Capital One Platinum Secured: review

One of the best tools to build or rebuild your credit is to get a secured credit card. But for that you need to get money for a security deposit. That’s when they created the Capital One Platinum Secured credit card, which makes deposits a little less daunting.

With non-annual fee and a extraordinary features of special interest to people working on improving their credit score, the Capital One Platinum Secured Credit Card is a solid option for building credit.

Pros & Cons

Pros

• Potential for a low security deposit
• Ability to earn back your security deposit
• Automatic credit line reviews in as few as six months
• No annual fee
• Qualify with limited/bad credit
• No foreign transaction fees
• Report to three major credit bureaus

Cons

• Requires minimum deposit
• High APR
• No rewards

Rates, fees & offers

• Annual fee: $0
• Rewards rate: N/A
• Bonus offer: N/A
• Intro APR: N/A
• Ongoing APRAPR: 26.99% Variable APR
  Penalty APR: up yo $40
  Cash Advance APR: 26.99%, Variable
• Balance transfer fee: 3% of the amount of each transferred balance that posts to your account at a promotional APR that we may offer you.
• Foreign transaction fee: 0%

Review

Ability to earn back your security deposit

Capital One also offers the chance to refund your deposit without requiring you to close the account.

The issuer notes that using your card “responsibly” (making on-time payments) can boost your odds of getting your money back in the form of a statement credit, converting the card into an unsecured credit card.

That’s why it’s important to consider setting up autopay on your account to help make sure you make your payments on time.

Tools to help you on your credit building journey

• Refundable Deposits & Upgrades: with responsible card use, you could earn back your deposit and upgrade to a standard, unsecured Platinum card
• No Hidden Fees: No foreign transaction fees. No replacement card fees. No authorized user fees. Just the card you need with no unwanted surprises.
• Automatic Credit Line Reviews: be automatically considered for a higher credit line in as little as 6 months.
• Flexible Due Dates: easily work payments into your monthly budget by choosing the due date that works best for you.

Potential for a low security deposit

Like other secured credit cards, the Capital One Platinum Secured Credit Card requires a refundable security deposit to open your account, which isn’t ideal for many people.

However, this card offers cardholders the chance to get an initial credit line of $200 for a minimum security deposit of $49, $99 or $200. With other cards, your credit limit often equals the amount of your deposit.

The chance for a lower deposit depends on your credit health, though, so there’s no guarantee you’ll qualify for a lower one.

How to request this card

Applying for a credit card is very simple and you can do it through the app or website. But you need:

• Social Security Number
• Gross income
• Employer name (if applicable)
• Rent/mortgage amount

Did you like this card? Click on the button below and get yours right now.