Opting for a good credit card that helps build your credit can be a crucial decision. It is important that you choose the right one. Capital One Platinum Secured Credit Card can be the right option for you. There is only one way to find out, and that is, by checking out its reviews. A credit card that helps build your credit can be a tricky deal. There can be hidden charges or maybe higher interest rates and whatnot!
We got your back! In this article, we present you with a full-fledged Capital One Platinum Secured credit card review.
What is a Capital One Platinum Secured Credit Card?
Capital One Platinum Secured Card is amongst the top cards that help rebuild your poor credit score. It is a secured credit card. This means that in order to access the card, you need to put down a certain amount as a security deposit. The more responsibly you use Capital One Platinum Secured Credit Card, the better your credit score becomes.
The review says that with no annual fee and increasing credit score potential, the card grows along with you. The minimum security deposit that you’ll require to put down is around $49, $99, or $200. However, Capital One Platinum Secured ensures that putting down a security deposit does not strain your pockets. Therefore, you can do deposits either online or by phone and you can even break them into installments. Having said that, the Capital One Platinum Secured Card will not open until you meet the minimum security deposit amount, i.e. $49, $99, or $200.
To know about a credit card, you must know its features. Let’s look at the features of the Capital One Secured Platinum Card.
The initial credit limit is $200, which can be accessed once you have put down a security deposit. Although the initial credit limit is low, it can be increased every six months. All you have to do is use your card responsibly and make all the payments on time. Your card will be reviewed and if it is maintained properly, the credit limit of your Capital One Platinum Secured Credit Card will be increased.
Customized Date Settings
Capital One Platinum Secured Credit Card allows its clients to select a payment date that is suitable for them. This allows you to handle your finances and budget them appropriately.
Track Your Score
Since Capital One Platinum Secured helps in building up a better credit score, it also helps you keep track of it. Any changes in your TransUnion report of a credit score will be automatically informed to you through alerting by CreditWise.
Zero Fraud Liability
In case your card is lost, Capital One Platinum Secured Credit Card offers an emergency replacement for the card. Moreover, if any payment is made which is not authorized by you, the company will tackle all your loss.
No Hidden Fees
You do not have to pay foreign transaction fees. It means any international or foreign transaction you make, and no extra charges will be deducted. Moreover, there are absolutely no hidden charges. You don’t even have to pay annual fees. An annual fee is charged by the credit card company to maintain the active status of your card. However, Capital One Platinum Secured Credit Card is a card that does not ask for any annual fees. This means your card will remain active without any charges.
Build Your Credit
Along with credit tracking and increasing your credit limit if the card is well maintained, Capital One Platinum Secured Credit Card also reports to three major bureaus. This helps in rebuilding your poor credit score. You can also refund your security deposit once your credit score is enhanced.
Fees and Interest Rates
Capital One Platinum Secured Card does not charge any annual fees to maintain the active status of your card. Your card will remain active. Moreover, you are not charged a single penny for foreign transactions.
Having said that, there will be an additional $10 or 3% of the entire amount (whichever one is higher) as a cash advance fee. This means you will be charged the said amount if you use your Capital One Secured Platinum Card to cash out from an ATM.
If you happen to get late in paying your card bill or payments, you will have to bear the consequences of a penalty fine of $40. You will also have to pay 3% on promotional balance transfers. Although regular balance transfers are not chargeable.
Moving towards the APR, i.e. interest rates. Interest is charged when you fail to make your Capital One Platinum Secured Card payment on its monthly due date. The APR rate of Capital One Platinum Secured Credit Card is 26.49%. Although it is variable.
Pros and Cons
When you decide whether or not this card is suitable, you must know all its aspects. Knowing its features is not enough. You should know what advantages or benefits the card offers. Besides, you should learn about the disadvantages or cons you’ll have to bear. Below listed are both its pros and cons.
- Helps you rebuild a poor credit score.
- Any fraud or theft is covered by Capital One Platinum Secured, therefore you get zero fraud liability.
- Low and refundable security deposit.
- No annual fee.
- A cash advance is available along with foreign or international transactions.
- Balance can be transferred.
- You can track your credit score by CreditWise TransUnion credit reports.
- No foreign transaction fees.
- You can get your card replaced almost immediately with an emergency replacement.
- Reports to all the major credit bureaus, i.e. Equifax, Experian, and TransUnion.
- The security deposit is flexible.
- You can increase your credit limit every six months.
- The APR of Capital One Platinum Secured credit card is very high.
- You will have to pay late payment fees.
- The credit limit is low. It ranges from around $200.
- You will have to put down a specific amount as a security deposit.
- Capital One Platinum Secured does not offer any rewards.
- You will have to pay a 3% or $10 of cash advance charges and 3% on balance transfers.
All credit cards offer rewards or benefits of some kind, except for a few. Although Capital One Platinum Secured Credit does not have special schemes or offers for welcome bonuses or rewards, using this card will not go in vain. Its features include some attractive benefits in order to protect and assist its clients. These are:
- It enables you to manage your account and its functions through its mobile application.
- A Capital One Secured Platinum Card client will get ENO. ENO will be your personal assistant for Capital One Secured Platinum Card. It will resolve any queries and is available twenty-four hours at your service. ENO will help you track your account and activity and alert you if anything suspicious happens.
- You can track your credit reports via CreditWise. Additionally, you can enable automated payments, hence, you will not miss any important payments.
- Capital One Secured Platinum Card offers its clients complete protection by alerting them if something suspicious happens.
- You can use digital card numbers for any purchase made online. This will protect you from submitting your real card numbers.
- If you responsibly maintain your Credit card, then you can get a promotion to have a Capital one unsecured credit card.
How Can You Get a Capital One Platinum Secured Credit Card?
Capital One Platinum Secured is mainly suitable for those with bad credit. Anyone with a credit score range of 300-580 is qualified to apply for Capital One Platinum Secured Credit Card. Moreover, your credit score falls lower when you fail to make payments on a loan multiple times. Additionally, when you get rejected by three credit card companies in 3 months, you will be counted as qualified to apply for Capital One Platinum Secured Credit Card.
Most bad credit score-building cards will send you an email or mail that invites you to get their cards. However, Capital One Platinum Secured does not do anything as such. If you wish to apply for this card, you will need to go through their pre-approval screening.
The pre-approval is a process that determines whether or not you are qualified enough to apply for Capital One Platinum Secured Card. This stage does not affect your credit score. In order to apply for the pre-approval procedure, you’ll have to go to the official website of Capital One Platinum Secured Card.
Once you have applied and got pre-qualifications, you will have to perform a proper application. In this stage, the company will perform a hard credit check, which in turn might affect your overall credit score.
Getting through in pre-qualifications does not necessarily mean that you will get approval in the hard-checking inquiry stage.
Managing Capital One Platinum Secured Credit Card
After getting this card, you will need to be more responsible. Moreover, maintaining it is crucial if you want to increase your credit score. To get a higher credit limit, you will need to follow all protocols of Capital One Platinum Secured.
- Make all the card payments on time.
- Review your TransUnion credit reports regularly.
- Do not borrow a lot. Try borrowing around 30% of your credit limit.
- Do not exceed the spending limits.
- Do not use your card irresponsibly.
- Keep track of your payment history.
Alternatives to Capital One Platinum Secured Credit Card
Discover it Secured Credit Card
Discover it Secured Credit Card is a great alternative to Capital One Platinum Secured. It helps in building your credit. Discover It does not charge any annual fee. Moreover, you get around 1% to 2% rewards and cash back when you pay using this card. However, you will have to put down a security deposit of around $200–$2,500. Although the security deposit is high, the rewards, cash back, and welcome bonuses cover it.
- You can earn around 1% to 2% in rewards, cash backs, and welcome bonuses.
- You do not have to pay any annual fee.
- No foreign transaction fee charges.
- Welcome bonus includes doubling your cash back in the initial first year.
- Increase your credit score.
- Reporting to all three major credit bureaus.
- You need to put down a security deposit.
- APR is high.
Citi Secured Mastercard
Citi is another secured credit card & this means you will have to put down a certain amount as a security deposit. It offers to rebuild your credit score without charging any annual fee. Citi secured credit card is good for building your credit but if you are looking for rewards and cash back, you should probably just keep looking. Citi Secured MasterCard does not offer any rewards or welcome bonuses but covers a zero fraud liability and helps you track your score.
- Helps in building your credit.
- The annual fee is $0.
- It sends your activity reports to all three major credit bureaus.
- A security deposit is required.
- High APR.
- No rewards or welcome bonuses.
Wells Fargo Business Secured Credit Card
Wells Fargo business secured credit card is especially for individuals with no credit or low credit score. It helps to build your credit. However, since it is secured, you will have to put down a security deposit. But unlike any credit building secured cards, Wells Fargo offers rewards and cash back.
It offers a flexible rewarding scheme. This means you can choose either earning a 1.5% cash back reward on every purchase or 1 point reward on every dollar you spent. Wells Fargo does not charge any annual fees or foreign transaction charges. Moreover, the credit limit is ranging around $500 to $25,000.
- 1.5% cash back on every purchase or 1 point on every dollar spent reward.
- You will not have to pay any annual or foreign transaction fee.
- You can customize the card design as you wish.
- The credit limit ranges from $500 to $25,000.
- Rewards have a limit.
- The cash advance fee is high.
- A security deposit is important.
- High balance transfer fee.
Frequently Asked Questions
Q: How to find out if I got a Secured Capital One Platinum or a regular Capital One Platinum?
The major difference between Secured Capital One Platinum and regular Capital One Platinum is that in a secured card, you will have to put down a certain amount as a security deposit. However, with a regular credit card, no security deposit is required.
Q: How many times does Capital One Platinum Secured credit card credit limit increase?
You can raise the limit of your Capital One Platinum secured credit card in six months. This can happen only if you properly maintain the card by making all the payments on time. The credit limit is increasable up to $1000.
Q: What credit score is needed to get a Capital One Platinum Secured credit card?
A Capital One platinum-secured credit card is designed to help you build your credit score. Therefore, when you order to get a platinum-secured credit card, you do not need any credit. Anyone with a bad score can apply for it, i.e. 300 to 580.
Q: Why can’t I get a Secured Capital One Platinum credit card?
If you are denied a Secured Capital One Platinum credit card, it means that the company considers your credit profile too risky to lend you this card. Although this does not mean that you will not ever get this card. If you meet their application protocols, you can get approval for the card.
Q: How does a Capital One Platinum Secured credit card work?
This secured credit card works just like any other credit card. You put a certain amount ($49, $99, or $200) as a security deposit to open the account. This credit card helps you grow your credit score. All you have to do is maintain your card by making payments on time.
Q: Is Capital One Platinum Secured card good for building credit?
This card is among the top credit cards that help you build a good credit score. It reports to all three major credit bureaus and it also reviews your activity through CreditWise reports. Capital One Platinum secured offers you to rebuild your poor credit score by utilizing its features.
In order to select a good credit card you must know its features, pros, and cons. Capital One Platinum Secured Credit Card is one such card that helps rebuild your credit score. It offers you protection against fraud and theft but on the other hand, APR is high. However, they do not charge any annual fees or foreign transaction fees but late payment, cash advance, and balance transfer fees are there. Capital One Platinum Secured Credit Card offers many such pros and cons.
In the article above, we have presented everything about Capital One Platinum Secured Credit Card. Read the blog Capital One Platinum Secured Card reviews properly and decide if it is suitable enough for you.
- Elizabeth Jones is one of our editorial team’s leading authors on credit card offers, services & more. With over two decades of experience in the consumer credit industry and as a nationally recognized credit expert, Elizabeth provides in-depth analysis of both traditional & alternative forms of credit. Elizabeth regularly appears on many major media outlets including NBC Nightly News, Fox Business Network, CNBC & Yahoo! Finance. She is also a frequent contributor to Forbes Magazine. As a highly appreciated author for our exclusive Editorial Team, Elizabeth strives to provide readers with a trustworthy advice on how to manage their credit accounts while staying informed on the latest offers in the marketplace.
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