Capital One Platinum Secured Credit Card [2022]: Secure Your Credit Future

The Capital One Platinum Secured Credit Card could help you improve your credit score, while giving you the buying power of a regular credit card.
Last updated Sept. 18, 2022 | By Brett Holzhauer

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Building credit can seem like a daunting task, but specific credit cards are designed to get you on track. The Capital One Platinum Secured Credit Card is a secured credit card designed for consumers with less-than-perfect credit or a limited credit history. Even better, using the Capital One Platinum Secured card responsibly could help you build your credit and get you back to a stable credit score.

In this Capital One Platinum Secured Credit Card review, I’ll talk about how the card works and the benefits that come with it.

Pick Your Own Due Date & Rebuild Your Credit

Intro Offer

Find out if you're pre-approved with no risk to your credit score

Annual Fee


Benefits and Drawbacks


  • $200 initial credit line after making minimum security deposit
  • Consideration for higher credit line as soon as 6 months after account opening
  • No annual fee
  • Pick your monthly due date


  • No rewards program
  • Maximum credit limit is relatively low
Card Details
  • Find out if you're pre-approved with no risk to your credit score

In this Capital One Platinum Secured Credit Card review

Who should get the Capital One Platinum Secured Credit Card?

The Capital One Platinum Secured is a great card to start with if you need to rebuild your credit profile after some missteps. A secured credit card is a credit card that’s “secured” through an upfront deposit by the credit cardholder. This means the bank feels safe in allowing you to make purchases with your credit line because it’s holding an amount of your money as a guarantee. If you don’t pay a bill, it already has that deposit to repay the debt you owe.

Secured credit cards are great for people who want the spending flexibility of a credit card, but who also need to raise their credit score. Once you’re approved for this credit-building card, you’ll only need to provide up to a $200 deposit in order to start using it. If you then practice responsible spending and pay your statements on time, you could be on the road to better credit in no time.

Also, if you need protections, such as auto rental collision damage waiver, travel accident insurance, and extended warranty, the Capital One Platinum Secured has all of these features included at no additional cost.

Card basics

Card type Secured
Credit card issuer Capital One
Card network Mastercard
Annual fee $0
Early spend bonus N/A
Recommended credit score Bad, Poor
Foreign transaction fee None

Capital One Platinum Secured benefits and perks

  • Access to a higher credit line: You will be considered for an increased credit limit with no additional deposit required in as few as six months after account opening.
  • No annual fee: The Capital One Platinum Secured has a $0 annual fee.
  • No foreign transaction fees: Some credit cards incur foreign transaction fees when you use them overseas. However, the Capital One Platinum Secured has none of these charges. So if you're traveling outside of the United States, you can spend without fear of extra charges.
  • Personalized payments: This credit card offers the option to pick your own monthly payment due date, and you can pay your statements by check, in a branch, online, or through the Capital One mobile app.
  • Travel coverages: If you’re interested in traveling, you can do so with peace of mind knowing Capital One offers certain travel coverages. With the Capital One Platinum Secured, cardmembers get travel accident insurance, auto rental collision damage waiver (secondary coverage), and 24-hour travel assistance services.
  • Credit report alerts: You get credit report alerts with Creditwise when your Experian or Transunion report changes.
  • Fraud liability: If your card is lost or stolen, you're protected by $0 fraud liability. 

Drawbacks of this card

  • No rewards program: Like many secured credit cards, the Capital One Platinum Secured does not earn points or cash rewards. Those looking for a rewards credit card might want to consider another option. 
  • High APR: The average credit card interest rate for 2020 was around 14.52%. Comparatively, this card's regular variable APR is higher than that. Paying off your balance in full each month can help you avoid high interest charges.
  • Security deposit required: The Capital One Platinum Secured requires a refundable security deposit, which is common with other secured credit cards, too. Cardmembers will be required to deposit either $49, $99, or $200.

Capital One Platinum Secured Credit Card FAQs 

How does the Capital One Platinum Secured work?

The Capital One Platinum Secured is a secured credit card with a minimum security deposit of $49. When a card is “secured,” it means the bank takes an initial deposit from the cardholder to hold as collateral against your credit line. If you don’t pay your bill, the lender just uses your deposit and, therefore, eliminates the financial risk of loaning you money. 

This deposit is kept by the bank until the card is canceled or upgraded to an unsecured credit card. Once either of those happen, your deposit will be returned.

What is the credit limit on the Capital One Platinum Secured?

The initial credit line will be based on the required security deposit and will be a minimum of $200. You can also deposit more money to increase your credit line. However, you’ll also automatically be considered for a higher credit limit in as few as six months after opening this card.

Can you get a credit increase on the Capital One Platinum Secured?

After six months, you will automatically be considered for a credit line increase. Capital One will likely review your creditworthiness and other factors to determine your eligibility. You can also add to your credit limit by increasing your deposit for the card within 35 days of being approved and before you activate the card. You can increase your available credit up to $1,000.

How long does it take for the Capital One Secured credit card to become unsecured?

It’s reported that this can take anywhere from eight months to two years but will depend on each cardholder’s situation. Once your credit score has reached at least 670 (which is considered a good credit score), you may want to have a conversation with Capital One about converting your card to an unsecured version.

How do I get my deposit back from the Capital One Platinum Secured?

You can get your deposit back if you close your card account and pay your balance in full. If your account is eligible for an upgrade to an unsecured credit card, your deposit will be returned to you as a statement credit.

Does the Capital One Platinum Secured raise your credit score?

Responsible use of any credit card, including the Capital One Platinum Secured, could help you raise your credit score. Plus, this particular card reports your payment history to the three major credit bureaus, Equifax, Experian, and Transunion. So if you have bad credit and make on-time payments in full each month, your FICO credit score could increase over time.

Other cards to consider

If the Capital One Platinum Secured Credit Card doesn't seem like the best credit card for you, there are a few other options to consider.

The OpenSky® Secured Visa® Credit Card may be a great option for someone who has less-than-perfect credit or needs a credit card after declaring bankruptcy. With this card, you have the ability to choose your own credit limit — from $200 to $3,000. However, it does come with an annual fee of $35.

Read our OpenSky Secured Visa review

The $0-annual-fee Citi® Secured Mastercard® could also be worth considering if your building credit is your goal. It offers flexible payment dates and free access to your FICO credit score. You'll also get other perks like identity theft protection and $0 fraud liability if your card is lost or stolen. 

Read our Citi Secured Mastercard review.

Pick Your Own Due Date & Rebuild Your Credit

See how these cards compare:

OpenSky® Secured Visa® Credit Card
OpenSky® Secured Visa® Credit Card
  • Credit limit defined by your refundable deposit
  • Choose your limit between $200 and $3,000
  • No credit check when applying
Citi® Secured Mastercard®
Citi® Secured Mastercard®
  • Flexible payment dates
  • Helps build credit
  • No annual fee

Author Details

Brett Holzhauer Brett Holzhauer is a graduate of the Walter Cronkite School of Journalism at Arizona State University. He writes about using points & miles for travel, travel industry news, utilizing credit cards as financial leverage, and investing for the future. He has been featured in publications such as The Points Guy, Million Mile Secrets, The Money Manual, Recruiter, Travel Pulse, and Bald Thoughts. He is a full-time digital nomad with his wife, Kiersten.