
Best for building credit
Capital One Platinum Secured Credit Card
Rewards rate
N/AAnnual fee
Intro offer
N/APay over time APR
Regular APR
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Capital One Platinum Secured Credit Card Overview
The Capital One Platinum Secured Credit Card is a secured credit card, meaning you have to put down a cash deposit to secure your line of credit.
Secured cards like the Capital One Platinum Secured Credit Card could be easier to get approved for than unsecured credit cards, making them a thoughtful alternative if you need to build credit from scratch or rebuild your credit after having made mistakes in the past.
If your credit report shows past financial mistakes, you haven’t started building credit yet or your score falls anywhere under 600 on the FICO scale, the Capital One Platinum Secured Credit Card could be exactly what you need to turn your situation around.
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Rewards
- This card does not offer rewards
Expert Appraisal: Average
See our expert analysis -
Rates and fees
- No annual fee
- No foreign transaction fee
- No intro APR offers
- $49 minimum security deposit (up to $200 maximum security deposit)
- 29.99 percent variable APR
Expert Appraisal: Good
See our expert analysis -
Credit-building features
- Access to CreditWise® credit alerts
- Personalize your bill due date
- Reports to the three credit bureaus
- Automatic account review after six months
- Potential to earn back the security deposit
Expert Appraisal: Good
See our expert analysis -
Other cardholder perks
- Fraud coverage:$0 fraud liability*
- Emergency Card Services
- Mastercard ID Theft Protection™
Expert Appraisal: Typical
See our expert analysis
Capital One Platinum Secured pros and cons
Pros
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Start building credit with a cash deposit as low as $49 if you qualify ($99 or $200 minimum deposit possible, depending on your credit score) and get your security deposit back when you close your account in good standing.
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Potential for an easier approval process if you need a credit card for bad credit.
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Capital One reports your credit activities to the three credit bureaus, which can help boost your credit score over time.
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No annual fee, which is an extra plus to an already affordable card option.
Cons
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No rewards for your spending, which might hamper the card’s long-term value.
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The ongoing APR on this card is high and could prove costly if you carry a balance.
Why you might want the Capital One Platinum Secured
The Capital One Platinum Secured credit card is competitive among cards explicitly designed to help people build credit. Its standout feature is the possibility for one the lowest required security deposit on the market, and its credit-building potential is something worth talking about.
Rates and fees: Potential for a fairly low security deposit
Many secured credit cards require a minimum upfront cost of at least $200. This security deposit usually acts as the card’s starting credit limit, and having one this low can greatly hamper your efforts at maintaining a low credit utilization ratio — the second largest influence on your overall score.
The Capital One Platinum Secured pulls away from the pack by offering cardholders a break on upfront costs. If you can’t afford a $200 security deposit, your credit score might qualify you for a minimum deposit as low as $49 — a notably more cost-effective alternative. Another plus: this $49 deposit could still get you a minimum credit limit of $200, so you still get a more substantial line of credit at a much lower cost.
Credit-building features: Strong incentives for responsible card use
This card offers several built-in incentives for using it responsibly, and the more responsible you are with your credit card, the better your credit score will be over time. If you are someone who needs more of a push to be consistent with practicing good credit habits, the Capital One Platinum Secured can help you out. After six months Capital One will automatically evaluate your account to see if you qualify for an increased credit limit. Access to more credit could help keep your credit utilization ratio low and positively affect your credit score.
You also have the opportunity to earn your original deposit back as a statement credit as you continue to make regular, on-time payments. Not only can you boost your credit score this way thanks to creating a positive payment history — the largest influence on your FICO credit score — but you’d also effectively upgrade to an unsecured credit card and save a bit more money, too.
Why you might want a different secured card
If you’ve moved beyond the point where secured cards or credit cards for bad credit are some of your most accessible options, upgrading to an unsecured credit card with rewards will often be more valuable long-term. The Capital One Platinum Secured prioritizes building credit and not much else.
Rewards: No rewards could mean minimal long-term value
If you want a card that will keep value in your wallet long after you’ve increased your score, the Capital One Platinum Secured may not be your best bet. Since the card has no reward structure and doesn’t offer a quick windfall of rewards via a welcome offer, it could be hard to justify keeping this card once your credit score increases. Since there are no intro APR offers, carrying a balance could be expensive and you won’t have a stash of reward earnings to help you offset any of that cost.
Perks and benefits: Quite limited outside of the most basic
The primary benefits you get out of the Capital One Platinum Secured come with the simple fact that the credit card is a Mastercard. With Standard Mastercard benefits, you’ll get some of the perks you’ll see on almost any credit card. Some of these perks include fraud coverage and Mastercard ID Theft Protection™, but none of these are anything to write home about. If you want the more coveted perks and protections, like travel insurances or annual statement credits, first you’ll need to increase your credit score and then apply for an unsecured rewards credit card.
How the Capital One Platinum Secured compares to other secured cards
Although a great card for a budding credit card user or credit achiever because of its affordability, the Platinum Secured Credit Card may not be as beneficial to cardholders who have at least $200 available to open a secured card account. Cardholders who meet that requirement may qualify for some of the best secured cards that earn rewards, which can make credit building more favorable.

Annual fee
Intro offer
Rewards rate
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Annual fee
Intro offer
Intro Offer: Unlimited Cashback Match - only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! There's no minimum spending or maximum rewards. Just a dollar-for-dollar match.
Rewards rate
Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Earn unlimited 1% cash back on all other purchases – automatically.
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Citi® Secured Mastercard®
Annual fee
Intro offer
Rewards rate
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Who is the Capital One Platinum Secured right for?
Choosing a credit card can be difficult, especially if your options are limited due to poor credit. If you fall into one of the following profiles, the Capital One Platinum Secured card may be the right card for you.
Bankrate’s Take — Is the Capital One Platinum Secured worth it?
The Capital One Platinum Secured Credit Card is an excellent option if you need to start building credit right away and prefer to start with one of the lowest deposit amounts available among credit-building secured cards. Getting approved is possible even if you have bad credit, and you can get the chance to prove your creditworthiness and earn a higher credit limit over time. Be sure to keep the high APR in mind, though, and pay off your balance every month.
Dig deeper: Is the Capital One Platinum Secured worth it?
All information about the Citi® Secured Mastercard® has been collected independently by Bankrate.com and has not been reviewed or approved by the issuer.
For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.