One of the best secured cards available, offering a potentially low deposit and credit limit boost.
The Capital One Platinum Secured Credit Card is one of the easiest secured cards to use on the market because it focuses on the basics. It features $0 annual fee, a security deposit as low as $49, an ongoing variable APR of 29.99% on purchases, and the opportunity for a higher credit line after six months.
Typically, the amount you deposit for your secured card becomes your credit limit. With the Capital One Platinum Secured Credit Card, you may receive a higher credit limit than what you deposit. You could even see a bump to your credit line after 6 months. These benefits make it easier to get a secured card — and eventually graduate to an unsecured card.
The card also comes with a generous amount of account management and security features, which can help cardholders stay on top of their account activity. This combination of simplicity, flexibility and safety led to this card earning a place on our list of top secured credit cards.
finder.com's rating: 4.4 / 5
★★★★★
| Annual fee | $0 |
| Welcome offer | N/A |
| Rewards | N/A |
| Purchase APR | 29.99% variable |
| Balance transfer APR | 29.99% variable Balance Transfer Fee applies to balances transferred at a promotional rate (0% at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you) |
| Minimum credit score | New / limited credit |
| Issuer | Mastercard® |
| Balance transfer fee | Balance Transfer Fee applies to balances transferred at a promotional rate (0% at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you) |
| Cash advance rate | 29.99% variable |
| Cash advance fee | $5 or 5% of the cash advance amount, whichever is greater |
| Cash advance fee description | 5% of the amount of the cash advance, but not less than $5 |
| Foreign transaction fee | None |
| Interest free period | Up to 25 days |
| Late payment fee | Up to $40 |
| Security deposit | $49, $99 or $200 |
| Rates & fees | Terms apply, see rates & fees |
Capital One offers preapproval through its online application, so you should receive a decision within a minute. Once you’re approved, it typically takes seven to 10 days to receive your credit card in the mail. Expect to get a copy of your card agreement and welcome materials with the new card.
If you’re ready to apply for the Capital One Platinum Secured Credit Card, check that you have the required information and funds for the security deposit.
If you’re curious what other secured credit cards on the market are like, select up to four cards and click Compare to view their features side-by-side.
Many cardholders say they’ve received $200 credit limits with lower deposit amounts, and customers say their credit scores have improved since getting the card. Some reviewers advise paying off your balance every month to avoid interest charges.
Capital One is accredited with the Better Business Bureau (BBB) and receives an A+ rating from the agency. It has almost 5,000 customer complaints at the time of this writing, many of which the BBB reports have been answered by Capital One or resolved to customers’ satisfaction.
Based on a survey data of 124 people (out of 1076 respondents) on finder.com.
| Answer choices | Responses |
|---|---|
| 740-850 | 4.03% |
| 670-739 | 8.06% |
| 580-669 | 33.87% |
| 300-579 | 54.03% |
| Answer choices | Responses |
|---|---|
| Credit building features | 64.57% |
| Minimum deposit / credit line | 30.15% |
| Features and benefits | 3.02% |
| APR | 2.26% |
If you’re looking for a secured card, add Capital One’s product to your shortlist. You may pay a low security deposit, and you may receive a credit line boost after 6 months of responsible use. If you use your card responsibly and pay your bill in full each month, you’ll be able to graduate to an unsecured card in no time.
Images: Capital One
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Our team evaluates credit cards to determine their value against similar cards on the market.
We rank card types — travel, cash back, business — on a set of factors that are most relevant to that type of card. We create these rankings to help you narrow down a credit card that best suits your spending and budget.
Steven Finder
Senior writer
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