It doesn’t even have a “secured” marking on it. Once your deposit is made and the card is issued, you use this credit card for purchases just like a traditional unsecured card.Instead, Capital One assesses your individual application and credit history to determine if you fall into one of three tiers for security deposit requirement: $49, $99 or $200.Capital One requires that you start with a minimum $200 credit limit, but it doesn’t necessarily require an accompanying $200 deposit to go with it.Here’s how it works: Gain A Larger Credit Limit Through Capital One’s Secured Card For example, if you deposit $200 you would get a $200 credit limit.Ĭapital One is breaking that mold with this card by offering as much as a $1,000 credit limit on what could be as small as a $49 security deposit. The industry norm is that secured card issuers require a dollar-for-dollar match in security deposit and credit limit. So let’s get down to business on what makes Capital One stand out among its peers in the secured credit card market. How Does the Capital One Platinum Secured Credit Card Work? This amount is refundable if you close the account or qualify for unsecured credit, but also could be used by Capital One to cover the unpaid balance on your card should you fail to pay your bill. This Capital One secured card requires a minimum deposit that ranges from $49 to $200 in order to open the account. The difference between a secured and an unsecured credit card is the requirement of a security deposit. This means your spending and payment habits with this card will be reported to the three credit bureaus and can impact your credit score. It is a real credit card, not a debit card or prepaid credit card. The Capital One Platinum Secured Credit Card is a secured credit card aimed at helping card seekers build or rebuild credit. What Is the Capital One Platinum Secured Credit Card? We measured it by the standards money expert Clark Howard keeps for choosing a secured credit card, which includes characteristics like no annual fee and a pathway to traditional credit. Comparison to Citi® Secured Mastercard®.
What Is the Capital One Platinum Secured Credit Card ?.With a deposit requirement as low as $49 for a $200 credit limit and the possibility for a higher credit limit after five on-time payments, Capital One stands out against its competition in the secured credit card market. Typically, the deposit amount required matches the credit limit of the card, but this Capital One card has a way to get a larger credit limit without having to match the funds with a deposit. Secured credit cards, which are primarily for people with a poor credit history or no credit history at all, require that the credit-seeker make a security deposit to receive a card. If you are looking for a first credit card or a way to do some credit repair, the card_name may be a low-cost option in the secured credit card market.
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