Mark Towers, WalletHub Credit Card Analyst
@MarkTowers
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).
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.
Capital One Platinum Credit Card
People also ask
Is Capital One Platinum a secured credit card?
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,...
read full answerWhat credit score do you need for the Capital One Platinum card?
The credit score that you need for the Capital One Platinum Credit Card is at least 640. The Capital One Platinum Credit Card is also available to people with limited credit history, which means you may be able to get approved even without a credit score.
Other Capital One Platinum Approval Requirements
You should note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for the Capital One Platinum Card, too....
read full answerWhat credit score do you need for the Capital One Platinum Secured card?
The Capital One Platinum Secured card is available to people with bad credit. That means people with credit scores below 640 have a shot at getting approved for this card.
Secured cards are easier to get than unsecured cards because they require a deposit to open the account, which Capital One will use as collateral to secure the account. The amount of your deposit will be your credit limit, in most cases. That said, though approval is likely,...
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