Capital One Platinum Secured Credit Card

Rewards Rate

Welcome Bonus

This card does not offer a welcome bonus.

APR

Max 29.99% Variable APR

Pro & Cons

• No hidden fees.
• Low minimum refundable security deposit.
• Automatic credit line reviews.
• Great for building or rebuilding credit

• High APR
• No rewards program.
• Security deposit required.
• Limited initial credit limit.

Capital One Platinum Secured Credit Card

The Capital One Platinum Secured Credit Card is designed for individuals looking to build or rebuild their credit. With a refundable security deposit starting at $49, $99, or $200, this card offers the chance to establish a credit history while enjoying benefits such as no annual fee and no foreign transaction fees. Its main selling point is the potential for automatic credit line reviews and upgrades to an unsecured card with responsible use.

Card Highlights

• No annual fee
• $49, $99, or $200 minimum deposit (refundable)
• 29.99% variable APR
• Automatic credit line reviews after six months
• No foreign transaction fees
• Reports to all three major credit bureaus
• $0 fraud liability

Rewards Redemption

This card does not offer a rewards program, so there are no rewards to redeem.

Terms, Rates and Fees

• APR for purchases and balance transfers: 29.99% variable.
• Annual Fee: $0.
• APR for cash advances: 29.99% (variable) + $5 or 5% of the amount, whichever is greater.
• Balance Transfer Fee: No fees for balances transferred at the Transfer APR rate OR 4% of the amount of each transferred balance if a promotional APR is offered.
• Cash advance fee: $5 or 5% of the amount of each advance, whichever is greater.
• Late Payment Fee: Up to $40.

Opinion: The terms are standard for a secured card aimed at those building or rebuilding credit, though the high APR can be costly if you carry a balance.

Maximize Benefits and Avoid Fees

• Pay the statement balance in full each month to avoid paying interest.
• Monitor your credit regularly with CreditWise.
• Avoid carrying a balance to prevent high interest charges.
• Make a higher deposit to increase your initial credit limit.

Qualification Requirements

What Makes This Card Appealing?

This card is appealing because of its no annual fee, low minimum security deposit, automatic credit line reviews, and no foreign transaction fees. It's an excellent tool for individuals looking to build or rebuild their credit scores effectively.