What are the best Capital One Platinum Secured credit card benefits?

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.

There are two ways to increase your Capital One secured card's credit limit: deposit more money than required when you open the account or pay your bill on time and hope you get an automatic credit limit increase. If you make on-time payments for the first six months, you will be considered for a higher credit limit on your Capital One secured card.… read full answer

Ways to Increase Your Capital One Secured Card Limit

• 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 secured card credit limit increase is to pay on time for 6 months. If you do, Capital One will likely raise your credit limit during the 7^th 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.

Final Take

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 limit is $200, at a minimum. The minimum security deposit required to open a Capital One Platinum Secured Credit Card account is $49, $99 or $200, depending on your creditworthiness.

Keep in mind that 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. If you’ve used it responsibly, they may also … read full answergraduate your Capital One Platinum Secured to an unsecured card. This could get you a higher credit limit, too.