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.
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