The Capital One Platinum Secured Credit Card is available to people with bad credit. That means people with credit scores below 640 have a shot at getting approved for the Capital One Platinum Secured Credit 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, Capital One Platinum Secured approval is never guaranteed. You can check your credit score for free on WalletHub.
Here’s how you can apply for the Capital One Platinum Secured:
Online: To apply online, click on the “Apply Now” button and fill in the form with your name, address, Social Security number, and birthdate, among other personal information. Then, click “Submit Application”. … read full answer
Over the phone: You can also apply for the Capital One Platinum Secured by phone at (800) 695-5500. When prompted, just say that you want to apply for the Capital One Platinum Secured and you will be connected to a representative.
At a branch: Another way to apply for the Capital One Platinum Secured is in a Capital One branch. Download the Capital One app or use the online locator tool to find the nearest one.
If you are approved, you will be given a customer number. You’ll need this number to pay the required security deposit, which you can do either online or over the phone at (800) 219-7931.
What you should know about the Capital One Platinum Secured security deposit:
All deposits must be at least $20 per transaction, in whole dollar increments, and funded through electronic funds transfers from a bank account.
You can make as many deposits as you need to get to the minimum deposit amount listed in your account terms – the minimum will be $49, $99 or $200, depending on your creditworthiness.
Make sure you've made the required deposit in full within 35 days of being approved, or your application will be denied.
Once Capital One has received your required deposit, your card will be on its way. The security deposit is refundable if you close your account and pay your balance in full.
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.
Key takeaways about the best Capital One cards for rebuilding credit:
Both the Capital One Quicksilver Secured and the Capital One Platinum Secured accept people with bad credit and report to all 3 major credit bureaus (Experian, Equifax, and TransUnion) on a monthly basis. That means either card will help you rebuild your credit if you use it responsibly.
The Capital One Quicksilver Secured requires a fully refundable security deposit of $200+ security deposit. Your security deposit serves as your credit limit, too. The deposit minimizes Capital One’s risk and makes the card easy to get.
The Capital One Platinum Secured requires a security deposit of either $49, $99 or $200, based on your credit standing, to open an account. All approved applicants get a $200 starting credit limit. You can deposit additional funds to raise the limit by the same amount. You just have to do it before you activate the card.
Ultimately, if you’re not a Capital One loyal customer, you can also check our editors’ latest picks for the best credit cards to rebuild credit on the market to weigh your options.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.