Capital One Platinum Secured Credit Card Review
Is the Capital One Platinum Secured Credit Card worth it?
Capital One Platinum Secure credit cards are valuable for cardholders looking to establish or rebuild their credit history.
With a $0 annual fee, we offer a less refundable deposit than many competing cards. Depending on your credit rating, you can fund an initial line of credit of $200 with a down payment of just $49 (most secured credit cards match lines of credit and deposits).
Additionally, there are a variety of useful tools to help cardholders track their credit scores, payments, and available balances. For these reasons, the Capital One Platinum Secured Credit Card is one of our most secure credit cards.
Who is the Capital One Platinum Secured Credit Card best for?
The Capital One Platinum Secured Credit Card is ideal for consumers with no credit history who are just starting out and need to start building their credit. It is also ideal for people with low or bad credit looking for a way to rebuild it.
One of the best features of Capital One Platinum Secure credit cards is a $0 annual fee.
Many consumer cards with low credit scores include upwards of $100 per year, including annual fees and monthly maintenance fees.
If you are concerned about prepaying your deposit, you should take a close look at the fees associated with the unsecured alternative. Capital One Platinum Secure credit cards can be a significantly cheaper alternative in the long run.
Capital One Platinum Secured credit cards use a refundable deposit as collateral for the initial credit limit.
The good thing about this card is that the deposit is up to $ 49 and the credit limit starts at $ 200. You can also receive a higher credit limit of up to $ 1,000 by depositing at least the minimum amount.
The ability to choose these low deposits is usually quite unique among other collateralized credit cards that require a deposit of the same amount as the credit limit.
Capital One will also automatically verify your account after 6 months. With a responsible payment history, you may be able to switch to the unsecured Platinum card and get your deposit back.
Should you get the Capital One Platinum Secured Credit Card?
If you want to build or rebuild your credit history, we recommend the Capital One Platinum Secured credit card. With a $ 0 annual fee and low deposit, this card can come in handy for consumers who are just starting to build a credit history or those with a compromised track record looking to improve their credit score.
This card is a great option for anyone looking for a secure credit card, but doesn’t offer rewards. If this is important to you, there are plenty of secure card options to better suit your needs.