Capital One Platinum Secured Credit Card Review: Should You Apply?

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

Advertiser Disclosure: Credit.com has partnered with CardRatings for our coverage of credit card products. Credit.com and CardRatings may receive a commission from card issuers.

In a snapshot: the card_name is a great option if you have a lower credit score (below 629) and need access to a line of credit that can help you build better credit.

Ready to try Capital One Platinum Secured Credit Card?

card_name is a great option to consider if you currently have low credit and are worried about being able to pay a deposit.

Secured credit cards require a cash deposit, usually the amount of your credit limit, in order to act as collateral against your purchases. The primary benefit of the card_name is that you can put down a smaller deposit relative to your credit limit.

Currently, the minimum required deposit amount is $49 in order to get a $200 credit limit. However, you do have the option to deposit more in order to access a maximum credit limit of $1000.

There is no annual fee for the card_name, although like most credit cards for low credit, the APR is quite high at reg_apr,reg_apr_type

Ready to try Capital One Platinum Secured Credit Card?

The Benefits and Rewards

In addition to card_name ’s low deposit requirement, here are some additional benefits:

• $0 Fraud Liability for charges made if your card is lost, missing or stolen 
• No foreign transaction fees on purchases made abroad
• Lock your credit card via the Capital One mobile app at any time
• Quick application process
• No annual fee

What the card_name lacks in rewards it makes up for by being a straightforward, uncomplicated credit card. You don’t have to worry about tracking points or any hidden fees, and you don’t have to worry about how low your score is.

By responsibly using this card and making timely payments, you can prove your creditworthiness and potentially improve your credit over time. Like most credit cards, the card_name reports to all three major credit bureaus, providing an opportunity to build a positive credit history.

Another unique feature of the card_name is that you have the opportunity to increase your credit limit further after at least 6 months. This feature enables individuals to gradually increase their available credit, which can be beneficial for managing expenses and emergencies.

Even though this card has a high APR – reg_apr,reg_apr_type it doesn’t have an annual fee, making it a cost-effective option for those looking to establish or rebuild their credit without adding another bill to track.

If you’re considering building your credit back up with a secured credit card, this is the one we’d recommend because of its simple application process and because it allows you to access a larger credit limit than your deposit. 

Interested in these benefits? Learn how to apply here.

Minimum Credit Limit: Can You Get Approved?

We’d generally recommend the card_name for anyone with a score lower than 629. Like we said above, most of the time secured credit cards are a good option for someone who’s concerned about a low credit score and is looking to build up their credit.

Bottom Line: Is the Capital One Platinum Secured Credit Card Worth it?

Unless you have a low credit score (below 630), this card’s high APR and lack of rewards may not be the most ideal option. 

However, if you do have poor credit and you’re in the market for a secured credit card that can help you get back on top, we’d recommend the card_name for its larger credit limit and unfussy fees.

Worried about your credit? We got you. Credit.com offers a free Credit Report Card that shows your score and your credit standing – and it updates every 14 days. Check yours now to see where you stand.

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Advertiser Disclosure: Credit.com has partnered with CardRatings for our coverage of credit card products. Credit.com and CardRatings may receive a commission from card issuers.

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