The
Capital One Platinum Secured Credit Card is a very good credit card for building credit at a low cost. The card is easily worth it because it offers a
$0 annual fee and a
$200 starting credit limit in return for a refundable security deposit that could be as low as just $49. Or, the deposit requirement could be $99 or $200, depending on the specifics of your credit history and the current state of your finances.
All in all, the Platinum Secured card from Capital One is among the very best credit cards for low-cost credit improvement. Below, you can learn everything else you need to know before applying.
Capital One Platinum Secured Credit Card Review Highlights
$0 annual fee helps keep costs low
Whether you need a credit card to (re)build your credit standing or to pay bills that you can’t afford in cash, not having to pay an annual fee will make your job much easier. The same can be said of the Capital One Platinum Secured card’s lack of monthly and one-time fees, which are far too common with
credit cards for bad credit.
Could be partially secured
You will have to make a deposit of
$49, $99 or $200 for a
$200 spending limit. That means it’s possible for the spending limit you’re assigned to exceed the amount of the refundable security deposit you’re required to place. Bear in mind that you can’t necessarily count on being approved for any unsecured spending power, which might be important if you need an emergency loan. But it would be a pleasant surprise if building credit is your top priority. Also, Capital One will monitor your account activity and you may get your deposit back as statement credit if you use it responsibly.
Can help you improve your credit
Like all credit cards, the Capital One Platinum Secured Card reports account activity to the major credit bureaus on a monthly basis. As long as you pay your bill on time and avoid maxing out your spending limit, this information will be positive and can lead to credit score gains.
WalletHub’s free daily credit score updates will help you track your progress.
Not available to folks with seriously damaged credit
You are not eligible for the Platinum Secured Credit Card from Capital One if you have a non-discharged bankruptcy, a past-due Capital One credit card or an over-limit Capital One card. Furthermore, you can’t have a Capital One credit card that has charged-off in the past year, and your monthly income must exceed your monthly housing payment by a certain amount set by Capital One.
At the end of the day, the Capital One Platinum Secured Card is one of the very best credit cards for building or rebuilding your credit standing. It’s one of just a handful of credit cards for people with bad credit that does not charge an annual fee. And it’s one of the only secured cards whose spending limit can be higher than the amount of your refundable security deposit.