For people looking to rebuild their credit with credit cards, there are a variety of options, many of which are very expensive. The Capital One Platinum Secured Credit Card offers a no-cost option, thanks to its no-annual-fee feature. Other benefits of this card make it a good choice for consumers.
- There are no annual fees or hidden fees. See if you’re approved in seconds
- Building your credit? Responsible use of the Capital One Platinum Secured card may help
- Pay a refundable security deposit starting at $49 for an initial $200 credit
- If you use your card responsibly, such as making payments on time, you can earn back your security deposit as a statement credit
- Automatically considered for a higher line of credit in as little as 6 months with no additional deposit required
- Enjoy the peace of mind of $0 fraud liability so you’re never held liable for unauthorized charges
- Monitor your credit score with CreditWise from Capital One. free for all
- Access your accounts 24 hours a day, 7 days a week via Internet Banking and Capital One’s mobile app from your desktop or smartphone
Benefits of the card
With the Capital One Platinum Secured Credit Card, you don’t have to worry about spending getting out of control because you’ll get as much credit as you put into your account. You can deposit as little as $49 as a margin deposit with Capital One. You can even put more money into your account for a higher credit limit.
This deposit is essentially a guarantee of your credit, so it is fully refundable at any time if you decide to cancel your card. Since Capital One gives you the ability to increase your credit limit based on the amount of security deposit you put on the card, you control the credit limit available and how much you spend.
Capital One also offers cardholders a variety of online tools they can use to track how their credit score is improving. That’s because every cardholder of the Capital One Platinum Secured Credit Card receives a free membership to CreditWise. CreditWise allows cardholders unlimited access to their credit score and notifications of any changes made to your credit report.
Higher Credit limit
The longer a cardholder holds a Capital One Platinum Secured Credit Card, the more credit they can claim. Keep your Capital One Platinum Secured Credit Card, pay on time, and Capital One will increase your credit limit as thanks.
Credit cards have no annual fee. Cardholders can keep their cards and don’t have to worry about paying annual fees to maintain their accounts.
Required Credit Rating
The Capital One Platinum Secured Credit Card is for people with poor credit ratings. If your credit score is below 600, you may still be eligible for a credit card.
Is This the Card for You?
The Capital One Platinum Secured Credit Card is a great opportunity to get your credit back on track. It’s a Mastercard that’s accepted at millions of locations around the world. It has no annual fee, making it one of the safest credit cards to help rebuild credit.