Capital One Platinum Secured Credit Card Review: Low Minimum Deposit but Few Other Benefits

We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.   This page includes information about Discover products that are not currently available on NextAdvisor and may be out of date.
Capital One Platinum Secured Credit Card
Learn More externa link icon
Capital One Platinum Secured Credit Card
Editor’s Score: (3.5/5)
Apply Now externa link icon At Capital One’s secure site.
Capital One Platinum Secured Credit Card
Editor’s Score: (3.5/5)
  • Intro offer:
    N/A
  • Annual fee:
    $0
  • Regular APR:
    26.99% (Variable)
  • Recommended credit score:
    (No Credit History)

NextAdvisor’s Take

Pros
  • Build credit with no annual fee
  • Available for people with bad credit or no credit
  • Low security deposit requirement
  • Automatic credit line reviews in as little as six months
Cons
  • No rewards on your spending
  • High variable APR
  • Credit limit can be as low as $200
  • Maximum credit limit of $1,000 with equal security deposit
The Bottom Line
The Capital One Platinum Secured Card can help you increase your credit score for no annual fee, whether you have bad credit or no credit at all. A fully refundable security deposit is required, but this card offers a lower required deposit than some other secured cards. And Capital One reports your balances and payments to each of the three credit bureaus, which will help you build a positive payment history.

Additional Card Details

  • Qualify for a line of credit with a security deposit as low as $49, $99 or $200
  • Get pre-qualified online without any impact to your credit score
  • Automatic review for a higher credit line after six months
  • Choose your own due date
  • Free credit score with Capital One CreditWise
  • Emergency card replacement
  • No foreign transaction fees

Capital One Platinum Secured Card Full Review

Card Type

The Capital One Platinum Secured Card is a secured credit card, which is a type of credit card that requires an upfront security deposit. Secured credit cards are geared to people with low credit scores or no credit history at all.

Annual Fee

This card doesn’t charge an annual fee, though you will need to put down a security deposit upon approval, which will serve as your credit line.

Welcome Offer

The Capital One Platinum Secured card has no welcome bonus offer. 

Introductory Offer

This card doesn’t come with an intro APR for purchases or balance transfers, which is common among secured credit cards.

Rewards

The Capital One Platinum Secured Card doesn’t offer rewards. While this is pretty common among cards for building credit, there are some secured card options that do offer rewards or other benefits.

Fees

The Capital One Platinum Secured Card charges few fees — this is a benefit, since many credit-building cards can carry high maintenance or annual fees. In addition to no annual fee, this card doesn’t charge foreign transaction fees or monthly fees, and there’s no penalty APR. 

Fees to watch out for include a 3% balance transfer fee (though this card is not a good choice for debt payoff, since there’s no balance transfer offer), and a 3% (minimum $10) cash advance fee if you use your card at an ATM. You may also be assessed up to a $40 late fee if you pay your bill beyond the due date.

Other Benefits

The Capital One Platinum Secured Card doesn’t come with many perks, but you do get the chance to choose your own due date. You also qualify for a free credit score with Capital One CreditWise, emergency card replacement, and no foreign transaction fees.

Benefits of Capital One Platinum Secured Card

The major benefit of this card is the chance to build credit, even with a very low score or no credit at all. Specifically, Capital One says this card is for people who are rebuilding their credit, which means you can qualify if you have defaulted on a loan in the past or been declined for a new credit card in the last three months.

The Capital One Platinum Secured Card also gives you a pathway to upgrade your card down the line. The issuer will automatically review your account for a credit line increase after six months of on-time payments, and you can earn back your deposit and upgrade to the unsecured Capital One Platinum Credit Card with responsible credit use. 

Compared to other secured cards, another benefit of the Capital One Platinum Secured Card is its low security deposit requirement. Where many secured cards require you to put down $200 or more, the Capital One Platinum Secured Card lets you start building credit with a deposit potentially as low as $49 — and still maintain a $200 credit limit. You’ll be assigned a minimum deposit of $49, $99, or $200 when you apply.

Drawbacks of Capital One Platinum Secured Card

The major downside of the Capital One Platinum Secured Card is its lack of any rewards. Some other secured credit cards offer cash back on spending with no annual fee or other benefits that can help you build credit and save money.

[READ MORE: Capital One Platinum Secured Card vs. Discover it Secured]

Also note that the variable APR this card charges is incredibly high, at 26.99%. If you carry any debt balance on this card, you could end up with high-interest debts that accumulate very quickly. 

A final drawback is this card’s low credit limit. While a smaller required deposit can be helpful if you have limited cash flow, a credit limit of $200 leaves little room for spending with your card, especially if you want to keep a low credit utilization ratio. Even if you’re able to pay the maximum deposit amount, you’ll only get a credit line up to $1,000.

How to Use Capital One Platinum Secured Card

Once you’re approved, use this card to build your credit. That means practicing good credit habits like charging only what you can afford to pay off in full and on time each month when your statement is due. 

Beyond your credit-building goals, the 26.99% variable APR the Capital One Platinum Secured Card charges is even more reason to only use this card for purchases you can pay off right away. With an interest rate that high, any balances you carry can get expensive quickly. 

Another way to use this card to build credit is by keeping your credit utilization below 30% of your available credit. That’s the rate experts recommend for the best chances of improving your score, since credit utilization is the second most influential factor in your credit score. This is especially important to monitor if you have a low credit limit, since you’ll have less room for spending. For example, 30% of a $200 credit limit is just $60.

Pro Tip

Sign up for the Capital One Platinum Secured Card to build your credit score, but don’t plan on keeping it forever. Once you build your credit score to the “fair” range, you can qualify for unsecured cards with better perks.

Capital One Platinum Secured Card Compared to Other Cards

Learn More externa link icon
Capital One Platinum Secured Credit Card

Capital One Platinum Secured Credit Card

Editor’s Score: (3.5/5)
  • Intro offer:
    N/A
  • Annual fee:
    $0
  • Regular APR:
    26.99% (Variable)
  • Recommended credit:
    (No Credit History)
  • Apply Now externa link icon At Capital One’s secure site
Learn More externa link icon
Petal® 1

Petal® 1 “No Annual Fee” Visa® Credit Card

Editor’s Score: (3.3/5)
  • Intro offer:
    N/A
  • Annual fee:
    $0
  • Regular APR:
    20.24%-29.74% (Variable)
  • Recommended credit:
    (No Credit History)
  • Apply Now externa link icon At Petal’s secure site
Discover it® Secured Credit Card

Discover it® Secured Credit Card

Editor’s Score: (3.7/5)
  • Intro offer:
    Cashback Match™
  • Annual fee:
    $0
  • Regular APR:
    23.24% Variable
  • Recommended credit:
    (No Credit History)

Is the Capital One Platinum Secured Card Right for You?

Editorial Independence

As with all of our credit card reviews, our analysis is not influenced by any partnerships or advertising relationships.

If you’re looking for a card you can use to build credit, the Capital One Platinum Secured Card could be a good choice for you. While this card doesn’t offer rewards like some other secured cards do, it is a solid option for simply charging purchases and paying them off, building a positive payment history with the credit bureaus and focusing on your credit-building goals without any distractions.

Plus, you can see the offers you qualify for by finding out if you’re pre-approved through Capital One before you actually apply and undergo a hard credit check. If you’re interested in this card, that’s a helpful option to see what you’re eligible for before submitting an application.

Even so, there are other secured cards to consider, including ones with different perks and features — as well as unsecured cards for building credit you may be eligible for. Take the time to compare all your options before you decide.

Frequently Asked Questions (FAQ)

What credit score do you need for the Capital One Platinum Secured Card?

This card is for individuals with bad credit or no credit, so you may qualify even without a credit score.

Does the Capital One Platinum Secured Card charge foreign transaction fees?

The Capital One Platinum Secured Card does not charge foreign transaction fees.

Does the Capital One Platinum Secured Card offer rewards?

The Capital One Platinum Secured Card does not offer any rewards, although some other secured cards do.

What is the credit limit on the Capital One Platinum Secured Card?

The credit limit on the Capital One Platinum Secured Card can range from $200 to $1,000, depending on your security deposit.