The Capital One Platinum Credit Card is an unsecured, no-frills card geared toward people with limited or fair credit history—typically applicants with a FICO score around 580 or higher. It does not offer rewards or premium perks, but it does provide simple, useful features to help someone build or rebuild credit over time without adding extra cost.
What is a Secured Credit Card?
A secured credit card requires you to use your own money as collateral. This means that once you are approved, you will need to deposit money from your checking or savings account to the card. The deposit can be $49, $99, or $200, depending on what Capital One decides. This deposit will then become your credit limit, starting at $200 and going up to $1,000.
You won’t get your deposit back until you either upgrade to an unsecured card or close your account in good standing. The primary reason to get this card is to build or rebuild your credit score. Once you’ve improved your credit, you can apply for better cards with more benefits.
Main Features of the Capital One Platinum Secured Credit Card:
- Credit Building: The main perk of this card is the opportunity to build or rebuild your credit score. Capital One reports to all three major credit bureaus, giving you a good chance to improve your credit.
- Refundable Deposits: You can earn your deposit back as soon as six months, depending on your creditworthiness and payment history.
- No Hidden Fees: There are no foreign transaction fees, replacement card fees, or authorized user fees.
- Automatic Credit Line Reviews: You can be considered for credit line increases in as little as six months.
- Account Alerts and Autopay: You can set up account alerts and autopay to ensure you never miss a payment.
- Zero Dollar Fraud Liability: If your card is lost or stolen, you won’t be held liable for unauthorized charges.
- Card Locks: You can temporarily lock your card if it’s lost or stolen.
- Free Access to CreditWise: Track your credit score and get tips to improve it with Capital One’s CreditWise tool.
- 50% Off at Capital One Cafes: Enjoy a 50% discount on handcrafted beverages at any Capital One cafe nationwide.
Understanding the APR and fees associated with this card is crucial
- Purchase APR: 30.74%. It’s high, but you can avoid interest by paying your balance in full and on time.
- Balance Transfer APR: 30.74%. Not ideal for balance transfers due to the high APR.
- Cash Advance APR: 30.74%. Additionally, you’ll pay a fee of either $5 or 5% of the cash advance amount, whichever is greater.
- Balance Transfer Fee: 4% of the amount if you receive a promotional APR.
- Late Payment Fee: Up to $40.
- Annual Fee: None. This is a significant advantage for those looking to build credit without additional costs.
Pros and cons
Pros
- No annual fee.
- $0 fraud liability for unauthorized charges.
- No foreign transaction fees.
- Automatic consideration for a credit limit increase after six on-time payments.
- Free credit score monitoring with CreditWise.
Cons
- Interest rates and other terms depend on the applicant’s credit profile and will vary; applicants should review issuer disclosures.
- No rewards program or statement credits.
- Likely lower initial credit limit compared with cards for higher-credit applicants.
Who Should Get This Card?
This card is ideal for individuals looking to build or rebuild their credit without incurring additional costs. If you are disciplined about making timely payments and keeping your credit utilization low, this card can help you improve your credit score.
Is it right for you?
The Capital One Platinum Secured Credit Card is ideal for those who want to build or rebuild credit safely. If you’re new to credit or recovering from past challenges, this card offers a simple path forward — no annual fee, responsible reporting to all three major credit bureaus, and the chance to upgrade to an unsecured card over time. However, it’s best suited for people ready to make on-time payments and manage their balance carefully, since that’s what helps your credit grow. If that sounds like your goal, this card could be the right fit for you.
You will stay on this site and learn how to apply for this card.