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Secured Capital One Platinum credit card: Rebuild your credit with no unnecessary frills

By on February 18, 2022 0

All things considered, few consider the secured Capital One Platinum credit card * to be the best option available. Compared to other secured credit cards – which typically require a security deposit to maintain a credit line and are intended for use by those without credit or Bad credit – Capital One’s offer is generally weak. His potential line of credit is the smallest on our radar, ranging from $ 200 to $ 1,000, his APR purchase (26.99% variable) is as high as we’ve seen. There is no rewards program or welcome bonus, although this is quite common for secured credit cards.

The biggest advantage of this Capital One credit card is that you can qualify for an initial credit line greater than your deposit. In almost all cases secured credit cards set a credit limit on your deposit amount – if your deposit is $ 300, this is your limit. But with this card, your initial credit line will be $ 200, but your deposit can be $ 49.99 or $ 200 depending on your application criteria. This means that it is possible to get an initial credit line above the deposit amount.

Here’s what you should know about the Capital One Platinum Secured card, as well as some comparable cards you might want to consider.

In this article

Preliminary offerNot applicable

APRIL26.99% (variable)

Credit recommended Limited, bad

Prize ratesNot applicable

Annual feePLN 0

Initial purchase APRILNot applicable

Initial balance carry-forward in the APRCNot applicable

Balance Transfer Fee $ 0 including APR transfer

Balance carried over to the APRC26.99% (variable)

Late payment fee Up to PLN 40

Foreign transaction fees Thread

APR penalty Thread

Deposit and qualifications

As with most other secured credit cards, there is no annual fee associated with the secure Capital One Platinum credit card – you’re just on the hook for a $ 49, $ 99, or $ 200 deposit. The amount you owe for the first deposit will be determined based on your request. If you want a higher credit limit, you can deposit up to $ 1,000, in which case your limit will be equal to the amount you deposited.

While some secured credit card issuers give you a pass for hard credit checks, Capital One is not one of them. They’ll check your credit while your application is processed – as well as your income, employment status, and housing fee – but they offer you initial approval if you are curious if you qualify without committing to a full credit check. Note that even after approval, your account is not officially “opened” until you provide a margin.

Once this card is set up, there is nothing else to do but use it responsibly. Try to keep your consumption under 30% of your credit limit – $ 60 or less per month with a $ 200 credit limit – but use it at least every now and then and pay it off in full every month to avoid interest charges and start credit increase.

Build credit with this card

Even though secured credit cards may resemble debit cards in terms of security deposit, secured credit cards are legitimate credit lines from which issuers report your business to credit bureaus. Responsible activity on your card (light to moderate use, with full payments each month) will help you increase your credit more efficiently.

Apart from improving your creditworthinessresponsible action can also get your deposit back. In just six months, Capital One can begin automatically reviewing your account to see if you qualify for a higher credit limit or a deposit refund (in the form of a bank statement credit) by effectively switching to a Capital One Platinum * credit card, from which you can further increase your credit and credit line.

Other benefits

Although there are no awards or entry-fee bonuses, there are several benefits you can take advantage of with the Capital One Secured Platinum card. Thanks to flexible payment terms, you can choose when to make your monthly payments. And as with everyone else Capital One credit cardsare no fees for foreign transactions with this card. So if you are traveling overseas, you can use this card wherever you accept Mastercard at no extra charge. Typically, these fees are around 3% of the transaction.

Comparable cards

Discover it® secure credit card

The Discover it® secured credit card * is definitely one of our favorite secured credit cards. While it doesn’t offer any leverage on your initial margin, your credit line range is broader, ranging from $ 200 to $ 2,500. In addition, this secured credit card offers a pretty good rewards program and sign-on bonus when most secured credit cards have a hard time with these features. Check ours full Discover it® Safe Credit Card review for more details.

Chime Credit Builder Secured Visa® credit card

Secured Visa * Chime Credit Builder is another of our favorite secured cards. While this card is similar to the Capital One Secured Platinum card in that it offers no fancy perks, it offers the cardholder the easiest access to a line of credit. There is no app-related credit check for this card, which can help you get approval easier. Also, this card does not have a minimum or maximum deposit limit, giving you the freedom to go as far as your credit limit is based on the available cash.

Capital One Platinum credit card

If you think you are on the brink of eligibility for a traditional credit card, you can skip the Capital One Platinum Secured credit card application process and apply for a Capital One Platinum credit card instead. It is a card that you can switch to with the Platinum Secured Card and is intended for people with: fair credit (typically a FICO score of 580 to 669). The specifications and benefits are basically the same, only with this card you won’t have to deposit cash to open an account.

Frequently asked questions

What is a secured credit card?

This type of credit card usually requires an upfront deposit equal to the credit limit. So, for a card with a $ 500 credit limit, you need to deposit $ 500. Secured credit cards are still subject to late and rejected payment charges and generate interest on outstanding balances. Consequently, a secured credit card carries a lower risk for card issuers and allows them to extend credit lines to borrowers who do not have good credit or meet the minimum credit rating threshold.

How is my creditworthiness calculated?

Your credit score is calculated based on various factors related to your personal credit, including credit history, payment history, amounts owed, new credit, and credit combinations. The exact weight of each factor depends on the scoring model (FICO, VantageScore or other) and your credit history. For example, if you do not have a credit history, other factors may be more important. (See this article for more information on credit ratings.)

How long does it take to improve my creditworthiness?

When you open a secured credit card account, the secured credit card issuer will report it to a major credit bureau for approximately one to two months, after which it will begin to affect your credit report and credit score. Then it takes a few more months for account activity to be significant enough to make a difference. If you keep your balance low or $ 0 and manage the rest of your finances well, you can increase your score by several hundred points in a year or two, but this will depend on your specific situation. If you have a longer credit history with a lot of problems, it will take longer. If you have a shorter history, the activity of each month will play a much bigger role.

Our approach

We check the cards that are the most popular and offer the best benefits. We search the fine print so that there are no surprises when opening an account. We find the key factors that make a card stand out and compare them with other top cards. Thus, readers can choose another card with similar functions if our choice is not suitable for them. Our reviews are checked and updated regularly to reflect new recommendations and reflect changes to our offerings and the market.

* All information on Capital One Platinum, Discover it Secured Credit Card, Chime Credit Builder Secured Card and Capital One Platinum Credit Card is independently collected by CNET and has not been verified by the issuer.

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