With responsible card use, you could earn back your deposit and upgrade to a standard, unsecured Platinum card. 1
No foreign transaction fees. No replacement card fees. No authorized user fees. Just the card you need with no unwanted surprises.
Be automatically considered for a higher credit line in as little as 6 months.
We report to the three major credit bureaus. A history of responsible use could help you build credit. 2
A secured credit card is a type of credit card that offers you an opportunity to build or rebuild your credit with responsible use. This card type requires a refundable security deposit that’s held as collateral while the account remains open, similar to the security deposit given to a landlord to rent an apartment. No interest is applied to the security deposit.
Once you’re approved, all it takes to get started is a minimum required security deposit, which you can pay all at once or with installments over the next 35 days. You can make your security deposit online or over the phone. When you’ve made your minimum required security deposit, your account will be opened. There are two ways your security deposit can be refunded. First, you can earn back your deposit if your card issuer upgrades you to an unsecured card after you’ve demonstrated your ability to use your secured card responsibly. Second, we will refund it when you close your account and pay your balance in full. Your card status will be regularly reported to the three major credit bureaus.
Unlike a prepaid card, a secured card is an actual credit card that reports to the three major credit bureaus—providing the opportunity to build your credit, with responsible use. Prepaid cards are more like debit cards and cannot help you build your credit because they do not report to the major credit bureaus.
No. Your Capital One Platinum Secured Credit Card will not have the word “secured” on it. It will look just like other Capital One credit cards.
Yes. While Capital One Secured cards don’t require a credit score to apply, you must meet certain conditions for your income and existing debt in order to qualify for a Platinum Secured Credit Card. If you don’t meet these conditions, your application may be declined.
Your security deposit will be returned and your account unsecured. All other card terms and features will remain the same.
Many factors are used by credit bureaus to calculate your score. Impact on your credit score will vary.
Some cardholder benefits are only available to the primary cardholder and not authorized users.
Based on Capital One Secured Card holders who are actively enrolled in CreditWise, had a starting VantageScore® of less than 600, used their secured card and made on-time payments for the first consecutive six months after account opening (data gathered from July - November 2022). CreditWise scores are calculated based on the TransUnion® VantageScore® 3.0 model, which is one of many credit scoring models and may not be the same model your lender uses. Results may vary.