Is the Capital One Platinum Secured Credit Card worth it?The Capital One Platinum Secured Credit Card is worth it for cardholders trying to establish or rebuild a credit history. Show
There is a $0 annual fee, and with responsible credit usage, it offers a refundable deposit that's lower than many competing cards. Depending on your creditworthiness, you can fund a $200 initial credit line with a deposit as low as $49 (most secured credit cards match your credit limit to your deposit). On top of this, there are a suite of useful tools that help cardholders stay on top of their credit score, payments, and available balances. For these reasons, the Capital One Platinum Secured Credit Card is one of our best secured credit cards. Annual feeOne of the best features of The Capital One Platinum Secured Credit Card is its $0 annual fee. Many cards targeted to consumers with low credit scores are laden with fees, including annual fees and monthly maintenance fees, that can range over $100 per year. If you are dubious of paying a deposit up front, you should take a close look at the fees that come with a non-secured alternative. The Capital One Platinum Secured Credit Card could prove to be a much cheaper alternative in the long run. Refundable depositThe Capital One Platinum Secured Credit Card uses your refundable deposit as collateral for your initial credit line. The nice thing about this card is that your deposit may be as low as $49 with a starting credit line of $200. You can also deposit more than the minimum amount to receive a higher credit line up to a maximum of $1,000. The possibility of setting down such a low deposit is fairly unique among other secured credit cards, which typically require you to deposit an amount equal to the credit limit. Furthermore, Capital One will automatically review your account after six months. With a history of responsible payments, you can potentially graduate to the unsecured Platinum card and get your deposit refunded. Note that you will need access to an authorized bank account to make your security deposit. Other benefitsYou can set up email or text alerts to notify you when your payment is due or when you're approaching your credit limit. If your Capital One Platinum Secured Credit Card is lost or stolen, you won't be responsible for any unauthorized or fraudulent charges made on your card. This is a nice perk of the Capital One Platinum Secured Credit Card as you won't need to worry about paying a fee each time you use your card internationally. Drawbacks
What credit score is needed for the Capital One Platinum Secured Credit Card?The Capital One Platinum Secured Credit Card is targeted toward people with no credit history or poor credit history, so it's easy to be approved for this card regardless of your credit score. The Capital One Platinum Secured Credit Card requires a 0 - 600 credit score for approval. You'll also need a checking or savings account (not necessarily at Capital One). If you have or have had a credit card with Capital One, there are other restrictions. You may not have applied for a Capital One credit card three or more times in the last 45 days or have any recently discharged cards, among several restrictions. {"backgroundColor":"butter","content":"\u003C\/p\u003E\n\n\u003Ch3\u003EWhat credit score is needed for the Capital One Platinum Secured Credit Card?\u003C\/h3\u003E\n\n\u003Cp\u003EThe Capital One Platinum Secured Credit Card is targeted toward people with no credit history or poor credit history, so it's easy to be approved for this card regardless of your credit score. The Capital One Platinum Secured Credit Card requires a \u003Cstrong\u003E0 - 600\u003C\/strong\u003E credit score for approval.\u003C\/p\u003E\n\n\u003Cp\u003EYou'll also need a checking or savings account (not necessarily at Capital One). If you have or have had a credit card with Capital One, there are other restrictions. You may not have applied for a Capital One credit card three or more times in the last 45 days or have any recently discharged cards, among several restrictions.\u003C\/p\u003E\n\n\u003Cp\u003E","padding":"double"} Alternatives to the Capital One Platinum Secured Credit CardHere are three other secured credit cards that people typically consider, along with our thoughts on how each card stacks up to the Capital One Platinum Secured Credit Card.  U.S. Bank Secured Visa Card Savings Secured Visa Platinum Card BankAmericard® Secured Credit Card More card details Not available on ValuePenguin Not available on ValuePenguin Not available on ValuePenguin Capital One Platinum Secured Credit Card vs. U.S. Bank Secured Visa CardVerdict: Good for consumers who want to fund a higher starting credit line The U.S. Bank Secured Visa Card is a decent secured credit card option from U.S. Bank. Like the Capital One Platinum Secured Credit Card, it allows you to build credit without paying an annual fee. Unfortunately, it requires a much higher initial deposit of $300, and your deposit must match your credit line. However, cardholders can fund a credit line as high as $5,000 (the Capital One Platinum Secured Credit Card only offers a credit limit up to $1,000). If you have enough money to establish a larger credit line, this could be a good way to build up your score. Your credit utilization ratio (i.e., your monthly balance compared to your credit limit) is a major factor in credit scoring. Having a larger credit line helps keep your utilization ratio low. Capital One Platinum Secured Credit Card vs. Savings Secured Visa Platinum CardVerdict: Earn rewards while you rebuild your credit The Savings Secured Visa Platinum Card is one of the best secured cards available. It offers rewards on your spending and charges a $0 annual fee. Cardholders can Earn Flexpoints Rewards - 1 point for every $1 spent program. You'll also have access to Visa card benefits, like roadside dispatch. If you're looking for a secured card that offers rewards, the Savings Secured Visa Platinum Card could be a good option. Capital One Platinum Secured Credit Card vs. BankAmericard® Secured Credit CardVerdict: Another good option for funding a high credit line Like the U.S. Bank Secured Visa Card, the BankAmericard® Secured Credit Card is a decent $0-annual-fee secured card that requires a $300 refundable deposit. And, it also allows you to fund a much higher starting credit limit than the Capital One Platinum Credit Card — as high as $4,900. For cardholders who are interested in starting with a larger credit limit, it's another good alternative to the Capital One Platinum Credit Card. Should you get the Capital One Platinum Secured Credit Card?If you're looking to build or rebuild your credit history, we would definitely recommend the Capital One Platinum Secured Credit Card. With a $0 annual fee and a potentially low deposit, this card can be great for consumers just starting to build their credit history, or for those with damaged histories trying to improve their credit score. While this card is a great option for those seeking a secured credit card, it does not offer rewards. If that's something that is important to you, there are a number of other secured card options that may be better suited to your needs. What is the credit limit on the Capital One Platinum Secured Credit Card?The credit limit on the Capital One Platinum Secured Credit Card will either start at $200 if you pay any of the minimum required deposits, or can increase to up to $1,000 if you deposit more initially. Does the Capital One Platinum Secured Credit Card build your credit?With responsible card use, the Capital One Platinum Secured Credit Card can certainly build your credit. When you pay off your card in full and on time each month consistently, your credit score will slowly start to increase. Does the Capital One Platinum Secured Credit Card ever become unsecured?Yes, the Capital One Platinum Secured Credit Card can become unsecured if you show responsible financial habits, like paying off your card on time and in full each month, for a period of time. Capital One periodically reviews your card usage and will determine whether or not you can qualify for the unsecured card. The information related to Capital One Platinum Secured Credit Card, U.S. Bank Secured Visa Card, Savings Secured Visa Platinum Card and BankAmericard® Secured Credit Card has been independently collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication. How does capital 1 secured card work?When a credit card is “secured,” it means money must be deposited with the credit card issuer in order to open an account. That money is known as a security deposit. And it's held by the credit card issuer while the account is open, similar to the security deposit given to a landlord to rent an apartment.
Will a Capital One secured credit card help my credit?Building Credit With a Secured Credit Card From Capital One
Secured cards might not help you build credit any faster than other credit-building methods, but it's possible to improve your credit gradually with consistent, responsible use. If it fits your needs, you could apply for a Capital One secured credit card.
What is the credit limit on a Capital One secured card?What is the credit limit on the Capital One Platinum Secured card? With secured credit cards, your credit limit is typically equal to the amount of your deposit. However, with the Capital One Platinum Secured Credit Card, some applicants may be eligible for a $200 credit limit with a deposit of $49, $99 or $200.
How hard is it to get a Capital One secured card?While Capital One Secured cards don't require a credit score to apply, you must meet certain conditions for your income and existing debt in order to qualify for a Platinum Secured Credit Card. If you don't meet these conditions, your application may be declined.
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How does the capital one secured card work
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