No, Capital One Platinum Secured does not have travel insurance. While Capital One Platinum Secured does have benefits such as emergency card replacement and virtual card numbers, travel insurance is not among the card's perks. This is because the Capital One Platinum Secured Card is made for people who are working on their credit score.
The Capital One Platinum Secured Card does not offer rental car insurance. But there are other Capital One cards that do have this benefit, which covers damage or theft of the vehicle, damage or theft of personal items, loss of use and towing charges. Cardholders are covered up to the actual cash value of the vehicle or $50,000, depending on the card.… read full answer
To get coverage, a cardholder must pay for the rental entirely with an eligible Capital One credit card or rewards. Examples of eligible cards include the Capital One Venture and Capital One SavorOne.
If you'd like a credit card with rental car insurance, there are plenty of options outside of Capital One, too.
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.
Yes, you can convert the Capital One Platinum Secured to unsecured. Capital One will periodically review your account for possible graduation. If your account is eligible, you will be notified by email. You can maximize your chances of converting your Capital One Platinum Secured to unsecured by using your credit card responsibly.… read full answer
Here’s how to increase your chances of converting your Capital One Platinum Secured to unsecured:
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 due 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 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.
When your Capital One Platinum Secured graduates to unsecured, your credit line no longer needs to be secured with collateral. So, when you graduate, the initial deposit you made to open the secured card will be refunded. And you’ll also keep the good credit history you’ve earned with your Capital One Platinum Secured.
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