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When it comes to secured credit cards, the Capital One Platinum Secured Credit Card is without a doubt one of the very best on the market today. This card boasts no annual fees and a low deposit requirement, making it a top pick if you want to open a secured card account without breaking the bank. In the Capital One Platinum Secured Credit Card review below, we'll cover the pros and cons, and more.
Capital One Platinum Secured Credit Card
Great for: Flexible security deposit
On Capital One's Secure Website.
On Capital One's Secure Website.
Fair/New to Credit Under(669)
Intro APR
Purchases: N/A
Balance Transfers: N/A
Regular APR
29.99% (Variable)
Annual Fee
$0
Welcome Offer N/A
N/A
Comes with a low initial security deposit and no annual fee, making it a top pick if you want to open a secured card account without breaking the bank.
We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.
Offer | Our Rating | Welcome Offer | Rewards Program | APR | Learn More |
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Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Up to $300 cash back Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases. | 1.5% - 5% cash back Enjoy 5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases |
Intro: 0% Intro APR on Purchases and Balance Transfers for 15 months Purchases: 0% Intro APR on Purchases, 15 months Balance Transfers: 0% Intro APR on Balance Transfers, 15 months Regular: 20.49% - 29.24% Variable |
Apply Now for Chase Freedom Unlimited®
On Chase's Secure Website. |
|
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Discover will match all the cash back you've earned at the end of your first year. N/A | 1% - 5% Cashback Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically. |
Intro: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months Regular: 18.24% - 28.24% Variable APR |
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Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
75,000 Miles 75,000 Miles once you spend $4,000 on purchases within 3 months from account opening | 2X-5X miles Earn unlimited 2X miles on every purchase, every day. Earn 5X miles on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. |
Intro: Purchases: N/A Balance Transfers: N/A Regular: 19.99% - 29.99% (Variable) |
This credit card is a good fit for: Consumers taking the first steps toward improving their credit who want a secured card with a small starting deposit.
This card already has a big leg-up on many of its peers because it doesn't have an annual fee. Considering that some secured credit cards have annual fees and monthly maintenance fees that can add up to more than $200 per year, the Capital One Platinum Secured Credit Card is a compelling bargain due to the fact it doesn't have either of these things.
The Capital One Platinum Secured Credit Card has three different deposit requirements, depending on your creditworthiness. To get a $200 credit limit, you will have to deposit $49, $99, or $200, depending on your income and credit score. You can also increase your line of credit by depositing up to $1,000.
Many other secured cards require you to deposit an amount equal to your credit line ($200 for a $200 credit line, for example) regardless of your creditworthiness. The potential to get started with a smaller deposit than other cards makes this a top choice.
After you demonstrate responsible card usage, you may be able to graduate to an unsecured Capital One Platinum Credit Card. When this happens, Capital One will refund your security deposit. Other card terms will remain the same.
Capital One offers an app known as CreditWise®, which allows you to track your credit score over time. This is an important feature for a credit card in this category.
LEARN MORE: Best No Annual Fee Credit Cards
Given that you have to make a security deposit to get a secured credit card, it would be nice if that secured card offered a 0% intro APR period on purchases. Admittedly, this feature is rare with secured cards, so it's hard to criticize the Capital One Platinum Secured Credit Card for not offering it.
Rewards aren't a make-or-break feature for secured cards, considering so few actually have rewards programs, but a cash back rewards program would be a welcome addition to the Capital One Platinum Secured Credit Card.
Ideally, you'll pay off your credit card balance in full each month so the card's annual percentage rate (APR) won't affect you. However, if you need to carry a balance, it's important to know that many of the top secured credit cards offer lower APRs than the Capital One Platinum Secured Credit Card.
Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.
Even if you have no credit history or bad credit (usually defined as a FICO® Score below 580), it's likely you can qualify for a secured credit card. The deposit you put up to open a secured credit card protects the card issuer in the event you fail to repay your balances.
Your income may be the only limitation to getting approved, as the terms and conditions for the Capital One Platinum Secured Credit Card state that your monthly income must exceed your monthly rent or mortgage payment by at least $425. You could also be denied if you have another Capital One card that's over the limit or past-due, you've had a Capital One account charged off in the past year, or you have a bankruptcy that hasn't yet been discharged.
LEARN MORE: Best Capital One Credit Cards
Used correctly, a secured card can help you build toward excellent credit. But used irresponsibly, a secured card can harm your credit score and result in costly fees and interest on your balances. If all of the following statements apply to you, then the Capital One Platinum Secured Credit Card should make the short list of credit cards to apply for:
At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.
We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.
No, the Capital One Platinum Secured Credit Card is made of plastic.
No. The Capital One Platinum Secured Credit Card will look the same as other Capital One cards and won’t contain the word "secured."
The initial line of credit is $200; however, you can get a limit of up to $1,000 by depositing additional funds.
Our Credit Cards Experts
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
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