Capital One Platinum Secured Credit Card Review

Capital One Platinum Secured Credit Card ā€” all information about the card.

By Hanna Volkava
Updated November 25, 2022

Good Choose for Single mom, Without SSN

Secured MastercardĀ® Capital One
Apply now
On Capital Oneā€˜s site
Our Rating:
2.44 out of 5
scorer
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:
    28.49% Variable
  • Balance Transfer APR:
    28.49% Variable
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We recommend more cards

All benefits

  • Travel
    • No Foreign Transaction Fees:
    • You wonā€™t 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
    • 28.49% Variable
  • Intro Balance Transfer APR
    • None
  • Balance Transfers APR
    • 28.49% Variable
  • APR for Cash Advances
    • 28.49% 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
    • None
  • Fees for Cash Advances
    • Either $10 or 3% of the amount of each cash advance, whichever is greater
  • Late Payment
    • Up to $40
View all Rates & Fees

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

Platinum
Mastercard
  • 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
Call to Customer Service

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3.5 out of 5
Recommended credit score
score
No Credit History to Fair (0-669)
  • $39
    Annual Fee
  • 17.74%
    Regular APR
  • This card doesn't offer cash back, miles or points.
  • None
    Purchase Intro APR
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Celtic Bank SurgeĀ® Platinum MastercardĀ®
SurgeĀ® Platinum MastercardĀ®
Celtic Bank
3.2 out of 5
Recommended credit score
score
No Credit History to Poor (0-579)
  • $75 - $99
    Annual Fee
  • 24.99% - 29.99%
    Regular APR
  • This card doesn't offer cash back, miles or points.
  • None
    Purchase Intro APR
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For bad credit
PetalĀ® 1 "No Annual Fee" VisaĀ® WebBank
PetalĀ® 1 "No Annual Fee" VisaĀ®
WebBank
4.34 out of 5
Recommended credit score
score
No Credit History to Good (0-739)
  • None
    Annual Fee
  • 22.99% - 32.49%
    Regular APR
  • 2% - 10%:
    Cash Back at select merchants.
  • None
    Purchase Intro APR
Apply now
On WebBankā€˜s site

Capital One Platinum Secured Mastercard Credit Card Review

In this article, weā€™ll 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 donā€™t 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 28.49% 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 Oneā€™s Platinum Secured Mastercard lets you make an initial deposit amount that can be lower than the initial credit line of $200. If youā€™re deemed a reliable borrower, the security deposit can be as low as only $49 for a $200 credit line. Moreover, thereā€™s no annual fee. So, it wonā€™t 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€“ Thereā€™s 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 Oneā€™s assistant, Eno ā€“ enjoy round-the-clock assistance regarding your account through ā€œEnoā€ ā€” Capital Oneā€™s 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 wonā€™t be liable for unauthorized charges.
  • CreditWise ā€“ free access to Capital Oneā€™s 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.
Hanna VolkavaHanna Volkava

Financial and product expert

hv@myfin.us
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