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.
You can apply for the Capital One Secured card online, by phone at 1-800-695-5500, or in a Capital One branch. The easiest way to apply is online: Simply fill in the form with your name, address, Social Security number, birthdate, and other personal information as requested, then click “Submit Application.” If you are approved, you will be given a customer number. Keep it, because you’ll need it to pay the required security deposit online or over the phone.… read full answer
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. You can make your required deposit here.
Make sure you've made your full, required deposit 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.… read full answer
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 graduate 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.
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