Capital One Platinum Secured Credit Card review

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• Rewards
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• Regular APR
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• Annual Fee
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Capital One Platinum Secured Credit Card features

With no annual fee, a free credit tracking tool and Platinum Mastercard® benefits, the Capital One Platinum Secured Credit Card goes beyond the basics secured cards typically offer. Plus, its low minimum security deposit requirement make it an even more attractive option for individuals looking to build or rebuild their credit history with responsible use.

Capital One Platinum Secured Credit Card best features include:

• No annual fee
• Chip-enabled
• Receive an initial credit line of at least $200 after making a security deposit of $49, $99 or $200. Access to an authorized bank account is required to make your $49, $99 or $200 refundable security deposit.
• Regular reporting to all three major credit bureaus
• $0 fraud liability coverage for unauthorized charges

The Capital One Platinum Secured Credit Card has all the basics someone needs to build or rebuild their credit (with responsible use), with the addition of a few perks you don’t normally get with secured credit cards.

Pay a refundable security deposit of $49, $99 or $200 based on your credit history and receive at least a $200 initial credit line.

Financial education and responsible use are important when you’re building or rebuilding your credit. Capital One makes sure cardmembers have access to this information through its Financial Education site. The site features content about budgeting, balancing a checkbook and investing as well as additional resources that connect cardmembers to financial literacy programs (some of which are free). And if you want more tips about how to use credit wisely, follow Capital One’s Twitter handle, @YourFutureEdge, to get more financial education.

The Capital One Platinum Secured Credit Card, which reports to all three major credit bureaus, also helps cardmembers learn how to improve and build their credit through responsible use through CreditWise®. The tool, available to people even beyond Capital One cardholders, gives you unlimited access to your credit score and free financial tools to help you better manage your credit. One unique feature of the tracker is a Credit Simulator, which shows you how specific actions can affect your credit score. With these tools, Capital One is doing more than providing a platform for people to rebuild their credit, it’s doing the proverbial "teaching a man (or woman) to fish."

Potential downsides of the Capital One Platinum Secured Credit Card

The Capital One Platinum Secured Credit Card doesn’t have a points program, so you won’t get any rewards. But since this card is more about utility than perks, use it wisely to build your credit and then graduate to a rewards card when your credit history allows.

The card also has a higher APR – RegAPR – than many of its competitors. If you’re concerned about interest charges, a secured card with a lower APR may work just as well for rebuilding your credit (with responsible use, of course).

How does the Capital One Platinum Secured Credit Card compare to other cards?

Capital One Platinum Secured Credit Card vs. First Progress Platinum Select Mastercard® Secured Credit Card

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Both cards report to all three major credit bureaus and both cards require a refundable security deposit. However, the First Progress Platinum Select Mastercard® Secured Credit Card has a AnnualFees annual fee.

You can qualify for the First Progress Platinum Select Mastercard® Secured Credit Card without a minimum credit score or a credit check. So, you can apply for this card without an inquiry showing up on your credit report, which can be helpful if you’re trying to limit inquiries.

Capital One Platinum Secured Credit Card vs. OpenSky(R) Secured Visa(R) Credit Card

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The OpenSky® Secured Visa® Credit Card is another secured card option that comes with an annual fee, in this case AnnualFees. Pay your security deposit and enjoy a credit limit of $200-$3,000. You can fund your card with a low $200 refundable security deposit to get at least a $200 credit line.

Once again, you’re dealing with an annual fee, but if you foresee wanting a higher credit limit soon, this could be a better option for you. You can also open an OpenSky(R) Secured Visa(R) Credit Card without a credit check or even a checking account, so this could be a great option for individuals starting from the ground up with their credit history.

Is the Capital One Platinum Secured Credit Card a good card?

This card might be a good fit for anyone currently using a prepaid debit card or unsecured credit card because of a credit history in need of rebuilding. The Capital One Platinum Secured Credit Card is also a reasonable option for college students and first-timers who need to establish credit, especially since it doesn’t require an annual fee to carry.

For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.