Capital One Platinum Secured Credit Card Review
Capital One Platinum Secured Credit Card ā all information about the card.
By
Hanna Volkava
Updated September 04, 2024
Good Choose for Single mom, Without SSN
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Learn more
on our partnerās site
Recommended credit score
No Credit History to Poor (0-579)
- Rewards Rate:
- This card doesn't offer cash back, miles or points.
- Intro Offer:
- No current offer.
- Annual Fee:$0
- Purchase Intro APR:None
- Regular APR:29.99% Variable
- Balance Transfer APR:29.99% Variable
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SurgeĀ® Platinum MastercardĀ®
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$75 - $125
Annual Fee
35.90%
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All benefits
- Travel
- No Foreign Transaction Fees:
- You wonāt pay a transaction fee when making a purchase outside of the United States.
- ATM Location Services:
- Receive help finding the nearest ATM when traveling.
- 24-Hour Travel Assistance Services:
- Call Travel Assistance Services when you need help away from home. This benefit is available when traveling 50 miles or more away from home, unless you live in New York in which case there is no mileage requirement.
- MasterRental Coverage:
- Auto rental collision damage waiver to cover your rented vehicles against damage and theft.
Rate and fee information
- Purchase Intro APR
- None
- Purchase APR
- 29.99% Variable
- Intro Balance Transfer APR
- None
- Balance Transfers APR
- 29.99% Variable
- APR for Cash Advances
- 29.99% Variable
- How to Avoid Paying Interest
- Your due date is at least 25 days after the close of each billing cycle. You will not be charged interest on new purchases, provided you have paid your previous balance in full by the due date each month. You will be charged interest on cash advances and transfers on the transaction date.
Fees
- Annual Fee
- $0
- Fees for Balance Transfer
- 4% of the amount of each transferred balance that posts to your account at a promotional APR. None for balances transferred at the Transfer APR. Balance Transfer Fee applies to balances transferred at a promotional rate
- Fees for Cash Advances
- 5% of the amount of the cash advance, but not less than $5
- Late Payment
- Up to $40
Pros & Cons
Pros:
- Low initial deposit amount of $49, $99, or $200
- You can increase the credit line up to $1000
- No annual fee
- Automatic credit line reviews
- Credit building
Cons:
- High APR
- Low credit limit
- No rewards program
Features
- No Annual Fee
- No foreign transaction fees
- Payment Flexibility
- Fraud Protection
- Free Credit Score
- Purchase Protection
- Extended Warranty Protection
- Auto Rental Insurance
- 24/7 Travel Assistant
- Poor Credit
About the issuer
Capital One has several card types depending on your needs.
Manage your Account & Pay your Bill
You can usually pay your bill online on your
Credit card issuer's website
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Unsecured
ReflexĀ® Platinum MastercardĀ®
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Recommended credit score
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- NonePurchase Intro APR
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Secured VisaĀ® Gold PreferredĀ® Credit Card
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DestinyĀ® MastercardĀ®
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- NonePurchase Intro APR
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Capital One Platinum Secured Mastercard Credit Card Review
In this article, weāll review the Capital One Platinum Secured Mastercard Credit Card, a great credit card for rebuilding credit and those with no credit history.
The Platinum Secured Mastercard from Capital One lets you open an account even if you have no credit history. It is also an excellent choice if you are having problems with card approvals due to a bad credit score. Compared to other secured cards, it has a low minimum initial deposit requirement, with a chance to have a $49 security deposit for a credit line of $200. You can also opt to have a higher credit line up to $1000 by making an additional deposit. Plus, there is no annual fee, making it a good card if you donāt carry a balance.
Capital One Secured Mastercard: pros and cons
| Pros: | Cons: |
|---|---|
| Low initial deposit amount of $49, $99, or $200. To make a refundable security deposit, you have to grant access to an authorized bank account. | High APR. The variable APR of 29.99% for purchases and balance transfers is relatively high. |
| You can increase the credit line up to $1000. Once your application is approved and you have made the minimum required security deposit, you can increase your credit line up to $1000 by depositing an additional amount within 35 days of your account approval and before you activate your card. | Low credit limit. This is not a card to use for purchasing big-ticket items due to a limited credit limit. |
| No annual fee. Maintaining this credit card comes without further expense since there is no annual fee. | No rewards program. This credit card will not earn you any sign-up bonuses, rewards points, or cash back. |
| Automatic credit line reviews. In as little as 6 months, your account can be automatically considered for a higher credit line with responsible use. This can also give you a chance to get an unsecured credit card eventually. | |
| Credit building. Capital One reports your activity to all 3 major credit bureaus, which helps you establish or repair the credit. |
Rewards system in a nutshell
Unfortunately, there is no rewards program associated with Capital One Platinum Secured Mastercard. It is not a credit card for earning cash back and rewards points from your purchases. However, it is a good card to improve credit, allowing you to switch to a better credit card afterward.
Who can benefit from getting the Capital One Platinum Secured Mastercard Credit Card?
The Capital One Platinum Secured Mastercard is an ideal card for those who are struggling with poor credit. Most secured credit cards usually require an initial deposit amount equivalent to the credit line amount. The security deposit acts as collateral on purchases in the event of default.
But unlike other similar cards, Capital Oneās Platinum Secured Mastercard lets you make an initial deposit amount that can be lower than the initial credit line of $200. If youāre deemed a reliable borrower, the security deposit can be as low as only $49 for a $200 credit line. Moreover, thereās no annual fee. So, it wonāt cost you anything to maintain this card, except for the initial security deposit, which may be refunded if you make timely payments.
Are there any other benefits?
Yes. To compensate for the lack of rewards, it offers other benefits, and some of them are as follows:
- Personalized payment ā with this feature, you will enjoy more freedom on your payments by allowing you to pick your monthly due date.
- No foreign transaction fees ā Thereās no need to worry about additional fees for transactions outside of the U.S. since no foreign transaction fees will be charged.
- Emergency Card Replacement ā If your card is stolen or lost, you can get an emergency replacement credit card.
- Capital Oneās assistant, Eno ā enjoy round-the-clock assistance regarding your account through āEnoā ā Capital Oneās assistant. With Eno, you can generate a virtual card number so that you can make online payments without revealing your actual credit card number for security purposes.
- Card lock ā through the Capital One mobile app, you can lock your account immediately after noticing that your card is stolen, lost, or misplaced.
- $0 fraud liability ā you wonāt be liable for unauthorized charges.
- CreditWise ā free access to Capital Oneās CreditWise tool.
- 24/7 customer service ā Capital One provides world-class customer service, available anytime for 24 hours a day, seven days a week.
Conclusion
If you have no credit history or are rebuilding credit, many financial products and unsecured credit cards with better terms and benefits are usually out of reach. But Platinum Secured Mastercard from Capital One provides an inexpensive choice for people with low credit scores to own a credit card and at the same time work on improving their credit.
FAQ
What is the customer service phone number for Capital One Platinum Secured Mastercard Credit Card?
If you want to contact Capital One Platinum Secured Mastercard credit card customer service, you may call 1-800-CAPITAL (1-800-227-4825) if you are an account holder.
How to check my application status for Capital One Platinum Secured Mastercard Credit Card?
To check the status of your application with Capital One Platinum Secured Mastercard, you can make a phone call anytime at 1-800-903-9177. Usually, they will notify you in writing regarding their decision on your application within 7 to 10 days.
For Capital One products listed on this page, some of the above benefits are provided by VisaĀ® or MastercardĀ® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
Best for Fair credit
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Recommended credit score
Fair to Good (580-739)
- $39Annual Fee
- 29.99%Regular APR
- 1.5%Cash Back on every purchase.
- NonePurchase Intro APR
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