Capital One Platinum Secured Credit Card
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- Capital One Platinum Secured Credit Card
Capital One Platinum Secured Credit Card Review
When it's time to build credit, turn to the Capital One Platinum Secured Credit Card. With responsible use, this no annual fee card will help put you on the right track to a healthy credit score.
Editor
Pay no annual fee and build your credit with responsible use
on Capital One's secure site
- Pay no annual fee and no foreign transaction fees
- Reports to the credit bureaus and builds your credit score when used responsibly
- Use your card wherever Mastercard is accepted
- $0
- Limited, Bad
Our Expert Review
Why We Like It
Offer Rating
4/ 5
By Our Content Team
If you are new to credit or trying to rebuild your credit score, a secured credit card is often a good place to start. Secured cards work just like normal credit cards, but you have to put down a refundable security deposit in order to get approved. As you use your card to make purchases and pay them off on time, your credit score should go up. When it's time to close your secured card account, you will get your security deposit back in full as long as your balance has been paid off.
For anyone in the market for a secured card, the Capital One Platinum Secured Credit Card is an excellent option. This card comes with no annual fee, which is a nice perk considering you will need to put down a security deposit. With this card, your security deposit can be as low as $49, $99, or $200 and you will get an initial credit line of at least $200. But you will automatically be considered for a higher credit line in as little as 6 months with no additional deposit needed.
There is no rewards program associated with this credit card, but that's typical for secured cards. One additional benefit that stands out is that it comes with no foreign transaction fees, making it a viable option to use if you happen to be traveling overseas.
Pros & Cons
Pros
- There's no annual fee, which is pretty rare for credit cards for Limited, Bad Credit
- Unlike a prepaid card, it builds credit when used responsibly, with regular reporting to the 3 major credit bureaus
- The security deposit is fully refundable when you close your account in good standing
Cons
- The APR of 28.99% (Variable) for purchases and balance transfers is relatively high, but that's normal for secured credit cards. Balance Transfer Fee applies to balances transferred at a promotional rate
- You won't earn any cash back or rewards on your purchases
Pros Explained
Cons Explained
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