Capital One requires a refundable security deposit based on your creditworthiness. In addition, if you can’t pay your security deposit upfront, Capital One will let you pay it in installments. Just make sure to provide the full amount within 80 days of your approval. For those who need flexibility on a fixed income, this is a great benefit.
Capital One Platinum Secured Summary
With the Capital One Platinum Secured:
Unlike a prepaid card, this card will help you build credit when used responsibly, with regular reporting to the 3 major credit bureaus.
You'll get an initial $200 credit line after making a security deposit of $49, $99, or $200, determined based on your creditworthiness; and be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
Get access to your account 24 hours a day, 7 days a week with online banking to access your account from your desktop or smartphone, with Capital One's mobile app
This card comes with no annual fee, and all the credit building benefits with responsible card use.
Earning & Redeeming Rewards
Unfortunately, you can’t earn points or cash back with the Capital One Platinum Secured. That means there are also no rewards for using this card.
Instead, its main function is to help users with poor credit a chance to build a solid credit history over time, improving their credit scores.
Capital One Platinum Secured Cardholder Perks
Although the Capital One Platinum Secured is pretty bare-bone, that’s not to say you won’t get perks included with your card. Enjoy 24-hour travel assistance services, travel accident insurance, roadside assistance, auto rental collision damage waiver, extended warranty, and more. Here are the highlights:
Flexible Security Deposit: All secured credit cards require a security deposit which sets your credit limit. Unlike most secured cards, the Capital One Platinum Secured may allow you to deposit a smaller amount, depending on your creditworthiness. Your deposit may be $49, $99 or $200 for a starter credit line of $200. For a higher limit (up to $3,000), make a bigger deposit before you activate your account. If you can’t pay your deposit all at once, Capital One allows you to pay in installments. Just pay the full amount by a due date after being approved. your deposit will be placed in an interest-bearing, secured, savings account. When you close your account, you’ll receive a deposit refund plus interest.
Credit Line Increase: Credit cards designed for people with poor credit often come with low limits. With the Capital One Platinum Secured, you can be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed. Most cards will make you wait an average of 12 months before you can request an increased limit.
The Capital One Platinum Secured is great for those seeking to rebuild credit. Though it doesn’t offer any welcome bonuses, rewards or value-added perks, it’s still an excellent option if you need to build your credit with its low minimum security deposit and very few fees.
Take control and rebuild your credit with responsible use. Sign up today if this could benefit you. Otherwise, find out which card is fit for you by checking out our complete list of credit card promotions and other Capital One credit cards today!