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A secured credit card is a great tool for people with poor credit who want to start rebuilding their credit and working toward qualifying for better cards and higher credit limits in general. The idea is that you put down a deposit to ensure your line of credit, and the deposit that you put down determines the amount of credit available to you. 

However, getting the money to put down on a deposit can be daunting. Luckily, the Capital One Platinum Secured Credit Card makes that process a little easier. 

With the Platinum Secured Card, you can start with a $200 line of credit after putting down a deposit of either $49, $99 or $200, depending on your credit score. Plus, you can increase your credit limit up to $1,000 by contributing more than the minimum deposit before activating your account. 

If you can’t pay your minimum deposit all at once, Capital One gives you the option to pay your deposit in installments of at least $20, provided that you pay the full amount of the deposit within 35 days of approval. This option can be particularly attractive to those on a fixed income. 

Capital One Platinum Secured Credit Card Review

For these reasons, the Platinum Secured Credit Card from Capital One is one of the best secured credit cards on the market and one of the best options for people with poor credit who want to build their credit score. By signing up for this card and using it responsibly, you can eventually raise your credit limit (which can contribute to a higher credit score) and potentially upgrade to a better Capital One card in the future. 

ProsCons
$0 annual feeHigh APR
Available for customers with poor creditNo rewards
Option to pay deposit in installmentsMinimum deposit required
No foreign transaction fees

Capital One Platinum Secured Credit Card Benefits

Since the Capital One Platinum Secured Credit Card doesn’t charge an annual fee and is available to those with poor credit, it comes as no surprise that there are no impressive benefits with this card. The Platinum Secured doesn’t come with any bells or whistles; it’s just a tool to help those with bad credit improve their credit scores. 

No Annual Fee 

Several credit cards are available to consumers with poor credit that are unsecured (meaning that they don’t require a deposit). However, these kinds of cards almost always come with an annual fee. The Platinum Secured Credit Card, on the other hand, doesn’t charge an annual fee. If you’re able to remain in good standing with your credit card issuer, then going with a secured card with no annual fee can save you money in the long run. 

When you make a security deposit, that money will be returned to you if you’re eventually able to upgrade to an unsecured card. With an annual fee, you’ll never get that money back even if you’re a model credit card user. 

So, if you’re looking to build up your credit, being able to do so without paying an annual fee is a great advantage. Although it can be difficult to scrape together the money to pay a deposit, it could save you money in the long run. 

Available for Customer with Poor Credit

For those with credit scores in the “poor” range (typically considered to be 580 and below), getting access to lines of credit can be tough. Luckily, secured credit cards like the Capital One Platinum Secured Credit Card are great tools for people with poor credit that help learn good credit habits and improve their credit scores. 

While the Platinum Secured Credit Card lacks the lucrative benefits that higher-tier cards have, it can help you build a positive credit history so that you can eventually be approved for those higher-tier cards. 

No Foreign Transaction Fees

If traveling is an important part of your life, then you’ll be pleased to know that the Capital One Platinum Secured Credit Card doesn’t charge foreign transaction fees (nor do any other Capital One cards). That may not sound all that impressive, but considering that some cards charge foreign transaction fees as high as 3%, this benefit could save you a lot of money abroad. 

$0 Fraud Liability

One great benefit that also comes with all Capital One cards is $0 fraud liability protection. This means that you won’t be responsible for any fraudulent charges made on your card in case your card is lost or stolen. 

If Capital One notices any suspicious activity on your account, the bank will notify you via text, email and by phone. Then, you’ll be asked to confirm whether you made the transaction or whether it was a fraudulent charge. If Capital One is able to verify that a charge was fraudulent, you’ll be reimbursed in full. 

Pay Your Deposit in Installments

Unlike most secured credit cards (which require you to pay your security deposit in full all at once), the Platinum Secured Credit Card from Capital One allows you to pay your security in installments. However, you need to pay in installments of at least $20 and in whole dollar increments. Plus, you need to pay off the full amount of your deposit within 35 days after approval. Once your minimum deposit has been received in full, your card will be sent to you. 

If you’re approved for the Platinum Secured Card, you’ll receive a unique customer identifier number from Capital One. Then, you’ll need to include this number when making security deposit payments online or over the phone. Your payments must be funded through an electronic funds transfer from a bank account. Capital One doesn’t accept cash, checks or other money transfers for these payments. 

If you fail to pay off the minimum security deposit within 35 days of approval, then an account won’t be opened for you and you’ll receive a refund on any partial deposits. 

This payment structure is fairly unique and isn’t available with most secured credit cards, which is one of the reasons that the Capital One Platinum Secured Credit Card is one of the best secured credit cards out there. This feature is especially helpful for those who are on a fixed income. 

For instance, let’s say that your minimum security deposit is $200 and you receive disability benefits from Social Security. However, you can afford to take no more than $100 out of your Social Security check per month. With the Platinum Secured Card, you can pay $100 toward your security deposit the first month after you’re approved and then pay the other $100 when you receive your Social Security check the following month. 

Receive More Credit Than Your Security Deposit

With most secured credit cards, the ratio of your available credit to your security deposit will be 1:1. For instance, if your total security deposit is $200, then your total line of credit will be $200. However, with the Capital One Platinum Secured Credit Card, you can get a higher credit line than your security deposit, depending on your creditworthiness. The minimum required deposit for this card is either $49, $99 or $200, but no matter what deposit you’ll be asked to pay, you’ll start out with a credit line of $200. 

Capital One Platinum Secured Credit Card Drawbacks

As previously mentioned, the Capital One Platinum Secured Credit Card is one of the best secured credits on the market. However, it’s not without flaws. And if you have poor credit, there are some other cards that you’ll want to look into before you sign up for the Platinum Secured Card from Capital One. 

No Rewards

Unsurprisingly, the Platinum Secured Card doesn’t offer any rewards. This is to be expected for a card that’s available for those with poor credit and that doesn’t charge an annual fee. However, if you have poor credit and earning rewards is something that interests you, then you should know that other cards that offer rewards are available to you. 

For instance, the Bank of America Customized Cash Rewards Secured Credit Card is available to people with poor credit. It doesn’t charge an annual fee and offers 3% cash back (on up to $2,500 in purchases per quarter) on the category of your choice: gas, online shopping, dining, travel, drug stores or home improvement’/furnishings. This card also offers 2% cash back (on up to $2,500 in purchases per quarter) at grocery stores and wholesale clubs and 1% cash back on everything else. 

Unfortunately, you’ll have to put down a minimum deposit of $200 to get the Bank of America Customized Cash Rewards Secured Card. However, depending on your credit score, you might also be required to pay a minimum security deposit of $200 with the Capital One Platinum Secured Card as well. So, in that case, you’d be better off going with the Bank of America Customized Cash Rewards Secured Card, which earns cash back. 

High APR

While the Capital One Platinum Secured Credit Card is a great tool for building up your credit, it also can be expensive if you don’t manage your credit responsibly. The Platinum Secured Card (like many other Capital One cards) has a rather high ongoing variable APR which means you’ll accrue large interest charges if you carry a balance from month to month. 

Of course, if you routinely pay off your balance in full every month, then you won’t be affected by this high APR whatsoever. However, if you think you’ll be carrying a balance on your credit card from month to month, then you’ll probably want to seek out a card with a lower APR. 

Minimum Deposit Required

The Platinum Secured Credit Card from Capital One is a secured credit card, meaning that it requires a security deposit. For some people, paying a security deposit isn’t ideal because they can’t afford to have their cash withheld. If that describes you, then you may want to look into an unsecured card. 

There are unsecured cards on the market (meaning that they don’t require a security deposit) that are available to people with poor credit. Unfortunately, these cards typically have tougher approval requirements or higher fees than secured cards. They also tend to charge higher interest than secured cards. 

In most cases, going with a secured card is a better option if you have bad credit. But if you don’t have money to make a security deposit and you absolutely need an emergency loan of $200 or less, then an unsecured card might be a decent option. 


So, unfortunately, if you have bad credit, you’re going to have to pay a security deposit unless you want to pay super high fees and get charged high interest. 

Bank Account and Credit Check Required

To be approved for the Platinum Secured Card, Capital One requires that you have a checking or savings account, and the issuer may also check your credit and employment history. This is a major barrier for those who wish to build credit but have no bank account or credit history. 

On the other hand, the OpenSky® Secured Visa® Credit Card doesn’t require a credit check when you apply. Plus, if you don’t have a bank account, you can pay your security deposit using a money order or through Western Union. This card charges an annual fee of $35, though. 

Credit Check Required

Other Cards to Consider

As previously mentioned, the Capital One Platinum Secured Card is one of the best secured credit cards. This is primarily because the Platinum Secured Card could potentially provide you with a line of credit higher than your security deposit and also allows you to pay your deposit in installments. However, depending on your specific needs, there may be a better card available to you, so it’s worth considering other options.

Discover it Secured

The Discover it Secured Credit Card is another secured card that doesn’t charge an annual fee and is available to those with no credit history or those who are looking to rebuild their credit. So, no matter what your credit score is, you should be able to qualify for the Discover it Secured Card. What sets this card apart from the rest, though, is that it offers 2% cash back at gas stations and restaurants on up to $1,000 in purchases each quarter. You’ll also earn unlimited 1% cash back on all other purchases. 

To make things even better, Discover will match the amount of cash back you earn in your first year of being a cardholder. So, for instance, if you earn $100 cash back in your first year, Discover will automatically gift you another $100 in cash back. 

Of course, being that this is a secured credit card, you will have to put down a minimum security deposit of $200. However, after just seven months of being a cardholder, Discover should allow you to convert to an unsecured card, in which case you’d be returned your security deposit in full. 

Again, if you’re going to have trouble making a $200 security deposit all at once, then you may want to go with the Capital One Platinum Secured Card. However, if you can afford to make a $200 security deposit in full, then you’re better off going with the Discover it Secured Card and earning valuable cashback rewards. 

Bank of America Customized Cash Rewards Secured Credit Card

Another secured card with no annual fee that offers cash back rewards is the Bank of America Customized Cash Rewards Secured Credit Card. This card offers 3% cash back on up to $2,500 in spending per quarter in the category of your choice: gas, online shopping, dining, travel, drug stores or home improvement/furnishings. You can also switch which category earns 3% if you find that your spending patterns have shifted. 

You’ll also earn 2% cash back on up to $2,500 in spending per quarter at grocery stores and wholesale clubs, and unlimited 1% cash back on everything else. 

These are pretty stellar cashback rewards for a card that you can qualify for with bad credit and that doesn’t charge an annual fee. Plus, if you remain in good standing with Bank of America, the bank will consider switching you over to an unsecured version of the card. 

You do have to pay a minimum security deposit of $200 to get the Customized Cash Secured Card from Bank of America, but if you’re approved for an unsecured card eventually, you’ll get that deposit back in full. 

When it comes to deciding between the Bank of America Customized Cash Secured Card and the Discover it Secured Card, it comes down to your specific spending patterns and how long you plan on using the card. The normal spending bonuses offered by the Bank of America card are probably superior for most people. However, the fact that Discover will match your cashback earnings from the first year might tip the scales in its favor, at least for the first year. 

Before you make a decision, we recommend looking at your spending from the previous year and calculating how much cash back you could earn with each card.

The Bottom Line

When it comes to secured credit cards for people who want to rebuild their credit without paying an annual fee, the Capital One Platinum Secured Credit Card is a solid option. It’s particularly attractive to those who are worried about paying a security deposit all at once. 

With this card, Capital One gives you the option to pay your security deposit in installments of at least $20, provided that you pay the deposit in full within 35 days of approval. This feature is especially helpful for those on a fixed income. 

The Platinum Secured Credit Card from Capital One is also one of the few secured cards that offers select customers a line of credit that’s larger than their security deposit. For instance, some Platinum Secured cardholders will have a minimum security deposit of just $49 yet have access to $200 in credit. This is great for people who want to build credit but still keep cash on hand. 

However, if you can afford to pay a $200 security deposit all at once, then you probably want to consider either the Bank of America Customized Cash Rewards Card or the Discover it Secured Card instead of the Capital One Platinum Secured Card. 

Both of these cards have no annual fees, are available to people with bad credit and offer cashback rewards. So, you can earn some cash back while you’re rebuilding your credit. Plus, if you remain in good standing with either of these cards, then you’ll be upgraded to an unsecured card and get your security deposit back. 

So, the Capital One Platinum Secured Card is good for people who are really strapped for cash. However, if you can gather up $200 to put down on a security deposit all at once, there are better options out there for you.