Comparisons With Other Credit Cards
Annual fee: Neither card charges an annual fee.
Rewards: The Capital One Platinum Secured Credit Card has no rewards system. The Discover it Secured Credit Card offers 2% cash back at restaurants and gas stations on up to $1,000 in combined purchases each quarter, and an unlimited 1% cash back on all other credit card purchases.
Sign-up bonus: The Capital One Platinum Secured Credit Card does not have a sign-up bonus. The Discover it Secured Credit Card automatically matches all cash back new cardholders have earned at the end of the first year.
Benefits: The Capital One Platinum Secured Credit Card offers benefits including emergency card replacement, and CreditWise from Capital One, a service that lets users track their credit. The Discover it Secured Credit Card gives users free access to their FICO credit score. Both cards have $0 fraud liability.
Annual fee: Neither card charges an annual fee.
Rewards: The Capital One Platinum Secured Credit Card has no rewards system. The SDFCU Savings Secured Visa Platinum Card has a program called Flexpoints Rewards and earns one point per dollar. Users can redeem points for flights, gift cards, hotel bookings and more.
Sign-up bonus: Neither the Capital One Platinum Secured Credit Card nor the SDFCU Savings Secured Visa Platinum Card has a sign-up bonus.
Benefits: Capital One Platinum Secured Credit Card cardholders have access to fraud coverage and emergency card replacement. The SDFCU Savings Secured Visa Platinum Card offers roadside dispatch. Both Capital One and State Department Federal Credit Union offer free credit monitoring.
What Are the Fees Associated With Capital One Platinum Secured Credit Card?
- Annual fee: This card does not have an annual fee.
- Transfer fee: The Capital One Platinum Secured Credit Card doesn’t charge a fee for balances transferred at the transfer APR. If you make a transfer at a promotional APR, the fee is 3% of the transfer.
- Cash advance fee: This card has a cash advance fee of 3% of the amount of the cash advance, but not less than $3.
- Late payment fee: The Capital One Platinum Secured Credit Card has a late payment fee of up to $40.
You must make a security deposit of $49, $99 or $200 to start using the Capital One Platinum Secured Credit Card. The deposit can be made in a single payment or installments of at least $20 in whole-dollar increments. Capital One only accepts security deposits through electronic funds transfers from bank accounts.
You must pay your security deposit in full within 35 days of approval, and Capital One won’t issue your credit card until you make the full deposit.
Providing a security deposit gets you an initial credit line of $200. The security deposit cannot be used to pay your balance. It’s collateral for your account and will be fully refunded if you get upgraded to an unsecured card or close your account, provided your balance is paid in full.
The Capital One Platinum Secured Credit Card comes with a minimum credit line of $200. You can increase this credit limit by depositing more than the minimum security deposit within 35 days of approval and before activating your card. Your credit limit may be raised to $1,000 at the most.
Or you can earn a higher credit line with responsible card use over time. Capital One can consider you for a credit line increase as little as six months after account opening.
What Is Capital One Platinum Secured Credit Card’s APR?
The Capital One Platinum Secured Credit Card has an APR of 29.74% (Variable) on purchases, balance transfers and cash advances. Late payments won’t increase this APR, but, as with most other cards, Capital One may increase your APR if market conditions change.
If your rate goes up for any reason other than a change in the prime rate, the higher APR will only apply to new transactions made after Capital One notifies you of the rate increase.
FAQs About the Capital One Platinum Secured Credit Card
Q: How does the Capital One Platinum Secured Credit Card work?
A: The Capital One Platinum Secured Credit Card is a secured credit card that helps users build or rebuild their credit history with responsible use.
After you get approved for the card, you’ll make a minimum security deposit of $49, $99 or $200. You can pay your security deposit all at once or in installments within 35 days of approval, but Capital One won’t mail your card until it receives the full deposit. You can deposit more than the minimum amount to increase your initial credit limit to up to $1,000.
Your deposit cannot be used to make payments on your credit card, but you can get it back as a statement credit after establishing a history of responsible use. Capital One will also return the deposit to you if you close your account, provided your balance is paid in full.
As you use your card, Capital One will report your card status, including if you make your minimum payment in full and on time each month, to the three major credit bureaus. In this way, the Capital One Platinum Secured Credit Card can help responsible users build their credit history.
Q: How long does it take to receive a Capital One Platinum Secured Credit Card?
A: After you’ve made your security deposit, Capital One will send your Capital One Platinum Secured Credit Card in seven to 10 business days.
Q: Is the Capital One Platinum Secured Credit Card a good credit card?
A: The Capital One Platinum Secured Credit Card can be a good option for consumers looking to build or rebuild their credit with responsible use. The card has no annual fee and no foreign transaction fee, so you can use it without incurring many costs. Plus, the ability to get a higher credit limit before and after account opening means this is a card that can grow with you.
Should You Get the Capital One Platinum Secured Credit Card?
- Are trying to build or rebuild your credit.
- Want a card with no foreign transaction fee.
- Don’t mind making a security deposit.
- Plan to make at least the minimum payment on time each month.