Keep in mind that a secured card upgrade – or “graduation” – to an unsecured card is never guaranteed. To see if your Capital One Platinum Secured card qualifies for an upgrade, call customer service at the phone number you see on the back of your card.
Capital One Platinum Secured Card Upgrade Info
Capital One does not state a specific amount of time the card account must be open before it’s eligible for an upgrade. But it’s a good idea to wait at least 6 months before requesting an upgrade.
A history of on-time payments and low credit utilization increases your chances of getting an upgrade to an unsecured card.
If you upgrade to a Capital One card with an annual fee, the charge will appear on the new card’s first monthly statement.
When you upgrade to an unsecured credit card, your security deposit will be refunded.
You will not be eligible for any initial bonuses or introductory 0% APR offers associated with the new card, unless they’re included as part of the upgrade offer.
A Capital One Platinum Secured card upgrade typically takes just a few minutes.
Yes, the Capital One Platinum Secured card can graduate to unsecured. Capital One will periodically review your account for possible graduation. If your account is eligible, you will be notified by email.
How to increase your chances of graduating with the Capital One Platinum Secured Card:
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 … read full answerdue 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 credit 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.
It’s worth noting that graduating to an unsecured credit card is not considered a new account. That means no hard pull is required and your credit score will not be affected. Plus, you’ll get to keep the good credit history you’ve earned with your Capital One Platinum Secured.
In addition, when your Capital One Platinum Secured graduates to an unsecured card, your credit limit no longer needs to be secured with collateral. So, when you graduate, the security deposit you made to open the Capital One Platinum Secured card will be refunded.
The Capital One Platinum Secured credit card works like a regular credit card, except that the customer must put down a security deposit to open the account. The minimum deposit amounts are $49, $99 or $200, based on your credit.
Typically, the amount of a secured credit card’s security deposit determines its credit limit. However, the two amounts don’t always match with the Capital One Platinum Secured card. Regardless the security deposit amount, you’re guaranteed at least a $200 credit limit. Not everyone is approved for one of the card’s lower security deposits, though.… read full answer
What you should know about the Capital One Platinum Secured:
After you pay the security deposit in full, you can use the Capital One Platinum Secured card for purchases, just like a regular credit card.
You won’t earn rewards on your purchases, as this card’s primary purpose is to help you establish or rebuild credit. Capital One Platinum Secured reports to the major credit bureaus every month.
Capital One may also increase your credit limit with no increases to the security deposit. You become eligible after making your first six payments on time.
Once you’ve built a solid credit profile with the Capital One Platinum Secured credit card, the issuer may graduate the card to an unsecured account. You will receive your deposit refund as a statement credit which will be applied to the unsecured account balance.
It is worth noting that you may also close the Capital One Platinum Secured card account and apply for an unsecured card on your own once you’ve built a solid credit profile.
The main Capital One Platinum Secured requirements are that an applicant must be at least 18 years old with a valid Social Security number or Individual Taxpayer Identification number. Applicants must also agree to put down a security deposit of at least $49, $99 or $200 (depending on the specifics of their credit) before they can open the account. There’s no minimum credit score requirement, as the Capital One Platinum Secured card is designed for people with bad credit and beginners with little or no borrowing history.… read full answer
Capital One Platinum Secured Card Requirements
At least 18 years old
Physical U.S. address (no P.O. boxes)
Proof of income to make the monthly minimum payment
Checking or savings account
Social Security number or ITIN
$49, $99 or $200 security deposit (based on the specifics of your credit), at a minimum.
While the Capital One Platinum Secured card has no minimum credit score requirement, Capital One may reject your application if there are serious negative entries on your credit report, such as a pending bankruptcy. Being past due or over the credit line on an existing Capital One card also makes you ineligible. The same is true if you’ve had a Capital One account charged off within the past year. And you cannot apply for a Capital One credit card 3 or more times in the last 45 days.
In addition, if you apply for the Capital One Platinum Secured card, it’s vital that you enter all required information completely and accurately. Knowingly reporting false or misleading information on a credit card application is a federal crime.
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