Capital One Platinum secured credit card

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:

FeaturePlatinum Secured Credit Card
Fees$0
APR30.49% APR
Cash Back$%
Minimum Deposit$49-$200
Welcome Bonus$0
Capital One Platinum secured credit card summary table features

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:

Capital One Quicksilver Secured Credit Card Logo
  • Fees: $0
  • Cashback: 1.5%
  • Welcome bonus: $0
  • Credit Score: No
Discover it Cash Back
  • Fees: $0
  • Cashback: 1%-5%
  • Welcome bonus: up to $300
  • Credit Score: 690-850
  • Fees: 0
  • Cashback: No
  • Welcome bonus: No
  • Credit Score: No
Bank of America customized cash rewards secured credit card
  • Fees: 0
  • Cashback: Up to 3%
  • Initial deposit: $200-$5,000
  • Welcome bonus: No
  • Credit Score: No
Opensky plus secured credit card
  • Fees: 0
  • Cashback: 0%
  • Initial deposit: $300
  • Welcome bonus: No
  • Credit Score: No
Bankamericard secured credit card
  • Fees: 0
  • Cashback: 0%
  • Initial deposit: $200-$5,000
  • Welcome bonus: No
  • Credit Score: No
OpenSky secured credit card
  • Fees: $35
  • Cashback: 0%
  • Initial deposit: $200
  • Welcome bonus: No
  • Credit Score: No
Bank of america unlimited cash rewards secured
  • Fees: 0
  • Cashback: 1,5%
  • Initial deposit: $200-$5,000
  • Welcome bonus: No
  • Credit Score: No
U.S. Bank Secured Visa credit card
  • 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:

ProsCons
No annual maintenance feesRelatively high 30.49% APR for deferred payments
Requires a minimum deposit of $49No initial 0% APR introductory offer
No welcome bonus
Platinum Secured Credit Card pros and cons

Requirements

To be eligible for the Capital One Platinum Secured Credit Card, you must fulfill the following minimum criteria:

  1. Reside in the United States: This card is available only for residents of the United States.
  2. Be over 18 years old: You need to be at least 18 years of age to apply for the card.
  3. Employment Documentation: You will need to show proof of employment, highlighting your capacity to handle the card responsibly.
  4. 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:

InformationDescription
Websitehttps://www.capitalone.com/
Facebookhttps://www.facebook.com/capitalone/
YouTubehttps://www.youtube.com/user/capitalone/
Twitterhttps://twitter.com/capitalone
Phone1-800-289-1992
Interesting information about Capital One

Anothers product of Capital One

You also have a list with more Capital One products:

To conclude, you have more related content about secured credit cards:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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