Capital One Platinum Secured benefits guide
- The Capital One Platinum Secured Credit card is a no-nonsense card that can help you build credit with no annual fee.
- Unlike other cards that use the amount of your deposit as your credit limit, a low security deposit with the Platinum Secured Card could get you up to a $200 line of credit.
- To maximize your card — and avoid accumulating interest or fees while you rebuild your credit score — prioritize paying off your full balance each month. Taking advantage of autopay and flexible due dates can help you avoid missing payments, align with your budget and better position yourself for an unsecured card.
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 to open up an account, and 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 credit building benefits
If you’re trying to begin your credit-building journey for the first time — or even start it over from scratch — then the Capital One Platinum Secured could be for you. This card has a variety of benefits that can help you build credit over time.
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 if you qualify, which depends on your credit score.
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 is the amount of credit that you’re using compared to the total amount of available credit you have. So if you have a credit line of $1,000 and never use more than $400, your credit utilization would be at 40 percent.
A low credit utilization can positively impact your credit score, which is why experts recommend keeping your credit utilization at no more than 30 percent.
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. And if Capital One notices any suspicious behavior or transactions, it sends you a security alert by text, email or phone.
Capital One Platinum Secured additional benefits
Benefits of the Capital One Platinum Secured Credit Card include a $0 annual fee, no foreign transaction fees, emergency card replacement and more. Here’s a breakdown of what you can expect:
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’re paid on a specific 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.
Keep in mind: Your new due date takes effect within two billing cycles, and so to avoid fees and penalties, you’ll need to make at least the minimum payment on your bill by your current due date until you see the change.
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 full balance 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.
Autopay
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 monthly subscriptions and other bills.
$0 fraud liability
If you lose your card, or if your credit card information is stolen, you aren’t liable for unauthorized purchases thanks to the card’s $0 fraud liability.
Option to convert to a regular credit card
After a period of responsible card use, you may have the option to receive your deposit back and convert your Capital One Platinum Secured to the unsecured Capital One Platinum Credit Card.
Maximizing the Capital One Platinum Secured Credit Card
Maximizing the Platinum Secured card’s benefits is easier than you might think.
Above all, it’s a good idea to pay off your balance in full each month to avoid accumulating interest or getting dinged with up to a $40 late fee. Also 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 build or rebuild your credit score. It’s among the best secured credit cards for building credit, especially if you might not have much money to put down for a security deposit. Plus, it has no annual fee and a variety of perks that can help you regain your footing and get ahead financially.
If you’d rather compare the Platinum Secured Card’s benefits to another credit-building card, consider checking out our picks of the best credit cards for those with no credit history.
