What is the Capital One Platinum Secured credit card like?
Annual Fee: There is no annual fee for the card.
Reward Program: There is no reward system for the Capital One Platinum Secured credit card. Discover it Secured credit card offers unlimited cashback on other credit cards and 2% cash back in restaurants and gas stations for purchases up to $1,000 each quarter.
Sign up bonus: Capital One Platinum Secured Credit Card doesn't offer a sign up bonus. All cashback earned by new cardholders on the Discover it Secured credit Card is automatically matched dollar-for-dollar at the end the first year.
Benefits: Capital One Platinum Secured Credit Card has many benefits, including protection against fraud and replacement of your card in an emergency.
To track credit history and help with credit monitoring, the Discover it Secured Credit Card allows users to access their FICO credit score for free. Each card has a $0 fraud liability.
SDFCU Savings Secured Platinum Visa Platinum Card and Capital One Platinum Secured credit Card
Annual Fee: There is no annual fee for the card.
Reward Program: There is no reward system for the Capital One Platinum Secured credit card. Flexpoints rewards program is available for the SDFCU Savings Secured Platinum Visa Card. It earns 1 point per $1.
Sign up bonus: The Capital One Platinum Secured Credit Card and the SDFCU Savings Secured Visa Platinum Card do not offer a sign-up bonus.
Benefits: Capital One Platinum Secured credit card cardholders get fraud protection and an emergency replacement card. SDFCU Savings Secured Visa Platinum Card provides roadside dispatch as well as free credit monitoring.
Requirement Security Deposit Capital One Platinum Secured Credit Card can be used as a secured credit card. To get it, you will need to make a $49, $99, or $200 security deposit. You can make a one-time payment, or several installments totaling at least $20 each. Capital One accepts security deposits via electronic funds transfer.
Capital One will not issue a credit card until your security deposit has been paid in full. You can get a $200 credit limit by providing a security deposit, and having access to an authorized account. You can obtain a greater credit limit if you make more deposits before your account opens. You cannot use the security deposit to cover your balance. The security deposit is used to secure your account. It will also be fully refunded in the event that your balance is not paid.
Increase Your Credit Limit: Capital One Platinum Secured Credit Card has a $200 minimum credit limit. This credit limit can be increased by spending more or being responsible with your use. You may have your credit limit increased to $1,000.
After activating the account, you can be eligible for credit line increases based on your creditworthiness and payment history without having to deposit more money. Within six months of opening an account, cardholders can automatically be considered for credit limits that are higher.
What is the APR of Capital One Platinum Secured credit card?
Capital One Platinum Secured Credit Card offers an APR (variable) of 26.99% on all purchases, balance transfers and advances. The APR won't be increased by late payments, however, the APR can change like other cards and Capital One could increase your APR in response to market changes.
Any APR change will be communicated to you in writing. Capital One will not notify you if your rate has been raised other than for a change of the prime rate. The higher APR only applies to any new transactions.
How much does the Capital One Platinum Secured credit card cost?
Annual fee: The card doesn't have an annual charge.
Balance transfer fee: Capital One Platinum Secured Credit Card does not charge any fee to balances that are transferred at the transfer rate. Capital One might offer a promo APR, which is typically 3%.
Cash advance fee: The card charges a $10 cash advance fee or 3% for each cash advance.
Late payment fees: Capital One Platinum Secured Credit Card charges a $40 late payment fee.
The Capital One Platinum Secured credit card is worth the investment?
The Capital One Platinum Secured credit card is free of any annual fees. However, you will need to pay a security deposit that can be refunded in order to start the process. The deposit may be worthwhile if you are struggling to get approval for an unsecured card or need assistance building credit.
You can build your credit by making on-time payments and possibly upgrading to an unsecure card.
