HomeUSA MoneyCapital One Platinum Secured Credit score Card Assessment | USA Cash

Capital One Platinum Secured Credit score Card Assessment | USA Cash

Annual charge: Neither card expenses an annual charge.

Rewards: The Capital One Platinum Secured Credit score Card has no rewards system. The Uncover it Secured Credit score Card affords 2% money again at eating places and fuel stations on as much as $1,000 in mixed purchases every quarter, and a vast 1% money again on all different bank card purchases.

Signal-up bonus: The Capital One Platinum Secured Credit score Card doesn’t have a sign-up bonus. The Uncover it Secured Credit score Card routinely matches all money again new cardholders have earned on the finish of the primary yr.

Advantages: The Capital One Platinum Secured Credit score Card affords advantages together with emergency card alternative, and CreditWise from Capital One, a service that lets customers monitor their credit score. The Uncover it Secured Credit score Card provides customers free entry to their FICO credit score rating. Each playing cards have $0 fraud legal responsibility.

Annual charge: Neither card expenses an annual charge.

Rewards: The Capital One Platinum Secured Credit score Card has no rewards system. The SDFCU Financial savings Secured Visa Platinum Card has a program known as Flexpoints Rewards and earns one level per greenback. Customers can redeem factors for flights, present playing cards, resort bookings and extra.

Signal-up bonus: Neither the Capital One Platinum Secured Credit score Card nor the SDFCU Financial savings Secured Visa Platinum Card has a sign-up bonus.

Advantages: Capital One Platinum Secured Credit score Card cardholders have entry to fraud protection and emergency card alternative. The SDFCU Financial savings Secured Visa Platinum Card affords roadside dispatch. Each Capital One and State Division Federal Credit score Union supply free credit score monitoring.

  • Annual charge: This card doesn’t have an annual charge.
  • Switch charge: The Capital One Platinum Secured Credit score Card doesn’t cost a charge for balances transferred on the switch APR. If you happen to make a switch at a promotional APR, the charge is 3% of the switch.
  • Money advance charge: This card has a money advance charge of both $10 or 3% of every money advance, whichever is larger.
  • Late cost charge: The Capital One Platinum Secured Credit score Card has a late cost charge of as much as $40.

You could make a safety deposit of $49, $99 or $200 to start out utilizing the Capital One Platinum Secured Credit score Card. The deposit will be made in a single cost or installments of no less than $20 in whole-dollar increments. Capital One solely accepts safety deposits by way of digital funds transfers from financial institution accounts.

You could pay your safety deposit in full inside 35 days of approval, and Capital One will not challenge your bank card till you make the total deposit.

Offering a safety deposit will get you an preliminary credit score line of $200. The safety deposit can’t be used to pay your steadiness. It’s collateral to your account and might be absolutely refunded should you get upgraded to an unsecured card or shut your account, supplied your steadiness is paid in full.

The Capital One Platinum Secured Credit score Card comes with a minimal credit score line of $200. You possibly can enhance this credit score restrict by depositing greater than the minimal safety deposit inside 35 days of approval and earlier than activating your card. Your credit score restrict could also be raised to $1,000 on the most.

Or you’ll be able to earn a better credit score line with accountable card use over time. Capital One can think about you for a credit score line enhance as little as six months after account opening.

The Capital One Platinum Secured Credit score Card has an APR of 26.99% (Variable) on purchases, steadiness transfers and money advances. Late funds will not enhance this APR, however, as with most different playing cards, Capital One could enhance your APR if market circumstances change.

In case your charge goes up for any purpose apart from a change within the prime charge, the upper APR will solely apply to new transactions made after Capital One notifies you of the speed enhance.

Q: How does the Capital One Platinum Secured Credit score Card work?
A: The Capital One Platinum Secured Credit score Card is a secured bank card that helps customers construct or rebuild their credit score historical past with accountable use.

After you get authorized for the cardboard, you will make a minimal safety deposit of $49, $99 or $200. You possibly can pay your safety deposit unexpectedly or in installments inside 35 days of approval, however Capital One will not mail your card till it receives the total deposit. You possibly can deposit greater than the minimal quantity to extend your preliminary credit score restrict to as much as $1,000.

Your deposit can’t be used to make funds in your bank card, however you may get it again as a press release credit score after establishing a historical past of accountable use. Capital One may also return the deposit to you should you shut your account, supplied your steadiness is paid in full.

As you utilize your card, Capital One will report your card standing, together with should you make your minimal cost in full and on time every month, to the three main credit score bureaus. On this means, the Capital One Platinum Secured Credit score Card might help accountable customers construct their credit score historical past.

Q: How lengthy does it take to obtain a Capital One Platinum Secured Credit score Card?
A: After you’ve made your safety deposit, Capital One will ship your Capital One Platinum Secured Credit score Card in seven to 10 enterprise days.

Q: Is the Capital One Platinum Secured Credit score Card bank card?
A: The Capital One Platinum Secured Credit score Card could be a good choice for customers trying to construct or rebuild their credit score with accountable use. The cardboard has no annual charge and no overseas transaction charge, so you should use it with out incurring many prices. Plus, the power to get a better credit score restrict earlier than and after account opening means this can be a card that may develop with you.

  • Are attempting to construct or rebuild your credit score.
  • Desire a card with no overseas transaction charge.
  • Do not thoughts making a safety deposit.
  • Plan to make no less than the minimal cost on time every month.

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