Capital One Platinum Secured Credit Card review: A one-stop shop for no-nonsense credit building
“The Capital One Platinum Secured Credit Card: A secured credit card with travel benefits that may convert to an unsecured account after excellent use” – Erica Sanberg
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Snapshot
4.1
Bottom line
The Capital One Platinum Secured Card is built for people with low-end credit scores looking for a focused way to rebound. Though the card offers no rewards, it does have a suite of cardholder perks that are worthwhile on your credit-building journey.
Best for building credit
Intro offer
N/A
Annual fee
$0
Regular APR
29.74% (Variable)
4.4
Cardholder rating
Extra perks
Online tools
Customer service
Information safe
4.1
Bankrate score
Cost of membership
Ease of building credit
APR
Features
Why you'll like this: It offers a simple, low-cost way to build credit, and Capital One offers a great mix of rewards cards should you want to upgrade in the future.
Card Details
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Capital One Platinum Secured Credit Card Overview
As a secured credit card, the Capital One Platinum Secured Credit Card requires a cash deposit to secure your line of credit, but it can be an accessible, affordable and effective tool when building 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 great 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 (minimum will be either $49, $99 or $200)
- 29.74% (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 for unauthorized charges*
- 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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You can 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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There is potential for an easier approval process if you need a credit card for bad credit.
Cons
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The card doesn’t offer rewards for your spending, which might hamper the card’s long-term value.
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The ongoing APR on this card is relatively high and could prove costly if you carry a balance.
How to build credit with the Capital One Platinum Secured
This card gives you the chance to build credit with responsible use, which includes making on-time payments. However, to improve your credit score, remember that you’ll also need to keep your credit utilization ratio — which is the amount of credit you’re using in relation to the amount of credit you have access to — below 30 percent. So, say for a card with a $200 credit limit, you’ll want to keep your credit utilization at or below $60. With repeated responsible use and low credit utilization ratio, you will be on your way to building credit with the Capital One Platinum Secured.
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. Eligible cardholders can take advantage of one of the lowest required security deposits on the market, making it an accessible option with outstanding credit-building potential.
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. Although a $200 credit limit could hamper your efforts at maintaining a low credit utilization ratio — the second largest influence on your overall score — it may be all you can afford. Or, if you can’t afford it, then your list of credit options grows thin.
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, you could qualify for a minimum deposit as low as $49 (your minimum security deposit amount will be either $49, $99 or $200) — a notably more cost-effective alternative. Another plus is this $49 deposit could still get you a minimum credit limit of at least $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
The Capital One Platinum Secured can help you be more consistent with practicing good credit habits because, after six months, Capital One will automatically evaluate your account to see if you qualify for an increased credit limit. To be eligible for an increase you’ll need to exemplify responsible use, and if you’re approved for an increase you’ll have access to more credit. Expanding your available credit is a crucial part of keeping your credit utilization ratio low and it can positively affect your credit score.
You also have the opportunity to earn your original deposit back as a statement credit when you 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 are hoping to maximize your credit-building efforts with a rewards strategy and perks then you won’t find much value with the Capital One Platinum card. That said, we advise focusing your efforts on building credit over maximizing a card’s monetary benefits. Responsible habits now can pay off when you’re looking at cards for good or excellent credit.
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 through a well-sought-after welcome offer, it’s not the best card for learning the ropes of rewards programs.
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 for unauthorized charges 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 insurance 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
It’s a great card for a new credit card user or credit builder because of its affordability, but 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 and educational.
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 for all new cardmembers—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.
Rewards rate
Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Earn unlimited 1% cash back on all other purchases.
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
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.
Is this card right for me?
Choosing the right 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.
If you’re still unsure that the Platinum Secured is your best fit and you want to get a better idea of which cards may suit you, try Bankrate's Spender Type Tool. It can help you narrow down your options by giving you card recommendations based on your goals and spending habits.
Alternative picks
Frequently asked questions
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 benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
How we rated this card
Our proprietary card rating system takes into account a mix of factors when scoring credit cards for students and people building credit, including each card’s cost, APR, credit-building tools and more.
We analyzed over 50 of the most popular cards designed for students and people with no credit history, bad credit or a fair credit score and scored each based on where its key features stood in relation to others in its category.
Here are some of the key factors that gave this card its score:
What cardholders think
Capital One Platinum Secured Credit Card
In May 2024 and March 2025, Bankrate collaborated with a third-party vendor to survey 8170 cardholders nationwide. Bankrate and our vendor collected, averaged and presented website analytics and cardholder responses to six questions on a 5-point scale. Responses are based on individual cardholder's product details, and therefore cannot be verified for accuracy. Users received an incentive for their feedback. User ratings are unedited and have not been reviewed or approved by credit card issuers, nor do these ratings reflect Bankrate's own reviews of these cards.
Community Reviews
* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.
Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.
