Full overview of Capital One Platinum Insured
Who is this card best for?(Video) Capital One Platinum Secured Credit Card Review | Build Credit Fast!
Card User Experience
Prices to consider
last judgement(Video) Capital One Platinum Credit Card
Credit limits can be higher than the required security deposit
The deposit can be paid in installments.
No annual or foreign transaction fees
Requires a bank account
Relatively low initial credit limits
There are no bonus offers or rewards programs(Video) Secured Mastercard from Capital One
- The credit limit can be higher than your security deposit: As a general rule, secured cards offer an initial credit limit equal to the amount of the security deposit you place before you receive the card. This may also be the case for some people receiving Capital One Platinum Secured; They require a $200 deposit to receive the first $200 card.credit limit. However, other highly qualified applicants may only need to put in $49 or $99 to get the same line of credit.
- The deposit can be paid in installments.: For those on limited incomes, which describes many if not most people who receive secured credit cards, making the down payment required to get a secured credit card can be a financial strain. Capital One Platinum Secured allows you to pay that down payment over time. Each payment must be a minimum of $20, in whole dollar denominations, and must reach the full deposit amount no later than 35 days after card approval.
- No annual or foreign transaction fees: You pay nothing to get this card, except for a refundable deposit. This is not uncommon on a secured card. Still, it's welcome, as it allows you to use whatever money you have available when you receive the card, on your security deposit, maximizing your credit limit. Even more unusual, this card incurs no foreign transaction fees than many cards, both unsecured and secured: apply a 2.7% or 3% surcharge to purchases you make abroad or from foreign online merchants.
- Requires a bank account: Opening a bank account can be challenging for those just starting to build credit, perhaps because they are new to the United States. In other words, the kind of people who can turn to a secured credit card to build that financial history. recognize that some peoplewithout sofaSome secured cards allow you to leave a deposit or pay bills through options such as money orders and cash payments at major retailers. Capital One Platinum Secured is not one of those cards; Payments must be made from a bank account.
- Relatively low initial credit limit: While the eligibility requirements for the Capital One Platinum Secured are relatively low, so is the credit limit you can get on the card, at least initially. When you first get the card, you can increase your initial limit from $200 to $800, provided you deposit an amount equal to the extra credit you want. But an initial credit limit of even $1,000 is still less than the $2,500 or even $5,000 allowed. some other secured credit cards. However, to guarantee a high credit limit, you must make a deposit equal to these amounts. In addition, this card has an unusually fast process for increasing the credit limit. Capital One says it will review your credit limit after six months.
- There are no bonus offers or rewards programs: This is a card for receiving credit and building your credit score only, not for introductory benefits or rewards. Many other proprietary cards also support plugins, but there are exceptions. Some secured cards offer cash back rewards, even with a reward to match at the end of the first year. Certain secured cards also allow you to transfer balances from another card to a secured card at a lower APR, at least for a certain period of time, a useful feature for those with a secured card to rebuild credit and pay off debt on other credit cards to continue. . Capital One Platinum Secured enables balance transfers. It charges a 3% fee on transferred balances at any promotional annual interest rate offered and does not charge a fee on transferred balances at the regular variable annual interest rate of 30.49%. That rate probably won't be much lower than what you're currently paying with another card.
Who is this card best for?
Capital One Platinum Secured is ideal for those who have difficulty or don't meet the typical deposit requirements to obtain a secured credit card.
Unlike most other secured cards, you don't have to keep the full dollar value of your line of credit in your account as a surety. With a deposit of just $49, you can get an initial credit limit of $200. And it is ideal for those who need time to receive the required deposit as it allows them to make payments of $20 or more to collect the total amount.
Capital One Platinum Secured is a better international travel card thanDiscover the insured. While both cards do not charge a foreign transaction fee, Mastercard is more widely accepted outside the US than Discover or American Express.
It is one of the few secured cards that also does not have an annual fee. And those that are suitable for international travel. Not only is Mastercard more widely accepted abroad than other card brands, but the Capital One Platinum Secured has no foreign transaction fees, making it a valuable card for international travel. Many other cards charge a 2.7% or 3% fee for such transactions, and those fees can really add up while on vacation.
The exceptional benefits of Capital One Platinum Secured
The card does not charge for foreign transactions.
- Free emergency card replacement
- Free credit monitoring via CreditWise
- Eno Virtual Assistant-accountwaarschuwingen
- $0 fraud liability
- Virtual card numbers for online shopping
- Access your account 24/7 with online banking to access your account from your desktop computer or smartphone, with the Capital One mobile app
Card User Experience
Capital One received a score of 812 out of 1000JD powerCustomer Satisfaction Survey 2022 ranks fifth on the list, two points below the segment average of 814. American Express tops the list with a score of 848.
Capital One has two tools that help cardholders save money while shopping. The Capital One Shopping tool scans retailers to help you find the best price before you shop online, while Paribus finds potential savings on purchases you've already made and refunds you.
Cardholders can log into their account on the company's website or mobile app to pay their bill or for information and questions about their card.
Customer service is available at 800-227-4825 or by mail. Unlike most card issuers, Capital One does not provide customer service via email or online chat.
Capital One offers typical security benefits to protect cardholders, starting with security alerts. The issuer sends notifications via text, email or phone (depending on your preference) if it detects suspicious activity on your card. Other standard perks include $0 fraud liability and the ability to block your card if it's lost, stolen, or misplaced, and through a mobile app, a way not all card issuers offer.
Capital One also offers Eno, a tool that tracks duplicate spending, monitors spending, and automatically sends fraud alerts 24/7. The tool also instantly generates virtual numbers for online shopping.
CreditWise tracks your credit information on the dark web and sends automatic alerts if your email address or social security number is found. The tool also offers unlimited free access to your credit score and sends an alert when your credit report changes. CreditWise is free and available to everyone, even non-Capital One customers.
If you lose your card, Capital One will replace it for free and standard shipping takes a few days.
Prices to consider
While there are no annual fees for the Capital One Platinum Secured Card, there is a 3% transfer fee and a $40 late payment fee. Most customers are unlikely to transfer funds from other cards and pay transfer fees, as this is often the first card many people get at the start of their credit journey. However, late payment fees are something to be aware of and avoid by paying your card balance on time.
Capital One Platinum Secured has no extras, rewards or special benefits. Instead, it's a basic secure card that, while it doesn't guarantee approval, aims to make it easier for those building or repairing their credit history to get and extend credit. However, the card initially limits you to a maximum credit limit of $1,000, regardless of how much you pay upfront. So there may be better options (secure cards that allow limits of $2,500, $3,000, or even $5,000) if you have more cash available for a deposit and want to use your card right away for more (or more expensive) purchases.
A higher credit limit can also benefit you if you spend modestly, as your credit score is based in part on what is known as credit utilization. The smaller the limit you use, the lower the utilization and the greater the increase in your creditworthiness. Those other cards, some even with no annual fee, like the Capital One Platinum Secured, can also earn you rewards in the form of cash back on purchases. For example, the Discover it Secured card has no annual fee and allows you to deposit up to $2,500 into a line of credit of the same size. It also has some pretty generous cash rewards that accrue at the end of the first year with the card.
Investopedia Credit Card Scoring Methodology
Investopedia strives to provide the best credit card recommendations in the industry. We tell you when a map is good, we tell you when a map is bad, and we only call a map the best if we recommend it to our friends or family.
Explanation of the overall rating
To rate, evaluate, rate and weight credit cards objectively, we objectively weigh nearly 100 individual card attributes, which are grouped into five key functions: fees, interest, rewards, benefits, and security/customer service. Here's how we weight these feature sets for the map's overall star rating:
We've applied our proprietary scoring methodology to all major credit cards in the US domestic market so consumers can make fully informed decisions. It's important to note that for our overall score we make a few assumptions about how you would use your credit card:
- While we don't assume the balance is held on any card, we assign variable weights to the introductory APR on all credit cards (if any), along with the regular long-term purchases and interest rates on the credit card.
- We use BLS (US Bureau of Labor Statistics) average income and expense data to calculate annual revenue percentages for rewards cards that offer cash back, points, or miles at a flat rate for all expenses, or take into account bonus rewards for certain categories of expenses . such as gasoline, groceries, restaurants or travel.
- We determine the maximum point value of rewards cards by dividing the points, cashback or miles required for the redemption by the retail price of the most valuable redemption option (for example, in the case of a card offering round-trip domestic airfare as a redemption option vs. another redemption option of lesser value that requires the same number of points or miles for purchases, we will base the value of the rewards on the airfare).
- Cards that are generally voted best in their category generally have most, if not all, of the following characteristics:
- Low or reasonable costCredit card fees come in many forms, but the main ones are annual card membership fees and balance transfer fees. There are a number of reward and non-reward card options that don't charge an annual fee, but for many that do, the cost is often justified by their lucrative recurring rewards and initial sign-up bonuses. Certain cards sometimes waive balance transfer waiver fees during the introductory period, a factor that has a strong and positive impact on our scoring model for cards that offer this benefit. When charges apply, the balance transfer fee varies from 3% to 5%, which we assess accordingly. Other standard fees, such as those for late payments or receiving cash advances, can usually be avoided, but we rate these as a benchmark against other cards on the market, albeit with a lower weighting.
- competing interestsMany cards offer an introductory APR of 0% on purchases and balance transfers for variable time periods, then revert to a permanent or regular APR (based on a variable rate linked to the main rate) that applies to any balance that has not been paid in full . We evaluate both the percentage and the length of the introductory annual rate (in months), along with the midpoint of the usual variable annual rate range.
- Valuable pricesCredit card rewards programs can be based on cash back, points, or travel rewards (which can be generic or specific to travel partners, such as co-branded airline and hotel card programs). For cards that offer rewards, we determine value per dollar spent, along with average redemption values, and assign more favorable ratings to cards that offer superior consumer value. We also assign a value to sign-up bonus offers and their initial spending requirements, if any.
- excellent benefitsCredit card benefits include a variety of offerings such as concierge services, TSA pre-check, rental car coverage, travel accident insurance, lost luggage assistance, and free credit scores. We rate cards based on the number and tier of more than a dozen standard and exclusive benefits and give additional weight to the travel-related benefits that apply to premium travel cards, if any.
- Strong security/customer serviceSecurity and customer service features such as lost or stolen card replacement, the ability to block the card in the issuer's app, and 24-hour customer service are becoming more standard in the card market, and we value features in this area.
- You can also readfull version of our methodologyget a deeper understanding of how we rate cards and reward the best in different categories.