Capital One Platinum Secured Review: Great Choice for Bad Credit

Unlike with most cards that require a cash security deposit, applicants may be able to qualify for a credit limit larger than their deposit.
Sara RathnerOct 28, 2021

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Our Take


NerdWallet rating 

The bottom line:

Flexible security deposit requirements and a $0 annual fee make this an excellent option for people building or rebuilding credit.

Capital One Platinum Secured Credit Card

on Capital One's website

Annual fee


Regular APR

26.99% Variable APR

Intro APR


Recommended Credit Score

Quick Facts

Pros & Cons


  • No annual fee
  • Qualify with limited/bad credit
  • No foreign transaction fees
  • Report to three major credit bureaus


  • Requires minimum deposit
  • No rewards
  • High APR

Alternate Pick: No credit check

Capital Bank Open Sky Secured Credit Card
NerdWallet rating 

OpenSky® Secured Visa® Credit Card

No credit check, no bank account required

This card removes two major barriers for people with bad credit. It doesn't require a credit check, and you don't need a bank account. There's a $35 annual fee and a $200 minimum deposit, though.

Read our review

Compare to Other Cards

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Annual fee


Annual fee


Annual fee


Regular APR

26.99% Variable APR

Regular APR

22.99% Variable APR

Rates & Fees

Regular APR

17.39% Variable APR

Intro APR


Intro APR

10.99% intro APR on Balance Transfers for 6 months

Intro APR


Recommended Credit Score
Recommended Credit Score
Recommended Credit Score

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Full Review

Pulling together the money for a security deposit can be a major hurdle in getting a secured credit card, one of the best tools for building or rebuilding your credit. The Capital One Platinum Secured Credit Card makes deposits a little less daunting, and that's a big reason why it's one of NerdWallet's favorite secured cards.

With an annual fee of $0 and a handful of features of special interest to people working on improving their credit score, the Capital One Platinum Secured Credit Card is a solid option for building credit.

Capital One Platinum Secured Credit Card: Basics

Card type: Secured.

Annual fee: $0.

Interest rate: The ongoing APR is 26.99% Variable APR.

Deposit requirement: Get a $200 credit line with an initial deposit of $49, $99 or $200, for those who qualify. You can deposit more money before your account opens to increase your credit limit up to a maximum of $1,000.

Rewards: None.

Foreign transaction fees: None.

Why you might want the Capital One Platinum Secured Credit Card

Flexible security deposit

Like all secured credit cards, the Capital One Platinum Secured Credit Card requires a refundable security deposit. With most secured cards, your credit limit will be equal to your deposit, but the Capital One Platinum Secured Credit Card allows for a lower deposit for those who qualify. Your deposit may be $49, $99 or $200 for a starter credit line of $200. You can increase your limit up to $1,000 by making more than the minimum deposit before activating your account.

Best of all, if you can’t pay your security deposit upfront, Capital One will let you pay it in installments of at least $20, as long as you provide the full amount within 35 days of approval. This is a great benefit for those on a fixed income.

Access to a higher credit line

Make your monthly payments on time, and you could get access to a higher credit limit in as little as six months without having to deposit more money. A higher credit limit gives you increased flexibility, but more important, it can help your credit by reducing your credit utilization, a key factor in your credit score. The lower your utilization, the better. If you have a $200 credit limit and a balance of $60, your credit utilization is 30%, which is about as high as you want it to go. If your credit line gets bumped up to, say, $500, your utilization drops to 12%.

Freedom from fees

Credit cards for people with bad credit or no credit are notorious for high fees. That's one of the reasons NerdWallet recommends secured credit cards for building credit: You have to put down a security deposit, but you get that money back when you close the account in good standing or upgrade to a regular unsecured card. The best secured cards charge reasonable fees. The Capital One Platinum Secured Credit Card keeps things light with an annual fee of $0. Like all Capital One cards, it doesn't charge foreign transaction fees, so you can take it with you if you're traveling abroad. The card does charge a late fee of up to $40 if you don't pay your bill by the due date, but such fees are easily avoidable.

Upgrade potential

Capital One is one of the few major issuers offering credit cards for people in all credit score ranges. Its secured card is for people who are building credit. Its popular rewards cards, like the Capital One Venture Rewards Credit Card and the Capital One Quicksilver Cash Rewards Credit Card, are for people with good or excellent credit. But it also has excellent products for people in the middle, with fair or "average" credit. These include the Capital One Platinum Credit Card and the Capital One QuicksilverOne Cash Rewards Credit Card. As you use your card to establish a good payment history and build your credit, you may be able to upgrade your account.

Drawbacks and alternatives

High APR

Like most secured cards, the Capital One Platinum Secured Credit Card charges a high interest rate. The ongoing APR is 26.99% Variable APR. However, that doesn't have to affect you: Pay off your balance every month, on time and in full, and no interest will accrue. There's no introductory 0% APR period, but most credit cards for bad credit don’t offer one anyway, so you're not missing anything.

No rewards

Like most secured cards, the Capital One Platinum Secured Credit Card doesn't offer rewards.

There are a few secured cards that do offer rewards, though, like the  Discover it® Secured Credit Card. This card pays 2% cash back on up to $1,000 spent per quarter on dining and gas, and 1% back on all other purchases. It has an annual fee of $0. There's even a bonus for new cardholders: INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.

However, there's a minimum security deposit of $200 for the Discover it® Secured Credit Card, much higher than the Capital One Platinum Secured Credit Card's $49 or $99 options for those who qualify. Unlike the Capital One Platinum Secured Credit Card, the Discover it® Secured Credit Card provides a credit limit equal to your security deposit in all cases — and not a penny more.

To see more potential card options for building or rebuilding your credit, take a look at our best credit cards.

Bank account and credit check required

To qualify for the Capital One Platinum Secured Credit Card, you must have a checking or savings account and Capital One could check your credit and employment history. That can present a hardship for applicants without a bank account or a credit history.

The OpenSky® Secured Visa® Credit Card doesn't perform a credit check when you apply, and you can pay your security deposit via a money order or Western Union if you don’t have a bank account. There is a $35 annual fee, however.

The Green Dot Visa® Secured Credit Card doesn’t require a good credit or a bank account, either. You can make cash deposits at participating retailers, including 7-Eleven, CVS, Dollar General, Rite Aid, Walgreens and Walmart, for a fee. You can also mail in a check for free. This card also has an annual fee.

Consider your options

If you’re working to build your credit, the Capital One Platinum Secured Credit Card is one of the better choices available. Its flexible security deposit requirements, low fees and upgrade potential make it a solid starter card.

No matter which card you choose, using a secured credit card responsibly can help you build your credit score. Keep it up, and you should be able to graduate to a card with lower fees and interest, greater rewards — and no security deposit at all.

Frequently asked questions