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For people looking to rebuild their credit with a credit card, there are several options, and a lot of them can be quite pricey. Capital One Platinum Secured Credit Card offers a no-cost option, thanks to its feature of no annual fee. Additional benefits to this card make it a good choice for consumers.
- No annual or hidden fees. See if you're approved in seconds
- Building your credit? Using the Capital One Platinum Secured card responsibly could help
- Put down a refundable security deposit starting at $49 to get a $200 initial credit line
- You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
- Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Get access to your account 24 hours a day, 7 days a week with online banking to access your account from your desktop or smartphone, with Capital One's mobile app
Card Benefits
Credit Building
With the Capital One Platinum Secured Credit Card, you don’t have to worry about spending getting out of hand, because you will get as much credit as you deposit into your account. You can deposit as little as $49 as a security deposit with Capital One. You can even deposit more money into your account to get a higher credit line.
That deposit is essentially a security on your credit, so it is fully refundable at any time if you decide to cancel your card. Since Capital One offers you the ability to increase your credit line based upon how much security deposit you have placed on the card, you can control how much credit you have available and how much you spend.
Credit Tracking
Capital One also offers cardholders a variety of online tools that they can use to track how their credit scores are improving. That’s because each cardholder of Capital One Platinum Secured Credit Card gets a free membership to CreditWise. CreditWise allows cardholders unlimited access to their credit scores and notification of any changes made to your credit report.
Higher Credit Lines
The longer cardholders keep the Capital One Platinum Secured Credit Card, the more credit they can apply for. Keep your Capital One Platinum Secured Credit Card, make on-time payments, and Capital One will increase your credit limit as a thank you.
Additional Information
Fees
The credit card has no annual fee. Cardholders can keep the card to use without worrying about paying an annual fee to maintain the account.
Required Credit Rating
The Capital One Platinum Secured Credit Card is for people with poor credit rating. If you have a credit score of less than 600, you may still qualify for the credit card.
Is this the right card for you?
The Capital One Platinum Secured Credit Card is a great opportunity to get your credit back on track. It is a Mastercard that can be used at millions of locations around the world. It has no annual fee, which makes it one of the best secured credit cards to help rebuilding credit.
Similar Credit Cards
If you are interested in the Capital One Platinum Secured Credit Card, you may also consider a few other credit cards for people with damaged credit.
| Credit Cards | Purchase APR | Transfer Info | Annual Fee | Credit Level |
|---|---|---|---|---|
| Capital One Quicksilver Secured Cash Rewards Credit Card | 30.74% (Variable) APR rates & fees | 30.74% (Variable) APR $0 at the Transfer APR | $0 | Limited, Bad CreditLearn MoreView Card Details |
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| OpenSky® Secured Visa® Credit Card | 22.64% (variable) APR | N/A | $35 | Poor CreditLearn MoreView Card Details |
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| Merrick Bank Secured Credit Card | 22.70% Variable APR | N/A | $36 for first year. Billed $3 per month thereafter | See Website For Details*Learn MoreView Card Details |
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| Reflex® Platinum Mastercard® | 29.99% APR (Variable) APR | N/A | See Terms | Fair / Poor / Bad / LimitedLearn MoreView Card Details |
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| First Progress Platinum Elite Mastercard® Secured Credit Card | 25.24% (V) APR | N/A | $29 | Poor / Limited / NoLearn MoreView Card Details |
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| First Progress Platinum Select Mastercard® Secured Credit Card | 19.24% (V) APR | N/A | $39 | Poor / Limited / NoLearn MoreView Card Details |
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| First Progress Platinum Prestige Mastercard® Secured Credit Card | 15.24% (V) APR | N/A | $49 | Poor / Limited / NoLearn MoreView Card Details |
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| First Digital Mastercard® | 35.99%* APR | N/A | $75.00 1st year, $48.00 after* | Poor / Damaged / FairLearn MoreView Card Details |
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- No annual or hidden fees, and you can earn unlimited 1.5% cash back on every purchase, every day. See if you're approved in seconds
- Put down a refundable $200 security deposit to get a $200 initial credit line
- Building your credit? Using a card like this responsibly could help
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
- Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
- Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Enjoy up to 6 months of complimentary Uber One membership statement credits through 11/14/2024
- No credit check to apply and find out instantly if you are approved
- OpenSky gives everyone an opportunity to improve their credit with an 85% average approval rate for the past 5 years
- Get considered for a credit line increase after 6 months, with no additional deposit required
- You could be eligible for the OpenSky Gold Unsecured Card after as few as 6 months
- Reports to all 3 major credit bureaus monthly, unlike a prepaid or debit card
- View your FICO® Score through your OpenSky account, an easy way to stay on top of your credit
- Nearly half of OpenSky cardholders who make on-time payments improve their FICO score 30+ points in the first 3 months
- Your refundable* deposit, as low as $200, becomes your OpenSky Visa credit limit
- Easy application, apply in less than 5 minutes right from your mobile device
- Offer flexible payment due dates which allow you to choose any available due date that fits your payment schedule
- *View the cardholder agreement
- Choose your own credit line based on how much money you want to put down as a security deposit.
- Initial deposits can be from $200 to $3,000. You can increase your credit line at any time by adding additional money to your security deposit, up to $3,000.
- After 9 months, we review your account for a credit line increase. No additional deposit required!
- Secured Credit Cards are great for people looking to build or rebuild credit and are available to people with all kinds of credit backgrounds.
- Unlike a debit card or a pre-paid card, it helps build your credit history. We report your payment history to all three major credit-reporting agencies.
- Get your FICO® Credit Score for free each month.
- Fraud coverage if your card is lost or stolen. Access your account 24 hours a day, 7 days a week. Get help staying on track with available Auto Pay and account alerts.
- Card issued by Merrick Bank, Member FDIC.
- Up to $1,000 credit limit doubles up to $2,000! (Simply make your first 6 monthly minimum payments on time)
- See if you're Pre-Qualified with no impact to your credit score
- All credit types welcome to apply
- Free access to your Vantage 3.0 score from Experian* (When you sign up for e-statements)
- Initial Credit Limit of $300 - $1,000* (subject to available credit)
- Monthly reporting to the three major credit bureaus
- Fast and easy application process; results in seconds
- Use your card at locations everywhere Mastercard® is accepted
- Checking Account Required
- Choose your own credit line - $200 to $2000 - based on your security deposit
- Build your credit score.† Reports to all 3 credit bureaus
- No minimum credit score required for approval!
- † Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score.
- 1% Cash Back Rewards on payments
- Choose your own credit line - $200 to $2000 - based on your security deposit
- Build your credit score.† Reports to all 3 credit bureaus
- No minimum credit score required for approval!
- † Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score.
- 1% Cash Back Rewards on payments
- Choose your own credit line - $200 to $2000 - based on your security deposit
- Build your credit score.† Reports to all 3 credit bureaus
- No minimum credit score required for approval!
- † Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score.
- Earn 1% cash back rewards on payments made to your First Digital Credit Card
- Checking Account Required
- $300 credit limit (subject to available credit)
- Build up your credit history with a card that reports to all three major credit bureaus every month.
- Perfect credit not required for approval; we may approve you when others won't.
- *See Rates, Fees, Costs & Limitations for complete offer details
- See Cash Back Rewards Programs Terms & Conditions for details
