Capital One Platinum Secured Credit Card overview
The Capital One Platinum Secured Credit Card is a solid option for people with limited or poor credit history. It has a fairly high approval rate and a refundable deposit as low as $49. The card does not have an annual fee or foreign transaction fees (see rates and fees) but does not offer reward earnings or a sign-up bonus. Card rating*: ⭐⭐
*Card rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.
You may have seen us rave about some of our favorite credit cards only to see the recommended credit score and feel dismayed that yours isn’t there.
But having little credit history or a low credit score doesn’t shut you out of the world of credit cards. Sometimes, you just need to spend some time building or repairing your credit before you’ll be eligible for the top rewards cards — and getting a secured credit card can help you get there.
A secured credit card is geared toward those with little or low credit to build their credit score. With this type of credit card, you’ll put down a security deposit, which typically determines your initial credit limit. You can usually get your deposit back after demonstrating good credit habits.
If you’re on a credit journey, you may be considering getting the Capital One Platinum Secured Credit Card. Let’s dive into the card details to help you decide if it’s a good fit for you.
Related: What is a good credit score?
Capital One Platinum Secured Credit Card pros and cons
Pros
Cons
No annual fee (see rates and fees)
No foreign transaction fees (see rates and fees)
Automatically considered for the unsecured version after demonstrating responsible credit usage
No reward earning or sign-up offer
High interest rate on purchases if not paid on time
Capital One Platinum Secured Credit Card welcome offer
The Capital One Platinum Secured does not have a welcome offer. While disappointing, this is fairly common for secured credit cards.
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Related: How to apply for a credit card
Capital One Platinum Secured Credit Card benefits
As a secured card, the Capital One Platinum Secured has limited benefits; however, it doesn’t charge an annual fee or foreign transaction fees (see rates and fees).
It also allows you to pay as little as $49 for your security deposit to open your account with an initial credit line of $200. You can increase your credit line by putting down a higher deposit of up to $1,000.
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Plus, you can earn your deposit back and upgrade to the unsecured version of the card after a period of responsible credit card use.
Otherwise, the main benefit of a secured credit card is that it allows you to boost your credit score. When your credit score increases, you’ll want to consider cards with more extensive benefits.
Related: 6 things to do to improve your credit score
Earning rewards on the Capital One Platinum Secured Credit Card
The Capital One Platinum Secured does not earn rewards on spending.
Again, the main benefit of a secured credit card is to build (or rebuild) your credit. However, some secured credit cards do earn rewards on spending, so you may want to look at other options if this is a perk you want (options are given later in this guide.)
Related: How do credit scores work?
Redeeming rewards on the Capital One Platinum Secured Credit Card
Since you won’t earn rewards on the Capital One Platinum Secured, you won’t have to worry about redeeming rewards.
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As a secured card, consider this an investment in longer-term rewards. It allows you to build your credit to be eligible for credit cards that earn rewards later on.
Related: Your next credit card approval is in the hands of these 3 agencies
Which cards compete with the Capital One Platinum Secured Credit Card?
If you’re looking to build your credit, you have several options; one of these might be a better fit than the Capital One Platinum Secured.
If you want to earn rewards while building credit: The Capital One Quicksilver Secured Cash Rewards Credit Card earns unlimited 1.5% cash back on all purchases. For more details, see our full review of the Capital One Quicksilver Secured.
If you want to earn bonus rewards while building credit: The Discover It Secured Credit Card earns 2% cash back at gas stations and restaurants (up to $1,000 in combined purchases each quarter) and unlimited 1% cash back on all other purchases.
If you already have a good credit score: The Citi Double Cash® Card (see rates and fees) earns unlimited 2% cash back on all purchases (1% when you buy, and 1% as you pay). Its simplicity makes it one of our favorite starter rewards cards. For more details, see our full review of the Citi Double Cash.
The information for the Discover It Secured Credit Card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
For additional options, check out our lists of the best secured credit cards and the best starter credit cards.
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Related: How to earn points and miles with fair to poor credit
Is the Capital One Platinum Secured Credit Card worth it?
If you want a secured credit card that requires a minimal deposit, the Capital One Platinum Secured is a good option. However, other secured credit cards allow you to earn rewards on your spending, so you’ll likely get more value from one of those.
Bottom line
If you need to build your credit to be eligible for more valuable rewards credit cards, the Capital One Platinum Secured Credit Card is a good option. However, it has no welcome bonus or earning potential, so you may want to opt for a different secured credit card to earn rewards while you build credit.
Apply here: Capital One Platinum Secured Credit Card