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Capital One Platinum Secured credit card full review: should you get it?

Meet the Capital One Platinum Secured credit card, one of the best tools on the market when you need to build credit with special advantages. Read and find out about its perks!

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Capital One Platinum Secured credit card: rebuild/build your credit with a $1,000 limit

Learn all about the Capital One Platinum Secured credit card. Source: Capital One

In fact, at some point in our lives, we all need help building credit. Thus, the Capital One Platinum Secured credit card is more than a help: it is a ladder of access to credit and credit cards with exclusive advantages.

So, please read the article below and get to know the Capital One tool designed for those who need to improve their credit score.

Capital One logo

Capital One Platinum Secured card: check out how to apply!

The Capital One Platinum Secured card is an excellent tool for building credit with unique options like $0 annual fee and $1,000 limit. See how to apply for this card.

Credit ScoreBad/Fair (300-669)
Annual Fee$0
Regular APR26.99% (variable)
Welcome bonusNone
RewardsNone

Capital One Platinum Secured credit card: learn more about this financial product

Capital One is a card issuer known for offering credit cards with significant advantages. In fact, the Capital One Platinum Secured card only reinforces that reputation. Thus, this credit card has some conditions that are not normally found on bad credit cards. Of course, the main one is the exemption from the annuity.

Plus, with the Capital One Platinum Secured card, you’re free from overseas transfer fees. Another advantage for travelers is the help when it comes to finding an ATM nearby.

Thus, this card is an excellent option for anyone traveling abroad. This is a secure card. Therefore, you need to make an initial deposit to start upgrading it. However, you don’t need to make large transfers to have a good starting cap. In fact, with a deposit of $49, you already have access to a limit of $200.

Within six months, your card passes its first assessment and can receive a limit increase of up to $1,000. In the future, if you close the account or upgrade to another Capital One card, you will receive your entire deposit.

In addition to these advantages, the Capital One Platinum Secured reports to major credit agencies. This is an essential feature that every credit card should have.

The Capital One Platinum Secured card offers no hidden fees. That way, you’ll have more freedom to plan your budget without any nasty surprises. In addition, we are talking about a secure card, with 24-hour surveillance and exemption from liability in case of fraud.

All this under the banner of a MasterCard card is accepted almost worldwide.

Capital One Platinum Secured credit card features

Learn more about the card’s pros and cons! Source: Adobe Stock

In fact, you are facing a great option to build credit. However, before applying for it, you need a more detailed investigation of this card. Only then will you be sure you made the right choice.

Below, check out the main advantages and disadvantages of the Capital One Platinum Secured card:

What are the benefits? 

  • You can apply even with bad credit;
  • Initial limit of $200 applies to $1,000 for the first six months of use;
  • No annual fee or transfer fee abroad;
  • If you decide to close your account or change your card, you can recover your deposit in full.

What are the drawbacks?

  • It does not offer any rewards program;
  • If you are late paying the balance, you will be fined $40;
  • Requires initial deposit to open account;
  • Relatively high APR.

What credit score do you need to get the Capital One Platinum Secured credit card?

The Capital One Platinum Secured Credit Card is a tool for anyone looking to build credit. So it does not require high credit scores from you. Therefore, it is possible to apply with a score between 300 and 669.

For higher credit scores, we recommend that you review other options that Capital One offers.

How does the Capital One Platinum Secured credit card application process work?

The Capital One Platinum Secured card application can be done entirely online. To assist you in this process, we have an exclusive article for you. Then click on the link below and read it in full.

Capital One logo

Capital One Platinum Secured card: check out how to apply!

The Capital One Platinum Secured card is an excellent tool for building credit with unique options like $0 annual fee and $1,000 limit. See how to apply for this card.

About the author  /  José Gonçalo

I started reading about finance only to find better options than savings. Since then, I have never stopped studying finance, and I believe that writing about it is the best way to help individuals feel fulfilled and have a healthy financial life. Today, I balance finance and medical school studies.

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