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.
The Capital One Platinum Secured credit card credit limit is $200. Everyone who gets approved for Capital One Platinum Secured is guaranteed a credit limit of at least $200. The minimum security deposit required to open a Capital One Platinum Secured account is $49, $99 or $200, depending on your credit standing when you apply.
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. In some cases, they'll also … read full answergraduate your secured card to an unsecured card if you've used it responsibly. This could get you a higher credit limit, too.
Yes, you can convert the Capital One Platinum Secured to unsecured. Capital One will periodically review your account for possible graduation. If your account is eligible, you will be notified by email. You can maximize your chances of converting your Capital One Platinum Secured to unsecured by using your credit card responsibly.
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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