The Capital One Rewards Mastercard allows frequent shoppers to stock up on reward points from purchases made at the retail giant.
Capital One Platinum Secured Credit Card was created to build credit through responsible usage. This card is a great option for growing your credit.
It has no annual fees and you can increase your credit limit. Consider your financial situation before deciding if the card's credit-building capabilities can benefit you.
You will need to provide access to a bank account and make a minimum security deposit of either $49, $99, or $200 to open Capital One Platinum Secured Credit Card. Your security deposit can be paid in one payment, or multiple payments. However your account will not officially open until you have met the minimum. Your monthly payment will be based on the security deposit. It is not a source of interest and it does not count towards your account's capital.
Balance transfers at the transfer APR are free of charge. However, the APR on cash advances, purchases and balance transfers is 26.99% Variable. Cash advances are subject to a $10 fee or 3% fee, depending on the greater.
Late payment fees can reach up to $40.You can set up automatic payments, receive email and text alerts, and choose your monthly due date. The Capital One app allows you to manage your account online and lock it if your card is stolen or lost. You don't have to worry about fraud and the card has a $0 liability. Virtual card numbers can be used to protect your account. This allows you to pay online with an anonymous credit card number, rather than your actual number.
Review of Capital One Platinum Secured credit Card:
Cardholders have the opportunity to build credit histories with this secured credit cards. However, it might not work for people who are looking to build credit and earn rewards.
Responsible use helps to build credit history.
These reports are available to all three credit bureaus.
There is no annual charge and there are no fees for any balances that you transfer at the APR.
Earns no rewards.
Potentially high interest rates.
It's great for:
Responsible credit card use by those who wish to improve or repair their credit score.
This is not the place for:
People who are looking to get rewards for using their credit cards.
Customers who are looking for big sign up bonuses.
Cardholders with a balance.
There are no hidden or annual fees. Check out the instant approval process to see if your application is approved.
How to build your credit?
Responsible use of the Capital One Platinum Secured credit card could be a great way to build your credit.
To get $200 in your first credit line, you will need to make a $49 refundable security deposit.
If you are responsible with your credit card, such as making timely payments, your security deposit could be refunded to you in the form of a statement credit. You will automatically be considered for a higher credit limit in 6 months, with no deposit required.
You can rest assured that $0 fraud liability will not hold you responsible for any unauthorised charges. CreditWise by Capital One allows you to monitor your credit. You can check your credit for free.
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.
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.
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.
Do you need a Capital One Platinum Secured credit card?
If you are looking for a secure credit card that is both safe and affordable, the Capital One Platinum Secured Credit Card might be an option.
Do you want to improve or repair your credit?
You want a card that charges no foreign transaction fees. Do not be afraid to make a security deposit. You should plan to pay at the least minimum monthly payment.
Questions about the Capital One Platinum Secured credit card
What is Capital One Platinum Secured Credit Card?
Capital One Platinum Secured Credit Card, is a secured card that helps users to build credit and rebuild credit histories through responsible usage. After you have been approved, you will be informed of the minimum security deposit required to activate the account. Depending on your creditworthiness, minimum security deposits may be required to activate an account. They can range from $49 to $99 up through $200.
Your security deposit can be paid in one lump sum or over time. However, your card will not be sent until your full security deposit has been received. The security deposit can't be used for credit card payments, but it will be returned once your account is closed if your balance has been paid.
Capital One reports your card usage to credit bureaus.
The Capital One Platinum Secured Credit Card is designed to help responsible customers build credit histories.
Note: Credit Card summary is for informational purposes only and is not an endorsement of the product. Products and services described are offered by third parties and not Bright Money or its partner banks. Bright Money strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider, or specific product’s site and the information has not been reviewed or provided by the issuer of the product before publication.