In what states is the Capital One Platinum Secured Credit Card available?

The Capital One Platinum Secured Credit Card is available in all U.S. states, Washington D.C. and U.S. military locations.

What is the average credit score needed to get approved for the Capital One Platinum Secured Credit Card?

This card needs an average credit score of more than 300.

Does Capital One Platinum Secured Credit Card report to all three credit bureaus?

Yes. The Capital One Platinum Secured Credit Card reports your credit standing to all the three major credit bureaus: Experian, Equifax and TransUnion.

Is the Capital One Platinum Secured Credit Card application process lengthy? Can you prequalify?

It only takes 10 minutes to apply for the Capital One Platinum Secured Credit Card. If you're approved, pay the required security deposit and wait up to three weeks for your card to arrive. The Platinum Secured Card is also one of seven Capital One credit cards that you can prequalify for.

What information is needed to apply for the Capital One Platinum Secured Credit Card?

You must provide some important personal, contact and financial information for the Capital One Platinum Secured Credit Card application. Details such as your employment status, rent or mortgage payments and total annual income can all have an impact on its approval.

What is the minimum security deposit?

You can use this card with as little as $49 for a $200 credit line.

What is the maximum security deposit?

The maximum deposit required is $200.

Does the Capital One Platinum Secured Credit Card offer upgrades to an unsecured credit card?

You can build good credit by using the card responsibly and paying your balances on time. When your credit scores improve, you will be able to apply for a regular Capital One credit card.

Does the Capital One Platinum Secured Credit Card raise credit limits automatically or charge for limit increases?

Capital One will review your credit history and consider you for a [bigger credit line](https://www.moneygeek.com/credit-cards/advice/increase-credit-limit-with-capital-one/) in as little as six months, free of charge.

Does Capital One Platinum Secured Credit Card have good customer service or satisfaction?

All Capital One cards receive 24/7 customer service, including the Platinum Secured Card. Capital One is the third-best national credit card issuer as per J.D. Power's credit card customer satisfaction study of 2021.

Does the Capital One Platinum Secured Credit Card have a mobile app or the option to pay or manage your account online?

Capital One has a mobile app for both iOS and Android devices. You can manage your Platinum Secured Card using the app or through online banking.

Does the Capital One Platinum Secured Credit Card offer the options to freeze your credit/account or have other security features?

You can lock or freeze your credit card using the Capital One app if you suspect fraudulent activity or if your card is lost or stolen. The app also has security features, such as transaction and fraud alerts.

Does Capital One offer other credit cards besides the Capital One Platinum Secured Credit Card?

Yes. Capital One offers a variety of credit cards for both business and personal clients, including Capital One Venture Rewards Credit Card, Capital One Spark Cash Select – $500 Cash Bonus, Capital One SavorOne Cash Rewards Credit Card, Journey Student Rewards from Capital One and Capital One Quicksilver Cash Rewards Credit Card.

MoneyGeek’s Take

Capital One Platinum Secured Credit Card Review

The Capital One Platinum Secured Credit Card is ideal for those who can't obtain regular unsecured credit cards but wish to improve their credit scores for future financial needs. It is also beneficial for those who do not have a large sum of money to put down as a security deposit.

Advertising & Editorial DisclosureLast Updated: 1/17/2023

Reviewed By

Capital One Platinum Secured Credit Card

The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

Capital One's Platinum Secured Card is a good secured credit card for people who are building credit. It's a basic card for those with bad credit scores, so you won’t see major benefits or rewards. On the other hand, this card has no annual fee or foreign transaction fees. MoneyGeek's Capital One Platinum Secured Credit Card review examines the card's features to help you decide if it's the best option for you to build your credit score.

Card Details to Know Up Front

Bonus, Fee or Feature
Has or Not
Has Annual Fee
Security Deposit Required
Has Rewarding Welcome Offer
Has APR Offer
Has Balance Transfer Fee
Has Cash Advance Fee

Click to see this card’s rates, fees and how they compare to other cards in our dataset.

OUR REVIEW AT A GLANCE

Credit Card Details at a Glance
Pros & Cons Explained
Bonuses & Rewards Explained
Our Verdict: Is This Card for You?

Capital One Platinum Secured Credit Card at a Glance

The Capital One Platinum Secured Credit Card is ideal for individuals with poor credit who do not qualify for normal credit cards but only want to put down a small amount of money as collateral for a security deposit. You could be qualified for a $200 credit line with as little as a $49 deposit. You can also receive a credit line of up to $1,000 by paying up to $200. Capital One lets you pay your deposit in installments over the course of 35 days after signing up. Although there are no annual or foreign transaction fees, if you miss a payment, you will be charged a hefty interest rate.

Capital One Platinum Secured Credit Card
Best secured card for building credit on a budget
- Limited – BadRecommended Credit
- $0Annual Fee
- $49Min. Security Deposit
- 3# of Reporting Bureaus
- 29.74% VariableAPR
Pros
Great if you have limited or bad credit
No annual fee
25-day grace period
Good for building credit
Easy to get a higher credit limit
Online access for easy managing/monitoring
Millions of acceptable card locations worldwide

Cons
APR is a bit high
No extra rewards
Credit check required
Requires an initial security deposit of at least $49
Regular credit reports to all three bureaus
Initial credit lines start at $200
Cash advance of $3 or 3% of the amount, whichever is greater
Up to $40 late payment fee
Disclaimer: Credit card offers are constantly changing. We work hard to stay updated with the latest information, but the offers listed on our site may no longer be available.
Terms, rates and fees apply
Compare this credit card with other top-rated secure cards from our partners.

Pros & Cons Explained

The Capital One Platinum Secured, like most other credit cards, has benefits and drawbacks. Analyzing those will assist you in determining whether the card is suitable for you.

Pros

Benefits
Description
No Annual or Foreign Transaction Fee
There is no annual fee or foreign transaction fee associated with this card. You pay nothing to use this card other than the security deposit you put down. By paying your dues in full each month, you can also save yourself from paying interest or penalties. And, there’s no fee on foreign transactions, unlike many other competitive secured cards.
Low Security Deposit
You can start your account with a minimum security deposit of $49 paid via an authorized bank account and get an initial credit line of $200. Those who require a larger credit line can put down $99 or $200 for increased credit lines up to $1,000. If Capital One finds that you use your card responsibly, you can get the security deposit back to your account as a statement credit.
Automatic Credit Increase for Responsible Payers
If you make on-time monthly payments, you will be considered for an increase on your Capital One Platinum Secured credit limit after six months.
Wide Global Acceptance
Being a Mastercard, it has wide acceptance around the world.

Cons

Drawbacks
Description
Very High APR
If you do not pay your bills on time, you will pay interest at the rate of 29.74% on purchases, balance transfers and cash advances. If you do not pay on time, your card may accrue interest and late fees, which can have a negative impact on your credit score.
No Rewards or Bonus Program
Since this card is meant to help you build credit, it comes as a basic card with no intro bonus or rewards program.
Low Maximum Credit Limit
The maximum credit line Capital One offers for this card is $1,000. This is low in comparison to other competitive secured cards.
Requires a Bank Account
You can only apply for the card if you have an authorized savings or checking bank account. The security deposit must be paid with a bank account. If you don’t have a bank account, you’re out of luck.

LOOKING FOR THE BEST CREDIT CARDS OF 2022?

MoneyGeek has rated the Platinum Secured from Capital One as one of the best secured credit cards of 2022 for those wanting to build credit due to poor credit or no credit history. You can check out our guide to compare this card to the other secured cards that made the list. You may also want to consider one from our list of the best credit cards for bad credit.

Other Features Explained

You may also be interested in learning more about the following Capital One Platinum Secured Credit Card features:

Card Feature
Description
24/7 Customer Service
Capital One provides 24/7 customer service for all Secured Card customers.
Authorized User
With an authorized user added to your account, you can track their expenses along with your own.
Account Alerts
You get email or text alerts on transactions while using this card.
Automatic Payments
You can enable auto-pay so that you don't have to log in to your account every month to make payments.
Capital One Mobile App
Using the Capital One mobile app, you can manage your account, pay your bills, view your transactions and more. The app is available for both iOS and Android phone users.
CreditWise from Capital One
Capital One's credit monitoring service monitors your account and accesses your credit reports and credit scores regularly.
Emergency Card Replacement
If your Platinum Secured Card is lost or stolen, you can obtain an emergency replacement card.
Eno Virtual Assistant
Capital One’s assistant keeps an eye on your account 24/7 and alerts you when suspicious activity is spotted, to help prevent fraudulent transactions. Eno also provides you with virtual card numbers, which you can use to make online transactions without revealing your actual card number.
Year-End Reports
You can obtain annual reports with a detailed purchasing breakdown to facilitate budgeting and taxation.

MONEYGEEK EXPERT TIP

"To help build your credit, set the payments for this card on autopay. You’ll always be on time and your credit score will soar in no time. Six months later, you’ll be eligible for a credit line increase and you can continue building from there." - Alene Laney, Credit Card Journalist

Understanding the Fine Print

Understanding how credit cards work is critical, as is knowing about the card's benefits, fees, interest rates and other features. Find out more about the Capital One Platinum Secured Card in the table below.

Card Feature
Amount or Rate
APR
29.74% Variable
Annual Fee
$0
Min. Security Deposit
$49
Balance Transfer Fee
3%
Balance Transfer APR
29.74% Variable
Late Fees
Up to $40
Cash Advance Fee
$3 or 3%, whichever is greater
Cash Advance APR
29.74% Variable
Foreign Transaction Fee
None

Annual Fee
You pay nothing to use this card. All you pay is a security deposit as collateral to get a sufficient credit line.
Regular APR
The Capital One Platinum Secured Credit Card carries a high APR of 29.74% variable on purchases, balance transfers and cash advances.
Penalty Fee
A penalty of up to $40 is applicable for all late payments.
Foreign Transaction Fee
While many competitors charge a percentage of the transaction as a fee while shopping abroad, this card charges you nothing for overseas transactions.
Security Deposit
A security deposit of $49, $99 or $200 is required for the card.

FINDING YOUR CARD'S RATES AND FEES

To pick the card that best meets your needs, you should evaluate the fees, APRs, features and drawbacks of different cards. If you're comparing Capital One's Platinum Secured Card to another credit card you currently have, look at your most recent monthly statements or visit your credit card company's website or mobile app for more information. You can also search up these details in the Consumer Financial Protection Bureau's credit card agreement database.

Who Should & Shouldn’t Consider Capital One Platinum Secured Credit Card?

Other Considerations for Capital One Platinum Secured Credit Card

It is vital to learn everything about your credit card and understand your rights as a credit card user before applying for one. Please keep in mind the following points if you're considering the Platinum Secured Card from Capital One. You can evaluate how it could work for you if it is your sole card or an add-on card.

Things to Consider if This Will Be Your First or Only Credit Card

If this is your first credit card, it could be because you need one to start building credit history and, eventually, a good credit score. The minimum security deposit on the card is an appealing feature. You can pay $49, $99 or $200 and receive a credit line ranging from $200 to $1,000. By paying as little as $200, your credit line can be $1,000. This may be sufficient for beginners to start building credit.

Even if it is your only credit card (assuming you previously had credit cards but had them revoked owing to debts or payment concerns), your primary goal should be to pay on time and improve credit. By making on-time payments, you boost your chances of receiving a regular unsecured credit card.

Things to Consider if This Will Be an Additional Card in Your Wallet

As an additional card in your wallet, the Platinum Secured Card may not be that beneficial. However, if the sole reason you applied for this card was to build credit, you will not be disappointed. You won't be worried by its high APR as long as you pay your balances on time.

Please bear in mind that the Capital One Platinum Secured Credit Card offers no rewards or cash back. You should consider this for an additional card only if you wish to improve your credit score by being a responsible user and making on-time payments. You can also consider pairing it with another secured card like the Discover it® Secured Credit Card.

WHY TRUST OUR REVIEWS

MoneyGeek conducts an in-depth evaluation of credit cards and companies using a comprehensive rating methodology. Gathering data from the Consumer Financial Protection Bureau's database, standardizing data points for card comparison, estimating average expenditure profiles, considering annual and promotional incentives of each card and calculating the three-year value of maintaining the card are all part of the technique. The technique also includes monthly card re-ranking and semi-annual card list updates.

How Capital One Platinum Secured Credit Card Compares to Other Cards

Because of its lack of an annual fee and foreign transaction fee, as well as its low security deposit requirement, the Capital One Platinum Secured Credit Card fares well in comparison to most other secured credit cards. That said, comparing it to other cards might help you narrow down exactly what you want in a secured credit card.

In-Depth Credit Card Comparisons:

Quick Comparison of Capital One Platinum Secured Credit Card

Capital One Platinum Secured Credit Card

Annual Fee: None
Regular APR: 29.74% variable
Rewards Rate: None
Minimum Deposit: $49
Credit Needed: Poor
International Transaction Fee: None
Best for: Those trying to build credit with a minimal deposit

Citi® Secured Mastercard®

Annual Fee: None
Regular APR: 26.74% variable
Rewards Rate: None
Minimum Deposit: $200
Credit Needed: No/limited credit
International Transaction Fee: 3%
Best For: Those trying to build credit with limited credit history

Other Helpful Decision-Making Q&As

Obtaining a secured credit card may raise a number of questions in your mind. We've answered a few frequently asked questions about the Capital One Platinum Secured Credit Card that you might find useful.

Still not sure about this card? Consider these options.

If you're still undecided about getting the Capital One Platinum Secured Credit Card, compare it to other secured credit cards. Consider the Discover It Secured credit card if you want to earn rewards while rebuilding your credit. It offers minimum cash back of 1% and has a lower APR than the Capital One Platinum Secured Credit Card. However, its higher security deposit and lower global acceptance cannot be overlooked.

View All Credit Cards

Learn more about credit cards in general

sources

Capital One. "Platinum Secured from Capital One." Accessed March 22, 2022.
J.D. Power. "While Many U.S. Credit Card Issuers Struggle to Meet Evolving Customer Expectations, Some Bright Spots Exist, J.D. Power Finds." Accessed September 5, 2021.

*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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