Full Review of Capital One Platinum SecuredPros Show
Cons
Pros Explained
Cons Explained
The Capital One Platinum Secured is ideal for those who might struggle, or fail in meeting, the typical deposit requirements to get a secured credit card. Unlike most other secured cards, you needn't necessarily leave the full value of your credit line in the account as a security deposit; a deposit as low as $49 could get you the starting credit line of $200. And it’s ideal for those who may need time to come up with the needed deposit, since it allows you to make payments of $20 or more to build towards the total. It's among a number of secured cards that have no annual fee, too. And those that are well-suited to international travel. Not only is Mastercard more widely accepted abroad than some other card brands, the Capital One Platinum Secured has no foreign-transaction fee, which makes it a valuable card to have for a trip abroad. Many other cards impose fees of 2.7% or 3% on such transactions, and those charges can really add up over the course of a vacation. Capital One Platinum Secured's Outstanding Benefits
Standard Benefits
Cardholder ExperienceCapital One received a rating of 815 in J.D. Power's 2021 customer satisfaction survey, ranking third on the list, behind Discover and Amex—which were closely ranked in the first and second places, respectively. Capital One has two tools to help its cardholders save money when shopping. Its Capital One Shopping tool scans merchants to help you find the best price before you buy online, while Paribus finds potential savings on online purchases you've already made and gets you money back. Cardholders can log into their account on the company's website or mobile app to pay their bill or for information and inquiries about their card. Customer service is available at 800-227-4825 or through physical mail. Unlike most card issuers, Capital One offers no customer service via email or online chat. Security FeaturesCapital One offers the typical security perks to keep cardholders safe, starting with security alerts. The issuer will send notifications by text, email, or phone—whatever your preference—if it notices suspicious activity on your card. Other standard perks include $0 fraud liability and the ability to lock your card if it is lost, stolen, or misplaced—and from the mobile app, a mode that isn’t offered by all issuers. Capital One also offers Eno, a tool that monitors for duplicate charges, tracks spending, and automatically sends 24/7 fraud alerts. The tool also instantly creates virtual numbers for online shopping. CreditWise monitors your credit information on the dark web and sends automatic alerts if your email address or Social Security Number are found. The tool also provides information about your credit score and sends an alert when your credit report changes. As with most cards, you get a free FICO score monthly, drawing on reports from multiple credit bureaus. Not all secured cards seek such widespread reports. If you lose your card, Capital One will replace it for free with standard delivery taking a few days. Our VerdictThe Capital One Platinum Secured has no frills, rewards, or special perks. Instead, it’s a basic secured card that, while not guaranteeing approval, aims to make acquiring and expanding credit easier for those who are building or repairing their credit record. Requiring an initial security deposit as low as $49 to earn a credit limit of four times as much, it departs from the customary demand of secured credit cards that you deposit the full amount you want as a starting credit limit. And it raises your limit after an unusually short period of time; just five billing periods, provided you’ve made an on-time payment for each of them. Still, the card restricts you initially to no more than a $1,000 credit limit, no matter how much you deposit upfront. There might be better choices, then—secured cards that allow limits of $2,500, $3,000 or even $5,000—if you have more cash on hand for a deposit and want to immediately use your card for more (or more expensive) purchases. (A higher credit limit can also benefit you if you spend only modestly, since your credit score is based in part of what’s known as credit utilization. The less of your limit you use, the lower the utilization, and the bigger the boost to your credit score.) Those other cards, some even lacking an annual fee like the Capital One Platinum Secured, may also earn you rewards in the form of cash back on your purchases. For instance, the Discover it Secured card has no annual fee and allows you to deposit up to $2,500 to get a credit limit of the same size. It also has fairly generous cash back rewards that are even matched at the end of your first year with the card. That said, the Capital One Platinum Secured is a better international travel card than the Discover It Secured. While both cards do not charge a foreign-transaction fee, Mastercard is more widely accepted outside the U.S. than is Discover, or American Express for that matter. Investopedia Credit Card Rating Methodology Investopedia is committed to delivering the best credit card recommendations in the industry. We’ll tell you when a card is good, we’ll tell you when a card is bad, and we’ll only call a card the best if we would recommend it to our friends or family members. Overall Star Rating Explained To rate credit cards we objectively assess, score and weight nearly 100 individual card features which roll up into five major feature sets: fees, interest, rewards, benefits and security/customer service. Here’s how we weighted those feature sets for the overall star rating of a card: We have applied our proprietary rating methodology to every generally-accepted credit card in the U.S. domestic market to allow consumers to make fully informed choices. It’s important to note that for our overall score that we make a number of assumptions about how you would be using your credit card:
What is the highest credit limit for Capital One secured credit card?As a secured credit card, the Capital One Platinum Secured Credit Card will start you off with a $200 credit limit. Once the account is opened, you can increase your security deposit up to $1,000, which is the maximum credit limit.
Can a secured credit card limit increase?Yes, a secured credit card will increase your limit under certain conditions. For instance, you can add additional funds to your security deposit to raise your credit limit. Plus, if you make several consecutive timely payments, the issuer may increase your limit without an additional deposit.
Does Capital One automatically raise your credit limit?Oftentimes, Capital One will automatically increase your credit limit if you use your credit card responsibly. Some Capital One cards, especially those advertised toward consumers establishing or building credit, offer the opportunity for an increase after five months of on-time payments.
How often does Capital One raise your credit limit?Capital One lets you request a credit limit increase online as often as you want, but you can only be approved once every six months. If you've received a credit limit increase or a credit limit decrease in the last six months, you won't be approved for a credit limit increase.
|