Improve your credit with the Capital One Platinum Secured purchasing power while improving your credit score. Getting your financial house in order can be a difficult undertaking, but there are credit cards specifically intended to make it easier. For those with poor credit or no credit history, the Capital One Platinum Secured card is a good option. If you use the Capital One Platinum Secured card wisely, you may improve your credit score and bring it back to a more stable state.
How does the Capital One Platinum Secured card work? What are its perks? I’ll cover all of it in my review.
Who should apply for the Capital One Platinum Secured credit card?
Capital One Platinum Secured is an excellent card, to begin with, if you’re rebuilding your credit rating following a series of blunders. A secured credit card is one that has been “secured” by the credit cardholder through an upfront deposit. This means that the bank feels secure in allowing you to utilize your credit line since it has a portion of your money as collateral. If you do not pay a bill, the collection agency already has the deposit necessary to cover the obligation you owe.
Secured credit cards are ideal for individuals who desire the convenience of a credit card but also need to improve their credit score. Once accepted for this credit-building card, you’ll simply need to make a deposit of up to $200 to begin using it. If you then exercise fiscal responsibility and pay your bills on time, you might be on your way to improved credit in no time.
Additionally, if you want extra safeguards like auto rental collision damage waiver, travel accident insurance, or an extended warranty, the Capital One Platinum Secured card includes all of these advantages at no additional charge.
Capital One Platinum Secured Benefits
- In as little as six months after account establishment, you will be eligible for an increase in your credit limit without the need for an additional deposit.
- There is no yearly charge for the Capital One Platinum Secured card.
- Some credit cards charge a foreign transaction fee if you use them while traveling abroad. All of these fees are completely waived with a Capital One Platinum Secured credit card. Traveling outside of the United States? No worries! You won’t be hit with any unexpected fees.
- This credit card allows you to choose your own monthly payment due date, and you may pay your bills in person, online, or through the Capital One mobile app.
- If you’re thinking about taking a trip, you can rest easy knowing that Capital One provides a variety of travel insurance options. This card provides cardholders with travel accident insurance, rental vehicle collision damage waiver (secondary coverage), and 24-hour travel support.
- Credit report alerts. Creditwise notifies you when your Experian or TransUnion credit report has a significant update.
- Liability for fraud. If your card is stolen or lost, you have no financial responsibility for the theft.
This card has certain drawbacks
- The Capital One Platinum Secured does not have a rewards program like many other secured credit cards. If you’re searching for a credit card with perks, you might want to seek elsewhere.
- For the year 2020, the average interest rate on a credit card was 14.52 percent. This card’s variable APR is greater than that on a comparative basis. As long as you pay off your credit card bill in full each month, you may avoid excessive interest rates.
- Requires a refundable security deposit of: Other secured credit cards demand refundable security deposits, such as the Capital One Platinum Secured. Deposits of $49, $99, or $200 will be asked of cardholders.
Does the Capital One Platinum Secured credit card help you build a better credit score?
Utilizing any credit card responsibly, even the Capital One Platinum Secured, may help you improve your credit score. Additionally, this card reports your payment history to Equifax, Experian, and Transunion, the three major credit bureaus. Therefore, if you have terrible credit and make on-time, full monthly payments, your FICO credit score may improve over time.
