Capital One Platinum Secured Credit Card Review (2024)

FAQs

Is it hard to get approved for Capital One secured card? ›

You can qualify for the Capital One Platinum Secured Credit Card with very limited or bad credit, including scores below 630. However, approval is not guaranteed. Even with secured cards, issuers will look at your income, debts and other factors.

A main draw of this card is that you can see approval with a fair to good credit score of 580 to 739. What's more is that the Capital One Platinum Credit Card offers potential customers preapproval without a hard inquiry on your credit report.

Getting approved for the Capital One Platinum Secured may be instant, but certain applications require further review, which can take 7 to 10 business days. So, at the very longest, it can take up to 5 weeks from applying to get your Capital One Platinum Secured card in the mail.

Both Capital One Platinum and Capital One Platinum Secured are excellent choices for building credit, due to their lenient approval requirements and $0 annual fees. Plus, they both report to all three major credit card bureaus.

With deposits starting as low as $49 (for the Capital One Platinum Secured Credit Card), they are meant to be accessible. However, that doesn't mean that it's guaranteed you'll be approved for a secured card. A card issuer can still deny your application if you don't meet the underwriting requirements.

People with bad credit may generally find it easier to get approved for a secured card. A secured card like the Capital One Platinum Secured credit card can be a great option for people who are establishing or rebuilding their credit.

Capital One Venture X Rewards Credit Card

A rating of 5 is the best a card can receive. Why it's one of the hardest credit cards to get: The Capital One Venture X Rewards Credit Card is hard to get because it requires excellent credit for approval and charges an annual fee of $395. You get a lot in return, though.

The credit score that you need for the Capital One Platinum Credit Card is at least 640, which is usually considered fair credit. The Capital One Platinum Credit Card is also available to people with limited credit history, which means you may be able to get approved even without a credit score.

The Capital One Platinum Credit Card is a solid choice for people looking to build credit. You won't earn rewards or have access to many perks, but it will help you learn to manage your credit effectively. But, beyond helping you to build your credit, this card doesn't have much to offer.

With responsible card use, like making payments on time, you could earn back your deposit and upgrade to an unsecured Platinum card ¹ .

What credit card has $5000 limit with bad credit? ›

The U.S. Bank Altitude Go Visa Secured Card is the best option if you have limited/poor credit and are looking for a high credit limit. You can deposit anywhere from $300 to $5,000, making your maximum credit limit available $5,000.

To open a Capital One Platinum Secured Credit Card, you'll need to make a refundable minimum security deposit of $49, $99 or $200 online or by phone. You can pay your security deposit in a single payment or in installments (over a 35-day period), but your account won't officially open until the minimum is met.

If you can get approved for both, the Capital One Quicksilver card is better than the Platinum card. The Quicksilver card will give you a welcome bonus, 0% APR for the first 15 months and 1.5% cash back. The Platinum card offers no rewards or bonuses, but it also comes with no annual fee.

Your monthly income needs to be at least $425 more than your monthly rent or mortgage payment to get the Capital One Platinum Secured Credit Card, according to Capital One. The higher your income is above the minimum, the more likely you are to be approved.

The Capital One Platinum Card does not have a specific minimum credit score requirement, but the card was built for building credit, so applicants with limited credit history or a fair credit score can get approved.

Chip Lupo, Credit Card Writer

The Capital One Platinum Secured card credit limit $200. This minimum credit limit can be higher than the refundable security deposit required to open a Capital One Platinum Secured Credit Card, which is either $49, $99 or $200, depending on your credit standing.

Reasons why you might get denied for a secured credit card

Currently being unemployed or having insufficient income history from a new job that has only started in the last few weeks. A series of missed payments or defaults on previous credit cards and a bankruptcy filed in the past few months.

You need a credit score of 700 or higher (good to excellent credit) to get the best Capital One credit card offers. Other options are also available for people with lower scores, as it is possible to get approved for Capital One credit card with limited credit history or a bad credit score.

A credit card issuer has to make sure you have enough income to make the required payments for your card. If you don't have enough income to make the minimum payments, you might not be approved.