My Experience With the Capital One Platinum Secured Credit Card and How It Helps Build Credit in Real Life

A secured credit card wouldn’t be my first choice (and it probably wouldn’t be yours, either). But if you’ve had financial setbacks and are ready to get your credit score going in the right direction, a secured credit card could be just what the doctor (or financial expert) ordered. 

As an economics major and personal finance writer, I’ve seen plenty of peers, friends, and family in those situations. And I’ve also counseled many people trying to work their way out. 

In fact, I recently helped one of my family members turn their credit score around in about 18 months using the Capital One Platinum Secured Credit Card. 

Watch on

I coached them on how to use the card responsibly, not rack up debt, and pay the balance in full every month. The result, which I’ll talk more about later, was a $1,400 credit limit increase and around a 100-point credit score boost. That’s a pretty dramatic turnaround in just a year and a half! 

The Capital One Platinum Secured Credit Card offers many of those features and a few more (good) surprises. In this review, I’ll go over all the card’s details so you can determine if it’s a good fit for where you’re at — and where you want to go.

Now, secured cards don’t have any bells and whistles, perks, or many rewards to speak of. But in my experience, these cards aren’t about the extras. They’re about showing responsibility (which often means learning responsibility) and improving your credit scores. 

Capital One Platinum Secured Credit Card

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Capital One Platinum Secured Credit Card

4.0/5.0

About this rating

Our experts rate credit card offers based on factors like rewards, APRs, signup bonuses, fees, and approval rates, with a focus on benefits that provide the best value. We also consider cardholder needs such as credit-building potential, issuer reputation, and customer service. Our ratings are unbiased, updated regularly, and not influenced by issuers.

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Ashley Fricker Senior Editor

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★★★★★ 4.0/5.0

Our Review »

• No annual or hidden fees. See if you’re approved in seconds
• Building your credit? Using the Capital One Platinum Secured card responsibly could help
• Put down a refundable security deposit starting at $49 to get at least a $200 initial credit line
• You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
• Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
• Enjoy peace of mind with $0 Fraud Liability so that you won’t be responsible for unauthorized charges
• Monitor your credit score with CreditWise from Capital One. It’s free for everyone
• Get access to your account 24 hours a day, 7 days a week with online banking to access your account from your desktop or smartphone, with Capital One’s mobile app
• Top rated mobile app

Show MoreShow Less See application, terms and details »

Intro (Purchases) N/A

Intro (Transfers) N/A

Regular APR 28.99% (Variable)

Annual Fee $0

Credit Needed Limited, Bad

See Rates & Fees »

Another reason secured credit cards are great tools for building credit is that they make it hard to accumulate more debt. That’s because cardholders typically have to put down a deposit as collateral. 

But with the right issuer, I’ve seen people get extra benefits, like access to their credit report, automatic credit limit increases, and offers to upgrade to an unsecured card. 

A Tool to Help Control Spending

Because of my background, I’m often the go-to financial advisor to colleagues, friends, and family. And it’s a good thing that I really enjoy helping people!

When I work with anyone to fix their credit or get their finances back on track, I always start by finding what caused the issue. In most cases, it’s a combination of debt, out-of-control spending, and a lack of a budget. 

Secured Credit Cards	Unsecured Credit Cards
Refundable deposit required to open an account	No deposit or collateral required to open an account
Low risk to the issuer	High risk to the issuer
Low-fee cards available to most credit types	Low-fee cards require at least fair credit
Credit limit is based on the size of the deposit	Credit limit is based on your credit profile and income

I’d say those areas are great places for anyone to start if they want to improve financial stability. But if someone wants to level up with their eye on bigger financial decisions — like starting a business or buying a home — it helps to have a good credit score. 

That’s why I almost always recommend a secured credit card once we cover all the basics. Choosing the right one can mean the difference between struggling for years or recovering your credit score fairly quickly. 

Reporting to the Three Major Credit Bureaus

To me, the best secured credit cards report your activity to all three major credit bureaus and automatically review for credit limit increases once you’ve shown some responsibility. If the card has tools to track your credit progress and quickly correct mistakes, I consider that a big bonus. 

The Capital One Platinum Secured Credit Card has all of those bases covered, and it can help turn things around quickly (as I’ve seen).

In fact, that’s what one of my relatives found out when I recently stepped in to help them with credit recovery. This relative became ill, had to leave their job, and missed several payments on their home, leading to a foreclosure. Their credit score took a massive hit, and it lingered in the low 500s for years.

A Path to Better Financial Products

A few years after the foreclosure, I helped them apply for the Capital One Platinum Secured Credit Card. Once approved, they made small purchases on the card periodically and set up autopay so every payment was on time. 

What started as a credit limit of around $300 was automatically increased to $1,700 over 18 months. But most astounding was the 100+ point increase in their credit score.

Now with a much higher credit score, my relative has pre-approved offers for premium credit cards that offer perks like welcome bonuses, rewards, purchase protection, and extended warranties. 

In fact, I’m pretty confident that they’ll soon be back on track to buy a home with a reasonable interest rate once their credit, money management habits, and emergency savings have fully recovered.

For anyone reading this who can relate to that situation, I recommend coming to terms with your money management issues.

And while you’re making a plan for the future, you might want to consider the Capital One Platinum Secured Credit Card as a tool that can help you meet your goals.

This card gives you opportunities to graduate to a higher credit limit or even get pre-approved for unsecured Capital One cards. Credit limit increases can even come without additional deposits; the only catch is that you’ve got to show responsibility in managing your payments. 

As I mentioned, the Capital One Platinum Secured Credit Card reports to all three major credit reporting agencies — Experian, Equifax, and TransUnion — which significantly helps the credit restoration process.

Capital One will report all of your activity from the card, so as you make timely payments and keep your credit utilization at a reasonable level, your score should steadily improve. 

While this Capital One card doesn’t explicitly market balance transfers as a primary feature, they are available. For those with relatively low credit limits, balance transfers may not be a game changer, but could still offer some relief for smaller, higher-interest debts. 

It’s important to understand that Capital One, like most other issuers, charges a balance transfer fee. So it would be worthwhile to crunch the numbers to make sure that the interest savings minus the transfer fee actually result in savings.

But if the math isn’t mathing, as the kids say, it might be better to continue paying down any high-interest debt you have without requesting a balance transfer.

Customer Support Experience

Generally speaking, I’d say the Capital One customer support team is responsive and effective. And a test phone call to Capital One’s customer support line proved me right. 

My total wait time to speak with a representative was approximately four minutes, and the representative was professional and knowledgeable about the card’s offerings. Also, in my experience, they tend to be courteous and work hard to solve issues as quickly as they can.

In addition to providing customer support over the phone, Capital One also makes it easy to get help without calling in. You can use its Eno assistant to get answers by chatting through the mobile app or over text.

Eno can help with a variety of account-related questions, and you can even use it to set up alerts. Also, Eno is available 24/7, unlike phone support which is only available during certain hours.

Common reasons you might need to reach out to customer service include things like clarifications on deposit requirements, credit line increases, and questions related to account management through the mobile or online portals. To me, the overall experience reflects Capital One’s commitment to cardholders.

Account Management Tools

Capital One offers plenty of tools for credit card account management, including its mobile app, which is incredibly user-friendly. On the mobile app, I can get real-time spending alerts, set up flexible payment options, or change my monthly payment due date.

Plus, there’s CreditWise, a free credit monitoring tool that displays my current FICO credit score when I sign in. By clicking on the CreditWise widget, I can access a lot more information, such as personalized insights about my credit and even simulate how financial decisions can improve or harm my score. 

The simulator does a good job of showing what happens to your score if you make regular credit card payments, take out a mortgage, forget to pay a bill, or even declare bankruptcy. 

I also recommend paying close attention to any alerts CreditWise sends about potential security breaches or identity theft. It can only help if you pay attention!

Security and Fraud Protection

Two of my favorite things about the Capital One Platinum Secured Credit Card are its security and fraud protection features. Plus, they’re easy to use, intuitive, and relatively quick to access from the Capital One app or website. 

For example, if you notice a questionable transaction on the account, it’s easy to submit an inquiry directly through the app in just a couple of clicks. Capital One will investigate the transaction, and if it’s fraudulent, the cardholder is not on the hook for it.

Cardholders can also lock and unlock their cards instantly through the mobile app, which is useful should the card get lost or stolen. 

Another convenient and secure feature is access to virtual credit card numbers connected to your account. The technology behind VCCs is super complex, but using them is simple, and they could keep you out of trouble when shopping online.

Capital One generates VCCs to keep your real card number hidden in online transactions. So, if one ever gets stolen, you can deactivate it without having to get a new card. 

Capital One doesn’t publish a minimum credit score for approval, but secured credit card issuers typically approve applicants with fair or poor credit scores. Fair to poor credit is typically defined as a score between 300 and 669, which is a wide range of consumers. 

FICO Score Categories	Score Range
Poor	300-580
Fair	580-669
Good	670-739
Very Good	740-799
Exceptional	800-850

It’s not as much of a risk for issuers to approve people who have bad credit because a deposit is required anyway. Also, secured cards are designed for building or rebuilding credit, and the people who need that most usually don’t have the best credit scores.  

The relative I helped had a credit score in the mid-500s when their application was approved. Though applicants with lower scores may still qualify, Capital One could require a larger deposit.

Generally, a low credit score won’t disqualify you, but you won’t know if it’ll impact the deposit amount until Capital One does a hard credit check during the full application.

According to the Capital One website, a minimum deposit of $49, $99, or $200 can yield a credit limit of up to $200. And cardholders can deposit up to $1,000 for a $1,000 credit limit or any amount in between.

For those planning to use this card frequently or carry a higher balance, it may be a good idea to consider increasing the deposit amount. That will provide more flexibility to make purchases, and it can help with your utilization ratio. 

Credit utilization is a leading factor in credit scores, second only to payment history. For example, if you are carrying a $250 balance on a card with a $300 credit limit, your utilization ratio will be around 83%, which is far higher than the 30% that is recommended. 

However, if you’ve got a credit limit of $1,000 with a $200 balance, then you’ll only be at 20% utilization, provided you have no other credit accounts or balances. So if the goal is a better credit score, it’s definitely worth finding a way to keep utilization low, and that could include putting up a larger deposit for your Capital One Platinum Secured Credit Card.

It’s important to understand your spending patterns and how much you plan to use the card, so it can help your credit score instead of pulling it down.

As I mentioned earlier, cardholders can deposit up to $1,000 to get a credit limit of the same amount. And based on your credit profile, you could even get a higher limit than your deposit.  

With responsible card use, you may be considered for a credit line increase in as little as six months — though it could take longer. In some cases, a credit limit increase may even be automatic, meaning Capital One increases the limit without you even asking. 

I do want to stress that credit limit increases may not be automatic. In some cases, you may have to call the issuer to have them review your account. 

If you initiate the process, it could also involve a hard credit inquiry, so I’d suggest making sure you’ve got a sterling payment history on the card and a low balance before submitting a request. 

In addition to credit limit increases, you may be in line for an even bigger upgrade if you play your cards right (see what I did there?).

After a period of responsible use, Capital One may decide to refund your security deposit and allow you to keep the card and your credit limit. This turns your secured card into an unsecured card that you can continue using to build credit. And if your credit score has recovered enough, you can contact Capital One to see if you qualify for another one of its unsecured credit cards.

Keeping the Capital One Platinum Secured Credit Card is an option, but upgrading to a card like the Capital One Quicksilver Cash Rewards for Good Credit would allow you to earn cash back on purchases and access to more perks. Even if you decide to wait, it is a good option to have!

Applying for the Capital One Platinum Secured Credit Card is easy, but I recommend going through the pre-approval process first, as it only requires a soft credit check. A soft credit inquiry won’t ding your credit score like a hard inquiry for the full application.

Even though the odds of approval are much higher with a secured card, going through pre-approval can provide a little peace of mind. And if, for some reason, you get rejected during pre-approval, at least there’s no credit impact.

While the application is fast, it’s good to know what information you need to apply and how your answers impact approval odds. It’s kind of like having the answers to the test before taking it.

Below, I’ll detail each step, the information I entered, and why Capital One needs it. The good news is that it’s only eight steps, and you can get a decision within seconds of hitting submit.

Note: I did not actually apply for this card. I only went through the application process for informational purposes.

Step 1: Enter My Legal Name

Of course, the first piece of information I need is my full name, and I double-check that I  entered it exactly as it appears on my government ID. This information should match what’s on my credit profile because Capital One will use it when checking my credit report. 

If, for some reason, the information entered here doesn’t align with what the credit reporting agencies have on file, it doesn’t mean that the application will be rejected, but I may have to go through more steps to verify my identity. 

Step 2: My Citizenship Status

Capital One needs to know if the United States government recognizes me as a U.S. citizen, permanent resident, or as some other status.

Again, it’s extremely important to report this information accurately because credit card issuers may have restrictions on the financial products they can offer U.S. citizens versus permanent residents or even undocumented immigrants. 

If I’m not a U.S. citizen or I have some other status, it doesn’t mean that my application will be rejected. I just may have to provide additional information, like a Social Security number or an individual taxpayer identification number (ITIN), to move forward with the application.

Step 3: Provide My Physical Address

Here I’ll enter my physical address. I make sure that I enter my current mailing address and that this address is also on file with the credit reporting agencies.

Why? Because this information is used to further verify my identity, confirm my residency in the U.S., and make sure that I receive all of the account communications from Capital One if my application is approved.

Typically, a P.O. Box is not accepted as a primary address for application purposes. But if the application is approved, the issuer allows cardholders to specify a mailing address, which can be a P.O. box later on down the line.

Step 4: Enter My Communication Details

In addition to my physical address, Capital One will ask for additional contact information. Like my mailing address, this information will be used to communicate updates about my application and account status.

Step 5: Enter My Employment Status

In this step, I inform Capital One about my current employment status. There are several status options to choose from, including self-employed, student, and unemployed. Essentially, Capital One wants to know if I have enough income to cover any debt obligations I may take on with this credit card.

If I’m not employed or don’t make a lot of money from my job, I have a chance to explain my income sources. If I can prove a sufficient amount that satisfies Capital One’s requirements for my debt-to-income (DTI) ratio, I can still be approved.

Step 6: Provide My Income Information

This is where I can help Capital One understand more about my financial situation by giving them more details about my income. As I mentioned above, this will be used to assess my debt-to-income ratio and whether I’ll be able to make payments on this card if I’m approved.

If my income is higher than my monthly debt payments, it increases the likelihood of approval. On the flip side, a high debt-to-income ratio could result in more questions or even the outright rejection of my application. 

In this case, I must be truthful and accurate about my income and expenses, because knowingly giving false information is fraud. Plus, if I’m trying to get a secured credit card to improve my finances, the last thing I want to do is embellish my income, get approved, and possibly get myself into a worse debt situation.

Step 7: Describe My Bank Accounts and Plans for Cash Advances

Here, the lender wants to know what’s going on with my banking situation. Specifically, they want to know if I have a checking or savings account and whether I intend to use my Capital One Platinum Secured Credit Card for cash advances. 

Having established banking relationships could help my application, but it may not be a big deal if I don’t have them in place, because after all, this is a secured credit card, and Capital One understands that some people who apply for this card are likely just getting on (or back on) their feet financially.

Since this is a secured card, the likelihood of my using it for cash advances is low. It simply doesn’t make sense to put up a cash deposit, then turn around and pull out cash from the credit card because it will come with higher fees and interest rates that start immediately.  

Step 8: Enter My Social Security Number, Date of Birth, and Submit

Finally! I made it to the last step of the application, where I enter my Social Security number and date of birth. Again, these are crucial data points that not only verify my identity but can also prevent fraudulent applications from being submitted. 

After clicking continue, I verify all of my information and submit my application on the next page. Provided all of my information matches up with the credit bureaus and my qualifications satisfy Capital One’s requirements, I should get an approval within 60 seconds or less. 

However, in some cases, Capital One may need more information to fully evaluate an application. In this case, I should receive more information about the decision or request more information within 7 to 10 business days.

Simply put, this card is for people who want to establish or restore their credit profile and credit score. The Capital One Platinum Secured Credit Card is ideal for people who may not get approved for an unsecured credit card because of either limited credit history or financial challenges that have caused their credit score to drop.

If you’re someone just starting your financial journey or recovering from past credit hiccups, this card provides a path to a better credit score. Additionally, flexible options for the security deposit make it more accessible to those who truly need a card that will jumpstart their credit journey.

Who It’s NOT For

This card may not be the best fit for those who already have good credit because they can likely access unsecured credit cards with more favorable terms. It’s also not for those who want cash back, travel rewards, or a lot of perks. 

If you have a good or excellent credit score and prefer a card with perks or extensive benefits, other cards could be better suited for you.

For those who want to explore their options, plenty of other secured cards are out there. And while some of them may look appealing at first glance, dive into the details before you decide. 

Some secured cards don’t require a credit check and offer rewards. Others may have higher deposit limits. But if you’re looking to build credit and sustain financial momentum, understand how each card would work for you. 

Here are a couple of other secured cards to consider:

The secured Chime Visa® Credit Card

CardRates Expert Rating

The secured Chime Visa® Credit Card

4.5/5.0

About this rating

Our experts rate credit card offers based on factors like rewards, APRs, signup bonuses, fees, and approval rates, with a focus on benefits that provide the best value. We also consider cardholder needs such as credit-building potential, issuer reputation, and customer service. Our ratings are unbiased, updated regularly, and not influenced by issuers.

See Our Review»

Ashley Fricker Senior Editor

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★★★★★ 4.5/5.0

at Chime’ssecure website

Our Review »

• No minimum balance requirements*
• No credit check**
• 2% cash back on category of choice with direct deposit***
• The perks of credit building meet the best of banking****
• Chime Checking Account required to apply for the Chime Visa® Credit Card

• Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. The secured Chime Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A. pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank.
  *Money added to Chime CardTM will be held in a secured deposit account as collateral for your Chime Card, and you can spend up to this amount. You can use money deposited in your Secured Deposit Account to pay off your charges at the end of every month.
  **Out-of-network ATM withdrawal and over the counter advance fees may apply.
  ***With a qualifying direct deposit, earn 2% cash back on category of choice on eligible secured Chime Visa® Credit Card purchases.
  ****On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Results may vary.

Show MoreShow Less See application, terms and details »

Intro (Purchases) N/A

Intro (Transfers) N/A

Regular APR N/A

Annual Fee No annual fees

Credit Needed Poor/Fair/Limited/Damaged

With this card, you can earn cash back while building credit. While cash back is certainly enticing, it can also encourage some cardholders to spend more and chase rewards, and any rewards could quickly be negated if you carry a balance.

opensky® Secured Visa® Credit Card

CardRates Expert Rating

opensky® Secured Visa® Credit Card

4.0/5.0

About this rating

Our experts rate credit card offers based on factors like rewards, APRs, signup bonuses, fees, and approval rates, with a focus on benefits that provide the best value. We also consider cardholder needs such as credit-building potential, issuer reputation, and customer service. Our ratings are unbiased, updated regularly, and not influenced by issuers.

See Our Review»

Ashley Fricker Senior Editor

Close

★★★★★ 4.0/5.0

at Capital Bank N.A.’ssecure website

Our Review »

• Earn up to 10% cash back on everyday purchases
• No credit check required – 89% approval rate with zero credit risk to apply!
• Boost your credit score fast—2 out of 3 opensky® cardholders see an average increase of 47 points after 6 months
• Track your progress with free access to your FICO® score in our mobile app
• Build your credit history with reporting to all three major credit bureaus: Experian, Equifax, and TransUnion
• Seamless payments—add your card to Apple Pay, Google Pay, and Samsung Pay
• Start with just $200—secure your credit line with a refundable deposit
• Fast and easy application—apply in minutes with our mobile-first experience
• Flexible payment options—pick a due date that works for you
• More time to fund—spread your security deposit over 60 days with layaway
• Join 1.6 million+ cardholders who have used opensky® to build better credit!

Show MoreShow Less See application, terms and details »

Intro (Purchases) N/A

Intro (Transfers) N/A

Regular APR 23.89% (variable)

Annual Fee $35

Credit Needed No credit, Poor, Fair

See Rates & Fees »

This card requires no credit check and offers a low refundable deposit. The biggest drawback of this card is that it charges an annual fee of $35.

You also want to explore other features, perks, and benefits related to these cards. Make sure you also check out online reviews for customer service, and any fees that contribute to the cost of ownership.

Choosing the right card should align with your financial priorities and your ability to manage initial deposits, fees, monthly payments, and rewards. 

For starters, since this is a secured card, your approval odds are very high, even with a low credit score. This card also earns bonus points from me because you can kick off the application process with a soft credit check by going through the pre-approval process. 

Note, if you’re pre-approved and move on to the official application, that’ll trigger a hard credit inquiry, which may impact your credit score. Not to worry, though, these hard inquiries typically don’t drop your score too much or for a long time.

Another benefit (perhaps the biggest one) is the potential to improve your credit score as long as you make payments on time. Capital One reports payment information to the big three credit bureaus, which can keep your credit score rising. Plus, Capital One will often extend an automatic credit line increase as you make timely payments.

I’m also happy to report that you won’t be racking up charges just by owning this card or using it abroad, as it has no annual fee and no foreign transaction fees. 

There are a few drawbacks to this card, the most notable being its high APR. That’s because it is designed for people with lower credit scores, and the issuer has to protect itself from the risk that you’ll stop making payments. 

But I have a couple of thoughts on the APR:

1. If you pay your statement balance in full every month by the due date, you won’t pay any interest thanks to your grace period.
2. Even if you end up paying interest, that could be offset by the potential to improve your credit score. Ultimately, those positive marks on your credit report will likely help you get better terms, including lower interest rates, on future credit cards. 

So, if you have a plan, the APR could either be a non-factor or a necessary step on your path to better credit.

The other potential drawback is a lower initial credit limit, but that’s also within your control because you set it with your security deposit. So, if you pay a $500 deposit on your card, you’ll have a $500 credit limit.

But here’s where this card zigs while others zag. Capital One may give you a credit limit boost above your deposit if you use the card responsibly. For example, you could put up a $49 deposit, but get a $200 limit. There’s no guarantee, and results vary based on your personal credit profile and score, but that policy shows Capital One is trying to meet people where they are.  

Lastly, you won’t earn rewards like cash back or points with this card. There are no perks that cover lost baggage, travel cancellations, or extended warranties. But again, if you use the card responsibly for a while, you could qualify for a premium Capital One card that offers those extras. 

Learning how to manage a secured card can be great practice for how to approach an unsecured card later.

Not only would I recommend the Capital One Platinum Secured Credit Card, I have!

I think it is great for rebuilding or establishing credit. It encourages responsible financial habits by giving cardholders access to increased credit limits after a period of on-time payments. 

Yes, there are secured credit cards that offer rewards like cash back or higher credit limits, but one of the main draws of this card is simplicity. When people are trying to get back on their feet financially, sometimes less is more. 

In my opinion, the Capital One Platinum Secured Credit Card strikes a balance between convenience and a focus on credit building. And I’ve seen Capital One reward cardholders for their hard work with credit limit increases and offers to upgrade to an unsecured credit card. 

It’s a measured way to help people ease back into their credit journey, which, ultimately, benefits both cardholders and Capital One.