Capital One Platinum Secured Review

Snapshot

• Annual Fee: $0
• Regular APR: 26.99% (as of June 7, 2021)
• Security Deposit: $49, $99 or $200, based on credit worthiness
• Starting Credit Limit: $200 and automatically considered for a higher credit line in as little as 6 months.
• Credit Reporting: Payments reported to all 3 major credit bureaus

Editorial Review

Pros & Cons

Pros

• No annual fee
• Security deposit as low as $49
• Reports to all 3 credit bureaus
• Free access to your credit score with CreditWise

Cons

• Starting credit limit just $200
• No signup bonus or rewards

Who the card is best for

The Capital One Platinum Secured is best for those rebuilding their credit. As a secured credit card, those with no credit, bad credit or even a bankruptcy can qualify. It charges no annual free and reports payments to all 3 credit bureaus.

Alternatives

For those with bad credit, there are other reasonable options. There are a number of excellent secured credit cards, and some unsecured cards for poor credit as well. Specially, we like the following alternatives:

• Chime Credit Builder Visa® Secured Credit Card
• Avant Credit Card
• Indigo Unsecured Mastercard

Approval Odds

Credit card companies consider a number of factors when evaluating an application. These factors may include income, debt, existing credit cards and, of course, the applicant's credit score.

While credit card issuers do not publish the criteria for approval, we collect publicly available data on credit scores for those who have been either approved or denied for a credit card. Keep in mind that we cannot verify this information and an issuer's credit score requirements can change over time.

• Approved (09/01/2017): 580 (Equifax)
• Approved (11/19/2016): 530 (TransUnion)--$200 credit limit
• Approved (11/19/2016): 538 (Equifax)--$200 credit limit
• Approved (06/09/2016): 674 (TransUnion)--$750 credit limit
• Approved (06/09/2016): 680 (Equifax)--$750 credit limit
• Approved (08/10/2018): 604 (Equifax)
• Approved (08/10/2018): 634 (TransUnion)
• Approved (08/10/2018): 637 (Experian)
• Approved (05/05/2015): 672 (Experian)--$250 credit limit
• Denied (01/12/2018): 503 (Not Provided)
• Denied (08/27/2012): 679 (TransUnion)