Would you like to learn all about the Capital One Platinum Secured Credit Card? Responsible Economy presents you with a comprehensive overview of the Capital One Platinum Secured Credit Card’s features: fees, interest rates, minimum deposit, and everything you need to know. We’ll also provide you with a comparison of the best secured credit cards. Let’s get started!
Features
In this section, we will go through all the features one by one.
Fees
Without a doubt, fees play a pivotal role in any financial product, and credit cards are no exception. The Platinum Secured Credit Card shines in this area, presenting a favorable advantage with its absence of annual maintenance fees.
APR
Opting to defer payments comes with a relatively elevated interest rate. The Annual Percentage Rate (APR) for maintaining a balance on purchases is 30.49%, which is a point to consider. It’s worth mentioning that while certain cards offer an initial 0% interest rate, the Quicksilver Secured Credit Card doesn’t fall into that category.
Cash back
While numerous credit cards, including secured ones in the United States, offer cash back on purchases, it’s important to note that the Platinum Secured Credit Card does not provide any cash back rewards.
Minimum deposit
To obtain the card, a minimum security deposit is required, which can be either $49, $99, or $200.
Welcome bonus
While numerous credit cards entice with welcome bonuses that can reach up to $800, it’s crucial to recognize that the Platinum Secured Credit Card doesn’t extend any welcome bonus offers.
Summary table
We have created a table summarizing all the features:
| Feature | Platinum Secured Credit Card |
|---|---|
| Fees | $0 |
| APR | 30.49% APR |
| Cash Back | $% |
| Minimum Deposit | $49-$200 |
| Welcome Bonus | $0 |
Comparison with the Best Secured Credit Cards
We have conducted a comparison of Capital One Platinum secured credit card with the best secured credit cards available for application in the United States:
- Fees: $0
- Cashback: 1.5%
- Welcome bonus: $0
- Credit Score: No
- Fees: $0
- Cashback: 1%-5%
- Welcome bonus: up to $300
- Credit Score: 690-850
- Fees: 0
- Cashback: No
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: Up to 3%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 0%
- Initial deposit: $300
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 0%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: $35
- Cashback: 0%
- Initial deposit: $200
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 1,5%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 1,5%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
Pros and cons
Once we’ve explored all the features of the Platinum Secured Credit Card and compared it with the best secured credit cards, we’ve compiled a table with all the pros and cons:
| Pros | Cons |
|---|---|
| No annual maintenance fees | Relatively high 30.49% APR for deferred payments |
| Requires a minimum deposit of $49 | No initial 0% APR introductory offer |
| No welcome bonus |
Requirements
To be eligible for the Capital One Platinum Secured Credit Card, you must fulfill the following minimum criteria:
- Reside in the United States: This card is available only for residents of the United States.
- Be over 18 years old: You need to be at least 18 years of age to apply for the card.
- Employment Documentation: You will need to show proof of employment, highlighting your capacity to handle the card responsibly.
- Social Security Number: A valid Social Security Number is necessary for identity verification and credit history assessment.
Frequent questions
Now we’re here to address any questions you might have about the Platinum Secured Credit Card.
Conclusion and opinions
After conducting our analysis, our opinion is that the Capital One Platinum Secured Credit Card is a competitive option due to its absence of annual maintenance fees and the possibility of a minimum deposit of $49. On the other hand, it does not offer any cash back, features a high-interest rate, and lacks a welcome bonus.
More information about Capital One
We have made a table with interesting information about Capital One:
| Information | Description |
|---|---|
| Website | https://www.capitalone.com/ |
| https://www.facebook.com/capitalone/ | |
| YouTube | https://www.youtube.com/user/capitalone/ |
| https://twitter.com/capitalone | |
| Phone | 1-800-289-1992 |
Anothers product of Capital One
You also have a list with more Capital One products:
- Certifate of deposit: Here you have a Capital One CD review.
- Savings account: Capital One savings account.
- Checking account: Capital One 360 checking account review.
- Capital One Student checking account.
- Capital One credit cards:
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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