Capital One Platinum Secured Credit score Card overview
The Capital One Platinum Secured Credit score Card is a stable choice for individuals with restricted or poor credit score historical past. It has a reasonably excessive approval charge and a refundable deposit as little as $49. The cardboard doesn’t have an annual charge or international transaction charges (see charges and charges) however doesn’t provide reward earnings or a sign-up bonus. Card score*: ⭐⭐
*Card score is predicated on the opinion of TPG’s editors and isn’t influenced by the cardboard issuer.
You’ll have seen us rave about a few of our favourite bank cards solely to see the beneficial credit score rating and really feel dismayed that yours is not there.
However having little credit score historical past or a low credit score rating would not shut you out of the world of bank cards. Typically, you simply must spend a while constructing or repairing your credit score earlier than you may be eligible for the highest rewards playing cards — and getting a secured bank card might help you get there.
A secured bank card is geared towards these with little or low credit score to construct their credit score rating. With any such bank card, you may put down a safety deposit, which usually determines your preliminary credit score restrict. You possibly can often get your deposit again after demonstrating good credit score habits.
In the event you’re on a credit score journey, you could be contemplating getting the Capital One Platinum Secured Credit score Card. Let’s dive into the cardboard particulars that can assist you determine if it is a good match for you.
Associated: What is an effective credit score rating?
Capital One Platinum Secured Credit score Card professionals and cons
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Capital One Platinum Secured Credit score Card welcome provide
The Capital One Platinum Secured doesn’t have a welcome provide. Whereas disappointing, that is pretty frequent for secured bank cards.
Associated: How one can apply for a bank card
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Capital One Platinum Secured Credit score Card advantages
As a secured card, the Capital One Platinum Secured has restricted advantages; nevertheless, it would not cost an annual charge or international transaction charges (see charges and charges).
It additionally lets you pay as little as $49 in your safety deposit to open your account with an preliminary credit score line of $200. You possibly can enhance your credit score line by placing down a better deposit of as much as $1,000.
Plus, you may earn your deposit again and improve to the unsecured model of the cardboard after a interval of accountable bank card use.
In any other case, the primary good thing about a secured bank card is that it lets you enhance your credit score rating. When your credit score rating will increase, you may wish to take into account playing cards with extra in depth advantages.
Associated: 6 issues to do to enhance your credit score rating
Incomes rewards on the Capital One Platinum Secured Credit score Card
The Capital One Platinum Secured doesn’t earn rewards on spending.
Once more, the primary good thing about a secured bank card is to construct (or rebuild) your credit score. Nonetheless, some secured bank cards do earn rewards on spending, so you could wish to take a look at different choices if this can be a perk you need (choices are given later on this information.)
Associated: How do credit score scores work?
Redeeming rewards on the Capital One Platinum Secured Credit score Card
Since you will not earn rewards on the Capital One Platinum Secured, you will not have to fret about redeeming rewards.
As a secured card, take into account this an funding in longer-term rewards. It lets you construct your credit score to be eligible for bank cards that earn rewards in a while.
Associated: Your subsequent bank card approval is within the palms of those 3 companies
Which playing cards compete with the Capital One Platinum Secured Credit score Card?
In the event you’re trying to construct your credit score, you could have a number of choices; one in all these could be a greater match than the Capital One Platinum Secured.
The data for the Uncover It Secured Credit score Card has been collected independently by The Factors Man. The cardboard particulars on this web page haven’t been reviewed or supplied by the cardboard issuer.
For added choices, take a look at our lists of the finest secured bank cards and one of the best starter bank cards.
Associated: How one can earn factors and miles with truthful to poor credit score
Is the Capital One Platinum Secured Credit score Card price it?
If you’d like a secured bank card that requires a minimal deposit, the Capital One Platinum Secured is an effective choice. Nonetheless, different secured bank cards let you earn rewards in your spending, so you may possible get extra worth from a type of.
Backside line
If you must construct your credit score to be eligible for extra invaluable rewards bank cards, the Capital One Platinum Secured Credit score Card is an effective choice. Nonetheless, it has no welcome bonus or incomes potential, so you could wish to go for a distinct secured bank card to earn rewards when you construct credit score.
Apply right here: Capital One Platinum Secured Credit score Card
