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

Paddy Sullivan, WalletHub Credit Card Advisor

@PaddySully • 12/01/22 This answer was first published on 12/01/22. 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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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 add a security deposit, which acts as a credit limit. This deposit is refundable when the cardholder closes the card. While the card is active the deposit serves as a guarantee that 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.

Alternative Credit Card Option

Capital One does have a similar secured credit card, though. While Capital One Platinum is best suited for people with limited credit history or fair credit, the Capital One Platinum Secured Credit Card is the ideal choice for people with bad credit. And since it requires collateral, it’s easy to qualify for this card.

In addition, it is worth noting that Capital One Platinum Secured is partially-secured credit card. This means that even though the minimum deposit can be $49, $99 or $200 (based on creditworthiness), every cardholder is guaranteed at least a $200 starting limit.

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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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What is the Capital One Platinum Secured credit limit?

The Capital One Platinum Secured credit limit is $200, at a minimum. The minimum security deposit required to open a Capital One Platinum Secured Credit Card account is $49, $99 or $200, depending on your creditworthiness.

Keep in mind that the Capital One Platinum Secured card credit limit that you start with isn't necessarily your credit line forever. Capital One will usually allow you to increase your security deposit for a higher credit line. If you’ve used it responsibly, they may also … read full answer graduate your Capital One Platinum Secured to an unsecured card. This could get you a higher credit limit, too.

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Does the Capital One Platinum Secured card graduate to unsecured?

Yes, the Capital One Platinum Secured card can graduate to unsecured. Capital One will periodically review your account for possible graduation. If your account is eligible, you will be notified by email.

How to increase your chances of graduating with the Capital One Platinum Secured Card:

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 … read full answer 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 credit 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.

It’s worth noting that graduating to an unsecured credit card is not considered a new account. That means no hard pull is required and your credit score will not be affected. Plus, you’ll get to keep the good credit history you’ve earned with your Capital One Platinum Secured.

In addition, when your Capital One Platinum Secured graduates to an unsecured card, your credit limit no longer needs to be secured with collateral. So, when you graduate, the security deposit you made to open the Capital One Platinum Secured card will be refunded.

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What's the difference between Capital One Platinum and Capital One Platinum Secured?

The main difference between the Capital One Platinum and the Capital One Platinum Secured cards is their need for a security deposit. Capital One Platinum is an unsecured credit card, so you won't have to provide collateral. The Capital One Platinum Secured card, on the other hand, requires you to fund a security deposit in exchange for your credit line. It's important to mention that Capital One Platinum Secured is special in the sense that it's partially secured, so your credit limit can be higher that your security deposit. Capital One Platinum Secured provides a minimum credit limit of $200 in exchange for a refundable security deposit of $49, $99 or $200 (based on the specifics of your credit).… read full answer

Aside from being unsecured, Capital One Platinum is geared towards people with limited credit (less than 3 years of credit history). The Capital One Platinum Secured card provides the same credit building benefits, but in addition to that, it accepts applicants with bad credit.

Both Capital One Platinum and Capital One Platinum Secured are excellent choices for building credit, due to their lenient approval requirements and $0 annual fees. Plus, they both report to all three major credit card bureaus. So as long as you pay your bills on time and preferably in full, while maintaining a low credit utilization, you have the chance of building credit history and improving your credit score enough to set your sights on some the best rewards credit cards in the future.

Feel free to also use WalletHub’s free comparison tool to check out differences between other credit cards.

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