The best Capital One Platinum Secured credit card benefits are account alerts and $0 fraud liability. These perks are certainly good to have, though it’s important to note that they are also relatively common benefits for credit cards.
Capital One Platinum Secured Credit Card Benefits
$0 fraud liability
Virtual card numbers
While these benefits aren’t bad, the Capital One Platinum Secured credit card simply doesn’t have as many benefits as a lot of the other credit cards on the market. To learn more about the Capital One Platinum Secured credit card, check out WalletHub’s full review.
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
Here’s how you can increase your credit limit:
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.
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.
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. You may also close the Capital One Platinum Secured card account and apply for an unsecured card on your own.
There are two ways to increase your Capital One Platinum Secured credit limit: Depositing more money than required and consistently paying your monthly bill on time. The first option is available prior to account opening and the second after your account has been open for at least six months. I’ll walk you through both below.… read full answer
Increase Capital One Platinum Secured Credit Limit Options:
Over-deposit before getting your card
If you get approved, Capital One will require you to place a security deposit of $49, $99 or $200 to actually open your account. The deposit amount you’re assigned depends on your overall credit standing, but everyone starts with a $200 credit limit – unless you deposit more than is required, that is. Any amount you deposit above what’s required will boost your spending limit by the same amount. For example, if you’re required to place a $49 deposit and you put down $149, your credit limit will be $300 instead of $200.
Pay on time for 6+ months
After account opening, the only way to get a Capital One Platinum Secured credit limit increase is to pay on time for 6 months. If you do, Capital One will likely raise your credit limit during the 7th month. By how much, though, is completely up to them. If you pay on time but other aspects of your credit get worse, you might not get an increase.
It’s also possible that Capital One will eventually return your deposit and transition you to an unsecured credit card with a higher credit limit. But that depends on how financially responsible you are.
Different secured cards have different rules regarding security deposits and spending limit increases. You can usually increase your limit by depositing more money, often at any time. But you generally can’t just call and ask for more spending power without giving the credit card company something in return.
The only absolute chance you have to get yourself more credit is at the very start when you send in extra money on top of your deposit. Otherwise, you’ll have to speak with your actions by paying on time until Capital One raises the limit themselves.
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.
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