Capital One Platinum Secured Credit Card Vs Bankamericard Secured Credit Card
Verdict: Another good option for funding a high credit line
Like the U.S. Bank Secured Visa Card, the BankAmericard® Secured Credit Card is a decent $0-annual-fee secured card that requires a $300 refundable deposit. And, it also allows you to fund a much higher starting credit limit than the Capital One Platinum Credit Card as high as $4,900. For cardholders who are interested in starting with a larger credit limit, it’s another good alternative to the Capital One Platinum Credit Card.
Discover It Secured Credit Card
The Discover it® Secured Credit Card* is by far one of our favorite secured credit cards. Though it does not offer any leverage on the initial security deposit, your range of credit line is wider at $200 to $2,500. In addition, this secured credit card offers a pretty good rewards program and sign-on bonus, when most secured credit cards are hard up for these features. Check out our full review of the Discover it® Secured Credit Card for more details.
Capital One Quicksilver Vs Capital One Platinum: Which One Is Right For Your Wallet
Last updated Dec 21, 2021| By Christy Rakoczy
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Different kinds of credit cards cater to different types of customers. Some cards, for example, are easy to qualify for and are designed to help you build credit. Others are intended instead to maximize rewards but may be restricted to customers with top-notch financial credentials.
The Capital One Platinum Card is one of the first types, designed for those with fair credit who want a card with no fees. The Capital One Quicksilver Cash Rewards Card is one of the second, offering great cardholder perks but only to borrowers with good or excellent credit.
It’s important to explore all your options to see which card meets your needs, so let’s take a close look at each to find out whether the Quicksilver vs. Platinum is the better choice for you.
|Learn how to apply|
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Comparing Capital One Quicksilver Vs Capital One Platinum Card Features
Deciding which card is best for you depends on how high your credit score is and what youre looking for in a credit card. Do you want a cash back card that rewards you for spending, or do you want to improve your credit with responsible use?
|1.5% cash back on general purchases||None|
|$200 cash back when you spend $500 in the first 3 months||None|
|Estimated yearly rewards value||$239|
Who Is This Card For
This card is designed for both credit card novices and those that are looking to build up their credit. In fact, Capital One designates the Platinum for consumers with average credit. Taken directly from the Capital One website, this card is a fit for you if:
I have limited credit history. Ive had my own credit card or other credit for less than 3 years .
When you have an average credit score or limited credit history, you likely wont be accepted for reward or travel cards that require good to excellent credit for approval. Therefore, theres no need to shoot for the stars just yet if the likelihood of getting the card is low.
Its likely in your best interest to open a card even a basic one to get positive information flowing into your and build up a credit history.
With no annual fee, the Capital One Platinum fits this description nicely. However, just know that what youre applying for is a no-frills product. Once you have this card and are able to boost your credit over time, you can take the plunge and apply for some of our best cash back or best travel cards.
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Capital One Platinum Secured Credit Card Review: A Good Card For Building Credit
The Capital One Platinum Secured Credit Card is a great no-frills secured card option to help consumers rebuild their credit.
Advertiser Disclosure: ValuePenguin is an advertising-supported comparison service which receives compensation from some of the financial providers whose offers appear on our site. This compensation from our advertising partners may impact how and where products appear on our site . To provide more complete comparisons, the site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.
Editorial Note: The content of this article is based on the authors opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.
Does Capital One Offer Automatic Credit Line Increases
The Capital One Platinum card, and certain other Capital One Cards, offer automatic credit line reviews. That means Capital One will look at your financial credentials after six months without you having to ask them to.
However, you aren’t guaranteed a credit line increase when they review your credentials. You could potentially earn one if you’ve shown you’re a responsible customer that makes monthly payments on time.
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Can I Upgrade My Quicksilverone Card To Quicksilver
To accept an offer to upgrade Capital One Platinum to Capital One Quicksilver, click Upgrade Now on the notice in your online account or email, followed by Finalize Now, and check the box stating you agree to the terms. Click Upgrade Card to complete the process. Upgrade offers do not affect your credit score.
Capital One Quicksilver Student Cash Rewards Credit Card
- Whether you’re at a 4-year university, community college or other higher education institution, this card might be an option for you
- Earn unlimited 1.5% cash back on every purchase, every day
- Enjoy no annual fee, foreign transaction fees, or hidden fees
- You can help build your credit with responsible use of a card like this
- No rotating categories or sign-ups needed to earn cash rewards plus, cash back won’t expire for the life of the account and there’s no limit to how much you can earn
- Be automatically considered for a higher credit line in as little as 6 months
- $0 fraud liability if your card is ever lost or stolen
- Set up Autopay for your account and your payments will be made automatically every month
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What Is A Secured Credit Card
This type of credit card usually requires an upfront deposit equal to the credit limit. So, for a card with a credit limit of $500, you’d need to deposit $500. Secured credit cards are still subject to late and rejected payment fees and generate interest on outstanding balances. As such, a secured credit card presents lower risk to card issuers and allows them to extend lines of credit to borrowers who don’t have good credit or meet the minimum credit score threshold.
Capital One Platinum Credit Card Vs Discover It Secured Credit Card
The Discover it® secured credit card is one of the best-secured credit cards on the market because Discover offers cash back rewards and bonuses for cardholders, which is almost unheard of for a secured credit card.
Cardholders will have their accounts automatically reviewed six months after opening the account, so Discover can determine whether they can upgrade them to an unsecured card or not.
Since this is a secured credit card, you will need to put down a security deposit to open the account, but the dollar-for-dollar match on 2% cash back restaurants and gas stations and unlimited 1% cash back on all other purchases make this a standout secured credit card.
Cardholders are also eligible for a one-time bonus with the Discover it® secured credit card, where they will earn a cashback bonus that doubles the entire cashback earned over the first year.
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What Both Cards Excel At
The Capital One QuickSilver is a $0-annual-fee card, and it charges no foreign transaction fees. This makes it affordable for use both at home and abroad. The Capital One Platinum also has no foreign transaction fee and a $0 annual fee.
The Capital One Quicksilver also offers several convenience features that make shopping and using your card simple. This includes Eno, the Capital One Virtual Assistant that’s available 24/7 to answer questions and that monitors your card to provide you with alerts, as well as Tap to Pay.
The same convenience services are available with the Capital One Platinum. The Platinum card comes with Eno, and Tap to Pay, so you can use a virtual assistant to get alerts and use your card for contactless transactions.
Opensky Secured Visa Credit Card Vs Capital One Platinum Card
The OpenSky® Secured Visa® card is a powerful credit-building tool because it does not require any credit checks when you apply.
Instead, OpenSky® Secured Visa® credit card allows you to set your own credit limit that is defined by your refundable security deposit.
The OpenSky® Secured Visa® credit card enables cardholders to rebuild their credit no matter how damaged it is because it does not pull a hard credit check instead, the security deposit for the card is the collateral for a credit limit.
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Drawbacks Of Capital One Platinum Secured Card
The major downside of the Capital One Platinum Secured Card is its lack of any rewards. Some other secured credit cards offer cash back on spending with no annual fee or other benefits that can help you build credit and save money.
Also note that the variable APR this card charges is incredibly high, at 26.99%. If you carry any debt balance on this card, you could end up with high-interest debts that accumulate very quickly.
A final drawback is this cards low credit limit. While a smaller required deposit can be helpful if you have limited cash flow, a credit limit of $200 leaves little room for spending with your card, especially if you want to keep a low . Even if youre able to pay the maximum deposit amount, youll only get a credit line up to $1,000.
Capital One Platinum Secured Credit Card Vs Savings Secured Visa Platinum Card
Verdict: Earn rewards while you rebuild your credit
The Savings Secured Visa Platinum Card is one of the best secured cards available. It offers rewards on your spending and charges a $0 annual fee. Cardholders can Earn Flexpoints Rewards – 1 point for every $1 spent program. You’ll also have access to Visa card benefits, like roadside dispatch. If you’re looking for a secured card that offers rewards, the Savings Secured Visa Platinum Card could be a good option.
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How To Get A Capital One Credit Limit Increase Online
You should receive a decision in just a few seconds. If youre approved for a Capital One credit limit increase, the new limit will be effective immediately.
How Long Does It Take To Improve My Credit Score
After opening a secured credit card account, it will take around one to two months for the secured credit card issuer to report it to a major credit bureau, at which point it will begin impacting your credit report and your credit score. Then it takes several additional months before the account’s activity is substantial enough to make a difference. If you maintain a low or $0 balance and manage the rest of your finances well, you could raise your score several hundred points in a year or two, but it’ll depend on your particular situation. If you have a longer credit history with a number of issues, it will take longer. If you have a shorter history, each month’s activity will play a much larger role.
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Interest Rates And Fees
Capital One Platinum: Pricing information including interest rates, rewards, benefits and fees was obtained on April 19, 2022 from published websites and is believed to be accurate, but not guaranteed.
Capital One Journey: Pricing information including interest rates, rewards, benefits and fees was obtained on April 19, 2022 from published websites and is believed to be accurate, but not guaranteed.
Disclaimer: The information for the Capital One Platinum Credit Card and Journey Student Rewards from Capital One has been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.
Capital One Platinum Secured vs Capital One PlatinumThe Platinum Secured is Capital One’s alternative to the Platinum for people with bad credit. It reports to the 3 major credit bureaus, so you’ll still be able to improve your credit with responsible usage. The major difference is that, like all secured cards, it requires that you put down a security deposit in exchange for a line of credit.
Capital One Platinum Credit Card
Capital One Platinum Secured
These Factors Matter Most For Your Credit Score
Whether you are new to credit entirely, or you’re looking to rebuild damaged credit, it helps to know what goes into calculating a good credit score.
Lenders mostly use the FICO scoring model when checking your creditworthiness, so we took a look at how FICO scores are calculated. Here is a breakdown of the five categories that make up your FICO score calculation.
- Payment history : The most important factor in your credit score, this looks at if you’ve paid your past credit accounts on time. We always recommend you pay your balance off in full and on time to get the best credit score.
- Amounts owed : Banks may think you’re high risk if you use up a lot of your available credit, or . We recommend keeping a low credit utilization rate to improve your score.
- Length of credit history : Generally, a longer credit history helps your score. But if you haven’t been using credit long, this won’t necessarily hurt you as long as the other factors are strong. FICO considers the age of your oldest account, your newest account and the average age of all your accounts.
- You don’t need to have every kind of credit, but having any sort of variety helps your score. For instance, a mix of credit cards and a car loan, or a mortgage, shows that you are an ideal borrower for many different types of debt.
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Capital One Platinum Credit Card Drawbacks
- High APR. The card automatically starts with a high variable APR of 26.99% compared to the average 16% APR of other cards. Try to pay your balances on time to avoid interest. The card also lacks an intro APR on purchases or balance transfers.
- Low minimum credit line. Your credit line is determined by Capital One based on several factors, but youll likely start with a low credit limit with this card. With timely payments, Capital One may increase your credit line and may offer you an upgrade to a rewards card.
- No signup bonus. Most cards offer a signup bonus once you spend a certain amount during your first months of card membership. If thats what youre looking for, youll want to explore other cards.
Benefits Of Capital One Platinum Secured Card
The major benefit of this card is the chance to build credit, even with a very low score or no credit at all. Specifically, Capital One says this card is for people who are rebuilding their credit, which means you can qualify if you have defaulted on a loan in the past or been declined for a new credit card in the last three months.
The Capital One Platinum Secured Card also gives you a pathway to upgrade your card down the line. The issuer will automatically review your account for a credit line increase after six months of on-time payments, and you can earn back your deposit and upgrade to the unsecured Capital One Platinum Card with responsible credit use.
Compared to other secured cards, another benefit of the Capital One Platinum Secured Card is its low security deposit requirement. Where many secured cards require you to put down $200 or more, the Capital One Platinum Secured Card lets you start building credit with a deposit potentially as low as $49 and still maintain a $200 credit limit. Youll be assigned a minimum deposit of $49, $99, or $200 when you apply.
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Is Capital One Platinum A Good Credit Card
The Capital One Platinum credit card is a great option if you want to establish and rebuild your credit history because it does not require a security deposit, has a $0 annual fee.
In addition, capital One will automatically review your account after six months to see if you qualify for a higher credit limit, boosting your credit score.
Keep in mind that the standard APR is very high, so you may not want to get this card if you plan on carrying a balance.