Capital One Platinum Secured benefits guide
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If you’re looking to rebuild your credit with a secured credit card, the Capital One Platinum Secured Credit Card is a good choice. This secured card doesn’t earn rewards, but it does come with a variety of benefits for cardholders that set it apart from other secured credit cards.
An initial minimum deposit is required in order to open up an account, but after a period of responsible borrowing, cardholders may have the option to convert their account to an unsecured Platinum credit card — and may even qualify for a credit limit increase in as little as six months.
With few fees, generous perks and plenty of features that help cardholders stay on top of their finances, this card is an option worth considering for borrowers with no credit history or those looking to build credit with a secured card.
Capital One Platinum Secured card benefits
Some of the benefits of the Capital One Platinum Secured include a $0 annual fee, no foreign transaction fees, emergency card replacement and more. Here’s a breakdown of what you can expect:
Accessible for borrowers with less-than-stellar credit
Like many secured credit cards, the Capital One Platinum Secured is relatively easy to qualify for, even if you don’t have a good credit score. In fact, you can get up to a $200 line of credit by putting down a minimum deposit of $49.
Option to increase your credit line up to $1,000
The Capital One Platinum Secured allows you to increase your credit line by depositing more than the minimum amount. Borrowers can deposit up to $1,000 (if they do so before account activation). This is a good option if you have cash on hand and want increased flexibility when using your card.
Automatic credit line reviews
While the credit limit for this card is modest initially, cardholders can qualify for automatic credit line reviews after six months. An increased credit line can add flexibility to this card and help to lower your credit utilization ratio, which can positively impact your credit score down the road.
Flexible due dates
Unlike some credit cards, the Capital One Platinum Secured comes with flexible due dates that allow cardholders to choose the date that works best for them. Whether you get paid on a certain schedule or have other bills to worry about in addition to your credit card bill, the freedom to choose your own due date can help you to balance your financial responsibilities in a way that meets your needs.
No annual fee
This card doesn’t charge an annual fee, so it’s an affordable option for borrowers on a budget. As long as you pay your balance off on time each month, using the Capital One Platinum Secured can be an economical way to build your credit score.
No foreign transaction fees
The Capital One Platinum Secured card doesn’t charge any foreign transaction fees. This means you can use the card even when traveling internationally without incurring any additional fees. If you have family in other countries or simply travel outside of the U.S. frequently, a card with no foreign transaction fees can be a great addition to your wallet.
Emergency card replacement
If you lose your card, you can receive an emergency replacement card from Capital One. Plus, Capital One doesn’t charge a replacement card fee.
One of the best ways to continue to raise your credit score is to pay your credit card bill on time every month. Capital One’s autopay feature can help to ensure that you never miss a payment, which can boost your credit score over time.
Monthly recurring transactions
Ever have the feeling that you’ve forgotten to cancel a monthly subscription? The Capital One Platinum Secured makes it easy to review all monthly recurring transactions in one place. This can help you to track recurring expenses and make sure that you’re not spending more than you need to on subscriptions and other recurring bills.
$0 fraud liability
If you lose your card, or if your credit card information is stolen, you won’t be liable for fraudulent purchases thanks to the card’s $0 fraud liability.
Credit monitoring and security alerts
The card comes with CreditWise credit monitoring, which can help you stay on top of your credit score and ensure your credit is moving in the right direction. Further, if Capital One notices any suspicious behavior or transactions, it’ll send you a security alert by text, email or phone.
Option to convert to a regular credit card
After a period of responsible card use, cardholders may have the option to receive their deposit back and convert their Capital One Platinum Secured to the unsecured Capital One Platinum Credit Card.
Maximizing the Capital One Platinum Secured Credit Card
There are a few things cardholders should keep in mind in order to maximize the Platinum Secured card’s benefits.
First and foremost, it’s a good idea to pay off your balance in full each month in order to avoid accumulating interest or getting dinged with up to a $40 late fee. Further, consider taking advantage of autopay and selecting a custom bill due date so that you’re set up to never miss a payment.
After a few months of on-time payments, you can increase your future chance of upgrading your Capital One credit card to the unsecured Platinum card.
The bottom line
The Capital One Platinum Secured may be worth it if you’re having trouble qualifying for other cards and are looking to rebuild your credit score. This secured card accepts most applicants, has no annual fee and comes with a variety of perks that can help you to get ahead financially.
It’s a decent option for borrowers looking to regain their financial footing. But before you apply, be sure to check out our full list of the best secured credit cards.