Is Capital One Platinum a secured credit card?

Your Capital One Secured Credit Card limit will be at least $200, depending on how much you deposit. You will be required to deposit $49, $99 or $200, based on your credit history and ability to pay. But any amount you deposit above what’s required will increase your minimum $200 limit by the same amount. For example, if you have to place a $200 deposit but put down $300 instead, your limit will be $300. And if you’re asked to put down $99 but give $199, your limit will also be $300. … read full answer

After you’re approved, you send in your deposit and that amount becomes your credit limit. You can also add as much as you’d like, up to $1,000 total, within the next 80 days. After that, you can’t simply add to your deposit and increase your credit limit at will. Capital One says they may increase your limit if you pay your bill on time for at least five straight months.

Here’s how the Capital One Secured Credit Card limit works:

• The minimum Capital One Secured credit limit is $200, no matter what your minimum security deposit is: $200, $99 or $49.
• You can increase your Capital One Secured Card’s limit by adding to your required security deposit within 80 days of opening your account. Anything you pay over the minimum increases your limit by the same amount, up to $1,000 total.
• If you make your first five monthly payments on time, Capital One may give you a higher credit limit. It’s not a guarantee, though.
• It’s not a credit limit increase, but you can get more out of your Capital One Secured Card by paying it off multiple times a month. This will free up your credit line for more spending.

Just remember that it’s not the best idea to use up all of your available credit. Ideally, you’ll want to shoot for less than 30% to make sure that there’s a positive impact on your credit score.

I woudn’t even try to apply for a capital one secure one card. They will take your deposit and use it against your credit with the idea if you build good credit with them that they will change it after some time to a unsecure account. Turns out that is a hoax...The card will remain secure for the life of the card no matter how well you do with your credit. I used the card for over a year now with no miss payments. Yes they raised my credit limit after 8 month from 200.00 to 500.00 with 1 of those hundreds being my deposit. When I called to graduate the card they told me they were not autherized to change it now there are any chances of graduating a secure to unsecure. that is just not possible as they mentioned i would have to apply for a new one. And they will not refund your money unless you canel the account. This is the kind of business Capital One does to people who are establishing credit. I will not apply with them for a new card simply for the fact that it will become a new account which is not good for the credit. So in my opinion if you are trying to establish credit ..and looking for secure card do yourself a favor and stay away from capital one. … read full answer