinum Secured Credit Card vs. SDFCU Savings Secured Visa Platinum CardAnnual fee: Neither card charges an annual fee. Rewards: The Capital One Platinum Secured Credit Card has no rewards system. The SDFCU Savings Secured Visa Platinum Card has a program called Flexpoints Rewards and earns one point per dollar. Users can redeem points for flights, gift cards, hotel bookings and more. Sign-up bonus: Neither the Capital One Platinum Secured Credit Card nor the SDFCU Savings Secured Visa Platinum Card has a sign-up bonus. Benefits: Capital One Platinum Secured Credit Card cardholders have access to fraud coverage and emergency card replacement. The SDFCU Savings Secured Visa Platinum Card offers roadside dispatch. Both Capital One and State Department Federal Credit Union offer free credit monitoring. What Are the Fees Associated With Capital One Platinum Secured Credit Card?
Required Security DepositYou must make a security deposit of $49, $99 or $200 to start using the Capital One Platinum Secured Credit Card. The deposit can be made in a single payment or installments of at least $20 in whole-dollar increments. Capital One only accepts security deposits through electronic funds transfers from bank accounts. You must pay your security deposit in full within 35 days of approval, and Capital One won't issue your credit card until you make the full deposit. Providing a security deposit gets you an initial credit line of $200. The security deposit cannot be used to pay your balance. It’s collateral for your account and will be fully refunded if you get upgraded to an unsecured card or close your account, provided your balance is paid in full. Increasing Your Credit LimitThe Capital One Platinum Secured Credit Card comes with a minimum credit line of $200. You can increase this credit limit by depositing more than the minimum security deposit within 35 days of approval and before activating your card. Your credit limit may be raised to $1,000 at the most. Or you can earn a higher credit line with responsible card use over time. Capital One can consider you for a credit line increase as little as six months after account opening. What Is Capital One Platinum Secured Credit Card’s APR?The Capital One Platinum Secured Credit Card has an APR of 28.49% (Variable) on purchases, balance transfers and cash advances. Late payments won't increase this APR, but, as with most other cards, Capital One may increase your APR if market conditions change. If your rate goes up for any reason other than a change in the prime rate, the higher APR will only apply to new transactions made after Capital One notifies you of the rate increase. FAQs About the Capital One Platinum Secured Credit CardQ: How does the Capital One Platinum Secured Credit Card work? After you get approved for the card, you'll make a minimum security deposit of $49, $99 or $200. You can pay your security deposit all at once or in installments within 35 days of approval, but Capital One won't mail your card until it receives the full deposit. You can deposit more than the minimum amount to increase your initial credit limit to up to $1,000. Your deposit cannot be used to make payments on your credit card, but you can get it back as a statement credit after establishing a history of responsible use. Capital One will also return the deposit to you if you close your account, provided your balance is paid in full. As you use your card, Capital One will report your card status, including if you make your minimum payment in full and on time each month, to the three major credit bureaus. In this way, the Capital One Platinum Secured Credit Card can help responsible users build their credit history. Q: Does Capital One offer secured credit cards? Q: How long does it take to receive a Capital One Platinum Secured Credit Card? Q: Is the Capital One Platinum Secured Credit Card a good credit card? Should You Get the Capital One Platinum Secured Credit Card?Yes, if you:
Comparative assessments and other editorial opinions are those of U.S. News and have not been previously reviewed, approved or endorsed by any other entities, such as banks, credit card issuers or travel companies. The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Coryanne Hicks, Contributor Coryanne Hicks is an investing and finance writer and ghostwriter. Her work has appeared in U.S. News, Kiplinger and Forbes, among other publications. She has also ghostwritten financial guidebooks for industry professionals. Previously, she was a fully licensed financial professional at Fidelity Investments. Read more You May Also Like:Rates & Fees Terms Apply U.S. News Rating viewcompare Apply Now On Capital Bank's Secure Website. At A Glance Credit Needed 580-740 Annual Fee $35 APR 21.14% (Variable) Highlights Move left No credit check necessary to apply. OpenSky believes in giving an opportunity to everyone. The refundable* deposit you provide becomes your credit line limit on your Visa card. Choose it yourself, from as low as $200. Build credit quickly. OpenSky reports to all 3 major credit bureaus. 99% of our customers who started without a credit score earned a credit score record with the credit bureaus in as little as 6 months We have a Facebook community of people just like you; there is a forum for shared experiences, and insights from others on our Facebook Fan page. (Search "OpenSky Card" in Facebook.) View your FICO® Score through your OpenSky account, an easy way to stay on top of your credit OpenSky provides credit tips and a dedicated credit education page on our website to support you along the way. *View our Cardholder Agreement located at the bottom of the application page for details of the card. Move right Rates & Fees
Read More Terms Apply U.S. News Rating in Rewards Credit Cards viewcompare Best feature: Flat-rate cash back rewards Apply Now On Capital One's Secure Website. Top Rewards Rates
At A Glance
Highlights Move left Earn unlimited 1.5% cash back on every purchase, every day No rotating categories or limits to how much you can earn, and cash back doesn't expire for the life of the account. It's that simple Be automatically considered for a higher credit line in as little as 6 months Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges Help strengthen your credit for the future with responsible card use Enjoy up to 6 months of complimentary Uber One membership statement credits through 11/14/2024 Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply Monitor your credit score with CreditWise from Capital One. It's free for everyone Check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier. Just hover your card over a contactless reader, wait for the confirmation, and you're all set Can I use my Capital One secured card before it arrives?If you have your new Capital One card's number, expiration date and security code, you can use it to make purchases before the card arrives.
How long does it take to get a secured Capital One card unsecured?Capital One does not state a specific amount of time the card account must be open before it's eligible for an upgrade. But it's a good idea to wait at least 6 months before requesting an upgrade. A history of on-time payments and low credit utilization increases your chances of getting an upgrade to an unsecured card.
Can you get a secured credit card the same day?The Capital One Quicksilver Secured Cash Rewards Credit Card is one of the best same-day secured credit cards in that you can get approved for it instantly and you'll enjoy great terms, including a $0 annual fee and 1.5 - 5% cash back on purchases.
What credit score do you need for Capital One secured?You can qualify for the Capital One Platinum Secured Credit Card with very limited or bad credit, including scores below 630. However, approval is not guaranteed. Even with secured cards, issuers will look at your income, debts and other factors.
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How long does it take to get Capital One Secured card
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