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.
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.
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