Why you might want a different secured credit card The Capital One Platinum Secured Credit Card comes with standard benefits for a card of its class, including $0 fraud liability should your card be lost or stolen, emergency card services (which gets you an emergency card replacement and, depending on your available credit, a cash advance) if you card is lost or stolen, and assistance should you become the victim of identity theft. Capital One Platinum Secured Credit Card benefits Save yourself the extra cash by keeping current on all payments and avoiding cash advances.
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Besides the aforementioned APR – which could quickly drive up your overall balance if you fail to pay off your card in full every month – making a late payment will cost you up to $40, whereas taking a cash advance will subject you to a fee of $10 or 3%, whichever is greater. Its other fees and penalties, however, are fairly standard when it comes to secured cards. In addition, Capital One won’t hike up your APR if you pay your bill late, nor will it charge you a fee for returned payments.
Most notably, the Capital One Platinum Secured Credit Card comes with neither balance transfer fees nor foreign transaction fees. This is an important step toward exhibiting the kind of responsible credit use that could help you obtain an unsecured card – perhaps one with a rewards or cash back program. Higher credit limit considerationĬardholders can gain access to higher credit lines with responsible use by making their first six monthly payments on time. And, provided you pay your balance in full and on time every month, you won’t be subject to additional interest, fees or penalties (more on that later). With no annual fee, it costs virtually nothing to open a Platinum Secured Credit Card account – other than the initial security deposit, of course. See related: How a secured credit card helped my score Low cost of ownership
The security deposit can be paid over time and is fully refundable if you close your account (provided your balance is paid in full) or if you graduate to an unsecured card with Capital One. This is a much lower barrier to entry compared to some other secured credit cards, many of which ask applicants for at least $300 (or even more) in upfront collateral. The security deposit required for the Capital One Platinum Secured Credit Card ranges from $49 to $200.
That can open the door to unsecured cards with better terms and benefits. However, the Capital One Platinum Secured Credit Card is a low-frills option for credit builders that offers an inexpensive way to raise your credit score and demonstrate responsible credit usage over time. When you’re trying to build your credit – or even rebuild it after a money misstep or two – the best credit cards and financial products are typically out of reach. Why you might want the Capital One Platinum Secured Card That said, the Capital One Platinum Secured card lacks a rewards program and is limited by a credit maximum of $1,000, which is relatively low compared to other secured cards. It also comes with no fees for balance transfers, which can be great for cardholders who want to bring a balance over from a card account they’d like to close. The Capital One Platinum Secured card is an ideal credit-building card for users who want to put a minimal amount up as collateral to open a line of credit.
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