Is Capital One Platinum a secured credit card? This question is about the Capital One Platinum Credit Card

Is Capital One Platinum a secured credit card?

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This question is about the Capital One Platinum Credit Card

Carrey Mule, Member

@carreymule • 05/07/21 This answer was first published on 04/09/20 and it was last updated on 05/07/21.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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No, Capital One Platinum is not a secured credit card. That means customers do not have to put down any collateral to receive the card. Secured credit cards require cardholders to deposit money in a bank account managed by the issuer of the card. This deposit is refundable when the cardholder closes the card. While the card is active it serves as a guarantee the issuer will get paid back for debts on the card. Since Capital One Platinum is unsecured, there’s no need to worry about this.

Capital One does have a secured credit card, though. While Capital One Platinum is best suited for people with no credit history or fair credit, the Capital One Platinum Secured Credit Card is the ideal choice for people with bad credit. Since it requires collateral, it’s easy to qualify for. In addition, Capital One Platinum Secured is unique in that even though the minimum deposit can be $49, $99 or $200, depending on your creditworthiness, every cardholder is guaranteed at least a $200 starting limit.

Topaz, Member

@topazw • 02/05/22 This answer was first published on 02/05/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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They have platinum for secured and unsecured cards.

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Here’s how to increase your chances of converting your Capital One Platinum Secured to unsecured:… read full answer

Make on-time payments. This is probably the most important part of the process. If you don’t pay your Capital One Platinum Secured bills by the due date, you won’t even be considered for graduation.

Use your card responsibly. Maintaining low credit utilization will indicate to Capital One that you can handle an unsecured card. So, aim to use only 30% or less of your Capital One Platinum Secured’s limit.

Improve your other finances. Adding to your income and paying down debt will improve your creditworthiness as a whole, making you a better candidate for an unsecured card.

When your Capital One Platinum Secured graduates to unsecured, your credit line no longer needs to be secured with collateral. So, when you graduate, the initial deposit you made to open the secured card will be refunded. And you’ll also keep the good credit history you’ve earned with your Capital One Platinum Secured.

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