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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.
4.00/5
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
Rating image, 4.00 out of 5 stars.
4.00/5
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
Credit Score:
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: New/Rebuilding Under(579)
Credit Score
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
New/Rebuilding Under(579)
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.
No annual fee
Low minimum deposit amount
Can graduate to an unsecured card
No minimum credit score required
No rewards
High APR
No annual or hidden fees. See if you're approved in seconds
Building your credit? Using the Capital One Platinum Secured card responsibly could help
Put down a refundable security deposit starting at $49 to get a $200 initial credit line
You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
Monitor your credit score with CreditWise from Capital One. It's free for everyone
Get access to your account 24 hours a day, 7 days a week with online banking to access your account from your desktop or smartphone, with Capital One's mobile app
Credit card comparison
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.
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
Best for cash rewards on everyday spending
$200 cash rewards
Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
2% cash rewards
Earn unlimited 2% cash rewards on purchases.
Intro:
0% intro APR for 12 months from account opening on purchases and qualifying balance transfers
Purchases: 0% intro APR, 12 months from account opening
Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers
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
Best for cash back on rotating categories
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.
4.00/5
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
Best for unlimited rewards on purchases
25,000 points
25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases
1.5 points per dollar
Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open.
Intro:
0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 19.24% - 29.24% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers.
Purchases: 0% Intro APR for 15 billing cycles for purchases
Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days
Full Capital One Platinum Secured Credit Card review
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.
Top perks
No annual fee
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.
Low deposit requirement
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.
You can graduate to an unsecured card
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.
Credit score monitoring
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.
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.
No cash back rewards
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.
High APR
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.
Find the best credit card for your needs
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.
The Capital One Platinum Secured Credit Card is right for you if:
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:
You have bad credit or no credit and/or limited income.
You have $49 to $200 to open an account.
You will always pay on time and in full.
You won't overspend.
Our credit card methodology
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.
FAQs
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.
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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.
Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Elizabeth Aldrich has no position in any of the stocks mentioned. Robin Hartill has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Target and Visa. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.
The Motley Fool owns shares of and recommends Visa.
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.