Monday, January 30, 2023

Is Capital One Platinum Credit Card Unsecured

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Choosing Between Secured Vs Unsecured Credit Cards

CAPITAL ONE PLATINUM SECURED CREDIT CARD REVIEW AND TIPS

Everyoneâs financial situation is unique, so the credit card that works best for another person might not work for you. When comparing your options, consider which credit cards you might qualify for.

Pre-approval or pre-qualification can help you compare options and find the right fit. And with pre-approval from Capital One, you can find out whether youâre pre-approved for some of Capital Oneâs credit cards before you even apply. Itâs quick and only requires some basic infoâand it wonât hurt your credit score.

Capital One Quicksilver Secured Cash Rewards Credit Card: Key Details

Applicants who have poor credit scores are eligible for the card, which features the following:

  • A $0 annual fee.

  • An unlimited 1.5% cash back on all purchases.

  • A minimum deposit of $200 required.

  • No foreign transaction fees.

Rewards earned with the Capital One Quicksilver Secured Cash Rewards Credit Card can be redeemed in any amount and at any time for statement credit, reimbursement for purchases, payments via PayPal, Amazon purchases and gift cards.

Approved applicants must pay a deposit of at least $200, with a deposit limit of up to $1,000 to $3,000, depending on your credit scores. As with most secured cards, your deposit will determine your credit limit. Cardholders will automatically be considered for a credit line increase after six months from account opening.

In addition to reporting credit information to all three major credit bureaus Equifax, Experian and TransUnion the card features a clear upgrade path to a Quicksilver card. This means that with responsible cardholding habits that positively impact your credit scores, youll be able to graduate to a regular rewards-earning Quicksilver card from the issuer. Youll also get your deposit back at that time.

» LEARN:Our guide to choosing a secured credit card

Heres How The Capital One Platinum Secured Limit Works:

  • The minimum Capital One Platinum Secured credit limit is $200, no matter what your minimum security deposit is: $49, $99 or $200 .
  • You can increase your $49, $99 or $200s limit by adding to your required security deposit within 35 days of opening your account. Anything you pay over the minimum increases your limit by the same amount.
  • Capital One periodically reviews accounts for on-time payments and credit history and you get an automatic credit limit increase. Its not a guarantee, though.
  • Its not a credit limit increase, but you can get more out of your Capital One Platinum Secured card by paying it off multiple times a month. This will free up your credit line for more spending.

Just remember that its not the best idea to use up all of your available credit. Ideally, youll want to shoot for less than 30% to make sure that theres a positive impact on your credit score.

Can you convert the Capital One Platinum Secured Card to unsecured?

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Option : Upgrade To An Unsecured Card With The Same Issuer

Graduating to an unsecured credit card with your secured card issuer is the easiest option and won’t require you to submit a new application . You may even be able to qualify for a stronger offer on an unsecured card by going through your current issuer versus applying through a different issuer who doesn’t already have a relationship with you. Keep in mind that card issuers want to retain you as a customer.

How to do it: Contact the provider who issued you your secured credit card and discuss your “graduated unsecured credit card” options. Be sure to make note of your on-time payment history as well as any improvement in your credit score to help build your case for the best offer.

The rules vary by issuer when seeing what credit cards you qualify for, but it doesn’t hurt to do some research beforehand to know what credit cards your issuer offers in general. For example, if you had something like the Citi® Secured Mastercard® because of the low interest rate Citi offers, see if you can upgrade to the Citi® Diamond Preferred® Card to take advantage of zero interest on purchases for the first 18 months and no annual fee.

Since your credit history plays into your credit score calculation, avoid lowering the average age of your accounts when you upgrade. You can do this by asking your issuer if they can carry over the secured card account information, such as the opening date and account number, to your new unsecured card.

Monitor Your Credit Score With Creditwise

Husmanss: Capital One Unsecured Mastercard

With all Capital One credit cards, the Capital One Platinum Credit Card offers users access to the Capital One CreditWise service to monitor their credit score. If you’re trying to rebuild your credit, CreditWise is a handy way to track your progress without hurting your score. Note that the score provided on CreditWise is different from your FICO Score, but both take into consideration the same factors:

  • On-time payment history
  • New credit or loan accounts

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Low Security Deposit Required

The security deposit required for the Capital One Platinum Secured Credit Card ranges from $49 to $200. This is a much lower barrier to entry compared to some other secured credit cards, many of which ask applicants for at least $300 in upfront collateral. The security deposit can be paid over time and is fully refundable if you close your account or if you graduate to an unsecured card with Capital One.

First Progress Platinum Prestige Mastercard Secured Credit Card

  • Receive Your Card More Quickly with New Expedited Processing Option
  • No Credit History or Minimum Credit Score Required for Approval
  • Quick and Complete Online Application No credit inquiry required!
  • Includes Free Real-Time Access to Your Credit Score and Ongoing Credit Monitoring powered by Experian
  • Full-Feature Platinum Mastercard® Secured Credit Card Try our new Mobile App for Android users!
  • Good for Car Rental, Hotels Anywhere Credit Cards Are Accepted!
  • Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
  • Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
  • 24/7 Online Access to Your Account
  • Nationwide Program though not yet available in NY, IA, AR, or WI ** See Card Terms.
  • Get a fresh start! A discharged bankruptcy still in your credit bureau file will not cause you to be declined.

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Its A Great Way To Learn Financial Responsibility

Secured credit cards are an excellent starting point for people who are new to using credit to learn how to use credit appropriately. Because your credit line is small, the risk is relatively low, and it gets you used to swiping a credit card and making a payment every single month.

So as you get more comfortable doing this month after month, and you ultimately graduate to an unsecured credit card, youre ready to manage credit more efficiently and appropriately.

Earning Credit Card Points

NEW CREDIT CARD: Capital One Platinum Preferred Rewards Review

The Capital One Platinum is not one of the best credit cards for travel purchases, simply because it doesnt award any rewards points on purchases.

This card is strictly for building credit so you can eventually qualify for one of the best rewards credit cards 2019 requiring a minimum 670 credit score. On a positive note, not having to pay an annual fee or security deposit can still be a nice improvement from your current credit card.

But if earning points is important to you, you may want to consider another card. If it helps, note that the Capital One Platinum Card is one of the best instant approval credit cards.

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Capital One Platinum Secured Credit Card Vs Capital One Platinum Credit Card

Another Capital One credit-building option is the Capital One Platinum Credit Card, a no-annual-fee card geared toward consumers with average credit or better .

Unlike the Capital One Platinum Secured Credit Card, the Capital One Platinum is an unsecured credit card, so it doesnt require you to put down a security deposit. This could be a big advantage if youre short on cash or dont want to tie up money in a deposit while you work on your credit. On the other hand, since its an unsecured card, the Capital One Platinum will likely start you out with a very small credit limit, which could make it more difficult to maintain low .

While both cards can help you build your credit with responsible use, which is best for you will depend on your financial situation and habits. Heres a side-by-side comparison to help you decide.

Card

Capital One Platinum Secured Credit Card

  • No annual or hidden fees. See if you’re approved in seconds
  • Building your credit? Using the Capital One Platinum Secured card responsibly could help
  • Put down a refundable security deposit starting at $49 to get a $200 initial credit line
  • You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
  • Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
  • Enjoy peace of mind with $0 Fraud Liability so that you won’t be responsible for unauthorized charges
  • Monitor your credit with CreditWise from Capital One. It’s free for everyone and checking your credit does not hurt your credit score

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Manage Your Account & Pay Your Bill

You can usually pay your bill online on your

The Capital One Platinum Credit Card is a decent option if you have average credit, and need a simple-to-use credit card that offers standard benefits.

Youll be able to access one of your VantageScore 3.0 credit scores through Capital Ones CreditWise tool, based on your TransUnion credit report, along with other credit monitoring tools. This handy service is available to anyone, even if you dont have a Capital One card.

This card has no annual fee.

ADVERTISER DISCLOSURE: Credit Card Insider is an independent, advertising supported website. Credit Card Insider receives compensation from some credit card issuers as advertisers. Advertiser relationships do not affect card ratings or our Best Card Picks. Credit Card Insider has not reviewed all available credit card offers in the marketplace. Content is not provided or commissioned by any credit card issuers. Reasonable efforts are made to maintain accurate information, though all credit card information is presented without warranty. When you click on any Apply Now button, the most up-to-date terms and conditions, rates, and fee information will be presented by the issuer. Credit Card Insider has partnered with CardRatings for our coverage of credit card products. Credit Card Insider and CardRatings may receive a commission from card issuers.

# 2 Lack Of Introductory Apr

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Like many other cards in the same segment, Credit One Platinum Visa Card does not offer you an introductory APR. Intro APR offers you relief from the hefty interest rates. For instance, Discover It Secured Card offers you an introductory APR of 10.99% for the first 6 months. After that, you are charged the Regular APR of 22.99%.

On the other hand, Credit One Platinum Visa Card does not offer you an introductory APR. Instead, it charges you the Regular APR of 23.99%, which is comparable to other cards.

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Best For Unlimited Cash Back: Capital One Quicksilverone Cash Rewards Credit Card

From our partner

Heres why: With the Capital One® QuicksilverOne® Cash Rewards Credit Card, youll earn unlimited 1.5% cash back on all purchases.

Thats right: With the Capital One® QuicksilverOne® Cash Rewards Credit Card, there are no reward caps. You simply get 1.5% back on everything that you buy with the card. Thats impressive for a card that considers applicants who have what Capital One considers fair credit.

This card has a $39 annual fee. But with a 1.5% cash back return, youll need to spend only $2,600 to earn that much in rewards with this card, which comes out to spending about $217 a month for a year. If you plan on spending more than that each month, then this card could be a good option.

Get more details about the Capital One® QuicksilverOne® Cash Rewards Credit Card in our full editorial review.

What Secured And Unsecured Cards Have In Common

The security deposit is really the only important difference between secured cards and standard, unsecured cards. Once a secured card user submits the deposit and opens an account, the card works just like any other credit card.

Secured cards are more likely to charge an annual fee, but some dont. For instance, both the Discover it® Secured and the Platinum Secured Credit Card from Capital One have no annual fee.

Most importantly, secured and unsecured card issuers will both report your payment history to the three major consumer credit bureaus. This allows secured card users to improve their credit, so long as they continue to make their payments on time. With a year of on-time payments, many secured card users are able to be approved for a standard, unsecured card.

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Building Credit With A Secured Card Vs An Unsecured Card

Establishing or rebuilding your credit generally works the same way with both types of credit cards. The card issuer typically reports your account activityâsuch as payment information, account history and card balanceâto the credit bureaus. Then credit-scoring companies can use that information to calculate your credit scores.

Keep in mind that not all issuers report the status of secured cards, though. If better credit is your goal, look for a secured card that reports to at least one of the three major credit bureaus. Capital One and some other companies that issue secured credit cards will report your status to credit bureaus on a regular basis.

According to a 2016 Federal Reserve report, consumers who kept a secured credit card open for at least two years saw their credit scores increase by 24 points on average. Of course, results vary from cardholder to cardholder. According to the Federal Trade Commission, your if you miss credit card payments, max out your card or open too many accounts at once.

The Consumer Financial Protection Bureau also has helpful tips on building up your credit. Focus on paying your credit card bill on time each month. Aim to pay off the balance in full each month or at least keep the balance low. And try not to use more than 30% of your credit limit.

Chime Credit Builder Vs Capital One Platinum Card

Capital One Platinum vs. Capital One QuicksilverOne Credit Card (Platinum vs. Quicksilver One)

Both the Capital One Platinum card and the Chime Credit Builder card do not charge annual fees however, the Chime credit Builder card is a secured credit card which means you will need to submit a security deposit to open an account.

There is no credit check when you apply for the chime credit Builder card, making this a great option if you have no credit history or damaged credit history.

Consumers can move money from a chime spending account directly into the Chime Credit Builder card account to use for their security deposit.

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Whats The Security Deposit For The Capital One Platinum Secured

Youll be asked to deposit one of three amounts: $49, $99, or $200.

No matter what youre asked to deposit, your starting credit limit will be $200. You can deposit more for a higher credit line if you wish, up to $1,000 for a $1,000 credit line.

Need to know more about your security deposit? Weve got you covered.

What Is The Platinum Mastercard From Capital One

The Platinum Mastercard® from Capital One is an unsecured credit card issued by Capital One targeted at consumers with limited credit histories who want to increase their credit score without paying Annual fees or security deposits.

Cardholders receive an additional benefit that may help increase their credit scores from Capital One after six months of opening the account, Capital One will automatically review your credit behavior to see if you are eligible for a credit line increase.

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Which Is Better Capital One Platinum Or Capital One Quicksilver

If you qualify for the Capital One Quicksilver card, it is overall a better option because it offers Rewards and a more powerful earning potential than a Capital One Platinum Card.

However, these credit cards are aimed at two different consumer demographics because the Capital One Platinum Card is designed to help build and repair credit, whereas the Capital One Quicksilver card is a rewards credit card.

The Capital One Quicksilver earns unlimited 1.5% cash back on all purchases.

It carries an annual fee of $39, which means you will have to spend $2,600 annually to recoup the Fee in cash back.

Automatic Credit Line Reviews

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Capital One makes it easy to build your credit score because cardholders of the Capital One Platinum credit card will automatically have their accounts reviewed every six months to see if they qualify for a higher credit limit. Higher credit limits help credit utilization ratios and ultimately help boost your credit score.

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Should You Apply For An Unsecured Credit Card Now

Depending on your situation, it may be possible for you to skip a secured credit card and go with an unsecured one. Here are a few examples of when this might work for you.

  • You have no credit history at all. Not all cards require a credit history. For example, the Petal® 2 Visa® Credit Card uses info like your banking information to determine whether you qualify.
  • Youre a college student. There are several unsecured student credit cards that can help you build credit some even offer rewards. You can compare student credit card offers on Credit Karma.
  • Youve had a bankruptcy. Its possible to qualify for certain credit cards even if you have a bankruptcy on your credit reports.

While each of these credit cards is targeted at people with limited or bad credit, youre not guaranteed approval. Check where youre at with your credit by taking a look at your credit scores, and then carefully consider your options before deciding to apply.

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