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Capital One Secured Credit Card Build Credit

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Capital One Secured Credit Card Build Credit

Capital One Secured Credit Card Build Credit

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The Capital One Platinum Card is designed for cardholders who need to improve their credit. It has no rewards, few benefits, and little use outside of building a positive credit history.

It doesn’t charge an annual fee, meaning cardholders can use it potentially for free as long as they avoid interest charges by not carrying a balance from month to month.

If you’re trying to qualify for cards that require a higher credit score, this card is a good opportunity to build up your credit before switching to cards that offer stronger features.

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$0 balance transfer fee Transfer APR 4% of each balance transferred will be credited to your account as part of a promotional APR that Capital One may offer you.

The platinum card is very simple. It has few bells and whistles and should only be used by consumers with average or poor credit who want to improve their score. Avoid carrying a balance and pay on time to use your card for free, and possibly switch to a credit card that offers more.

The card is designed to help consumers with average or poor credit build their credit scores through responsible habits. It does not offer any rewards, so this is its main feature.

Capital One Secured Credit Card Build Credit

There are not too many to list here. The most useful is access to Capital One’s CreditWise tool, but it’s available to everyone, not just Capital One cardholders. It also comes standard with $0 liability protection and a possible credit limit increase.

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Go to the Capital One website and fill out the application. Enter the necessary information to be considered for the card and Capital One will get back to you with their decision in most cases right away.

Go to the CreditWise website and create an account. You don’t need a Capital One credit card to access it. Track your VantageScore 3.0 credit score from your TransUnion credit report and protect yourself with Social Security Number alerts.

The Capital One Platinum Credit Card doesn’t have many features that can’t build positive credit by paying your bill on time. If you’re looking for a card that you can use as a better credit card, this is a good choice.

There is no annual fee, so if cardholders pay on time and have a balance to avoid interest charges, they can use the card for free. And if cardholders can qualify for a credit limit increase, it will keep credit utilization down, leading to a healthier credit score.

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If you have trouble getting credit cards and have average or poor credit, the Platinum Card can help. Use it responsibly, try to qualify for a line of credit increase by demonstrating good habits and building a positive credit history.

Once your scores look better and range from good to excellent, upgrade to a credit card with better features.

Are there alternative credit cards worth considering? Consider these other cards if the Capital One Platinum card doesn’t excite you.

Capital One Secured Credit Card Build Credit

Capital One QuicksilverOne Cash Rewards Credit Card. get 1.5% cash back on every purchase while you get better credit. However, there is a small annual fee of $39.

Capital One Platinum Secured Credit Card Review 2024

Discover it® Secured credit card. pay a one-time refundable deposit that sets the initial credit limit (minimum $200). Cardholders earn 2% cash back on gas and dining (up to $1,000 in purchases per quarter, 1% after that) and 1% on everything else. Discover will also match the cashback for the first year with the card. This card is good for people with bad credit who want to rebuild their credit without an annual fee.

Bottom Line The Capital One Platinum Secured Card is worth it for people with bad or limited credit who want to build cheap credit. It has a $0 annual fee and you can even get a credit limit that exceeds your security deposit.

Credit card reviews are independent and not provided, submitted or endorsed by any issuer. has independently collected information about some of the cards on this site. Capital One is a partner.

The Capital One Platinum Secured Credit Card is worth it for people with bad or limited credit who want to build cheap credit. It has a $0 annual fee, reports to all three major credit bureaus every month, and can even be partially secured. This means that your credit limit may exceed the amount of your refundable deposit.

Capital One Platinum Credit Card Review 2024

If approved, you’ll get a $200 credit limit to start with a $49, $99, or $200 deposit, depending on your credit history and current financial situation.

For the Capital One Platinum Secured card to be valuable, you must pay the balance in full by the due date each month. This prevents you from racking up a very high 30.74% (V) APR on the card. The Capital One Platinum Secured card offers no rewards and has a $0 annual fee, so there’s no need to commit to any specific amount to make it worthwhile. While the lack of rewards is disappointing, the trade-off is a credit limit that is higher than your deposit amount.

With the Capital One Platinum Secured Credit Card, you don’t have to worry about any annual or monthly fees, just interest if you carry a balance from month to month and a possible late payment fee. So if you go against your credit behavior, you’ll be able to keep more money in the bank while your credit rating goes up along with it.

Capital One Secured Credit Card Build Credit

The fact that investing in a better credit score can cost as little as $49 with the Capital One Platinum Secured Credit Card is pretty remarkable, especially when you consider that you have 35 days from account opening to cover the full deposit. .

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Basically, all other options come with much higher upfront costs for people with bad credit, whether it’s in the form of a refundable down payment or the exorbitant application and annual fees that unsecured credit cards for bad credit are known for. Sacrificing less liquidity reduces the strain on your finances, making it more likely that you’ll be able to afford other obligations and avoid a credit lapse.

Plus, if you use your card responsibly, you can get your deposit back as a statement credit.

While fully secured credit cards are ideal for building credit, offer almost guaranteed approval, and make it impossible to exceed your repayment capacity, they don’t allow you to borrow money when you need it. But this Capital One offering has the potential to be completely different.

In addition to the low fees associated with secured credit cards, you can also take advantage of emergency financing options that exceed the amount of your refundable deposit. This in turn can be extremely useful, for example allowing you to pay for car repairs that are essential to your livelihood, but you should also refrain from abusing the allowance if it is given to you.

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If you consistently make on-time payments and have no outstanding credit scores, Capital One will automatically consider you for a credit limit increase after just 6 months. That’s all good, but you certainly can’t rely on it. However, a more practical benefit is the fact that you can increase your credit limit over time.

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