Credit Cards

Platinum Secured Credit Card from Capital One review

Are you looking for a secured credit card that can help you reshape your future? The Platinum Secured Credit Card from Capital One might be the one for you. Check out our full review to learn about its features and many benefits.

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Platinum Secured Credit Card from Capital One: The powerful ally you need to reshape your finances!

Platinum Secured Card from Capital One
Check out our full review to learn how to improve your score. Source: The Post New.

The Platinum Secured Credit Card from Capital One is an incredible ally on the road for better credit. This card offers an initial deposit as low as $49, and you can choose to deposit up to $1,000 and receive a maximum line of credit at the same amount.

With this card, Capital One will securely hold your funds as collateral and report your payments to the three major credit bureaus. Which in turn, helps you build a strong score with responsible use. 

Platinum Secured Card from Capital One

Platinum Secured Card from Capital One application

Learn how the Platinum Secured Card from Capital One application process works and take the first step towards a life of better credit!

  • Credit Score: Bad – Fair.
  • APR: The Platinum Secured Credit Card has a 28.49% variable. 
  • Annual Fee: There are no activation, monthly or annual fees.
  • Fees: There’s a late payment fee up to $40. You can also request balance transfers and cash advances with a 3% fee for each transaction.
  • Welcome bonus: There is no current promo.
  • Rewards: This is not a rewards card, so there are none. 

This card also offers great benefits for its users, including access to Capital One’s online banking and its 24/7 customer service line. You can easily track your spending and manage your card usage with Capital One’s mobile app as well.

So whether you’re looking for a reliable way to build or strengthen your credit, the Platinum Secured Credit Card from Capital One is a solid choice. Keep reading our review to learn all the ways this card can pave your way to better credit in no time!

Platinum Secured Credit Card: how does it work?

The Platinum Secured Credit Card from Capital One is an ideal way to start building (or rebuilding) your credit score. It offers no annual fee, nor any other hidden fees. That makes it great for those who are just starting out or trying to improve their current rating.

To get started, the Platinum Secured requires a refundable security deposit. You can choose to begin at $49 and go as high as $1,000. This deposit is refundable, works as a collateral and is also the spending limit you’ll have on the card.

The way this card can help you improve your rating is by putting it to good use. Capital One reports all of your account behavior (good and bad) to the main credit bureaus in the U.S. So if you’re looking to increase your rating, you need to use it responsibly. 

Significant benefits and disadvantages you may find

Platinum Secured Card from Capital One
Is it worth signing up to this card? Source: Adobe Stock.

The Platinum Secured Credit Card from Capital One has plenty of advantages, but does it offer enough to outweigh the potential downsides? Let’s break down what you need to know about this card.

Benefits

  • You can request this card even if you’re new to credit;
  • Low refundable security deposits starting at mere $49;
  • It doesn’t have an annual fee, foreign currency conversion fees or hidden fees!
  • Capital One reports all account activity to the three main credit bureaus;
  • You can get a higher credit limit in just 6 months of good use;
  • Good use can also upgrade you to an unsecured credit card.

Disadvantages

  • Since this is not a rewards card, you won’t earn anything on purchases;
  • Very high interest rate – but since this is a secured card, carrying a balance is not recommended regardless.

Is a good credit score required for applicants?

The Platinum Secured Credit Card from Capital One is designed to provide applicants with the opportunity to build their credit. It aims to give them the financial freedom they need without strict credit requirements.

Therefore, people of all credit levels are welcome to check for pre-qualification and apply for this card. 

Learn how to apply for a Platinum Secured Credit Card from Capital One

Are you looking for ways to take control of your financial future and improve your relationship with money? Then check the following link to learn all about how easy it is to apply for a Platinum Secured Credit Card from Capital One.

Platinum Secured Card from Capital One

Platinum Secured Card from Capital One application

Learn how the Platinum Secured Card from Capital One application process works and take the first step towards a life of better credit!

About the author  /  Aline Barbosa

Aline Barbosa is an editor, writer and learning-enthusiast. Passionate about music, books and human behavior. Curious about the unknown. Believer that learning is a life-long process.

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