Capital One Platinum Secured Credit score Card overview
The Capital One Platinum Secured Credit Card is a stable choice for folks with restricted or poor credit score historical past. It has a reasonably excessive approval price and a refundable deposit as little as $49. The cardboard doesn’t have an annual price or international transaction charges (see rates and fees) however doesn’t supply reward earnings or a sign-up bonus. Card score*: ⭐⭐
*Card rating is predicated on the opinion of TPG’s editors and isn’t influenced by the cardboard issuer.
You will have seen us rave about a few of our favorite credit cards solely to see the really helpful credit score rating and really feel dismayed that yours is not there.
However having little credit score historical past or a low credit score rating would not shut you out of the world of bank cards. Generally, you simply must spend a while constructing or repairing your credit score earlier than you will be eligible for the highest rewards playing cards — and getting a secured credit card might help you get there.
A secured bank card is geared towards these with little or low credit score to construct their credit score rating. With this sort of bank card, you will put down a safety deposit, which generally determines your preliminary credit score restrict. You possibly can normally get your deposit again after demonstrating good credit score habits.
In the event you’re on a credit score journey, it’s possible you’ll be contemplating getting the Capital One Platinum Secured Credit Card. Let’s dive into the cardboard particulars that can assist you determine if it is a good match for you.
Associated: What is a good credit score?
Capital One Platinum Secured Credit score Card execs and cons
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Capital One Platinum Secured Credit score Card welcome supply
The Capital One Platinum Secured doesn’t have a welcome supply. Whereas disappointing, that is pretty widespread for secured bank cards.
Associated: How to apply for a credit card
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Capital One Platinum Secured Credit score Card advantages
As a secured card, the Capital One Platinum Secured has restricted advantages; nevertheless, it would not cost an annual fee or foreign transaction fees (see rates and fees).
It additionally permits you to pay as little as $49 in your safety deposit to open your account with an preliminary credit score line of $200. You possibly can improve your credit score line by placing down a better deposit of as much as $1,000.
Plus, you’ll be able to earn your deposit again and improve to the unsecured version of the card after a interval of accountable bank card use.
In any other case, the principle good thing about a secured bank card is that it permits you to increase your credit score rating. When your credit score rating will increase, you will need to think about cards with more extensive benefits.
Associated: 6 things to do to improve your credit score
Incomes rewards on the Capital One Platinum Secured Credit score Card
The Capital One Platinum Secured doesn’t earn rewards on spending.
Once more, the principle good thing about a secured bank card is to construct (or rebuild) your credit score. Nonetheless, some secured bank cards do earn rewards on spending, so it’s possible you’ll need to take a look at different choices if this can be a perk you need (choices are given later on this information.)
Associated: How do credit scores work?
Redeeming rewards on the Capital One Platinum Secured Credit score Card
Since you will not earn rewards on the Capital One Platinum Secured, you will not have to fret about redeeming rewards.
As a secured card, think about this an funding in longer-term rewards. It permits you to construct your credit score to be eligible for bank cards that earn rewards in a while.
Associated: Your next credit card approval is in the hands of these 3 agencies
Which playing cards compete with the Capital One Platinum Secured Credit score Card?
In the event you’re seeking to construct your credit score, you’ve got a number of choices; one in every of these may be a greater match than the Capital One Platinum Secured.
The data for the Uncover It Secured Credit score Card has been collected independently by The Factors Man. The cardboard particulars on this web page haven’t been reviewed or offered by the cardboard issuer.
For added choices, try our lists of the best secured credit cards and the best starter credit cards.
Associated: How to earn points and miles with fair to poor credit
Is the Capital One Platinum Secured Credit score Card price it?
If you would like a secured bank card that requires a minimal deposit, the Capital One Platinum Secured is an effective choice. Nonetheless, different secured bank cards mean you can earn rewards in your spending, so you will probably get extra worth from a kind of.
Backside line
If it’s worthwhile to construct your credit score to be eligible for extra priceless rewards bank cards, the Capital One Platinum Secured Credit score Card is an effective choice. Nonetheless, it has no welcome bonus or incomes potential, so it’s possible you’ll need to go for a distinct secured bank card to earn rewards whilst you construct credit score.
Apply right here: Capital One Platinum Secured Credit Card
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