Capital One Platinum Secured Credit Card: Best option for bad credit:
The Capital One Platinum Secured credit card is the best option for those with bad credit, as it helps you rebuild it! See how it works!
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If you have bad credit right now, the Capital One Platinum Secured credit card is the perfect solution to start building your credit up.
It can be a little hard to get a credit card when in this situation, and there are many situations where one needs to use it, such as subscribing to streaming services, shopping online etc.
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So, here is the solution! See this review and learn how to order it online and how to get started! You will see:
- How it works
- Pros and cons
- How to apply
How it works
This credit card is quite simple to apply for and to use, and you get approved even if you have a bad credit history.
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So, this card is made exactly for those who want to rebuild their credit score. If you haven’t heard about secured credit cars, don’t worry, they’re quite simple.
Once you apply for it, you just need to make a security deposit into your Capital One digital banking account, which is free, and this amount will be your credit limit.
So, by depositing a $49 refundable security deposit, Capital One will give you a $200 credit line, and you can build it up to a $1000 limit by making deposits.
It’s worth noting that, by paying your statement on date, you’re upgraded to a regular credit card, with no need for deposits. Also, as mentioned, these deposits are refundable.
Pros and cons
First, it’s worth noting that, if you pay your statement regularly, you can quickly be upgraded to the regular Capital One Platinum Mastercard credit card, which also guarantees rewards and a higher credit limit.
PROS
- No annual fee.
- No foreign transactions.
- A $49 minimum security deposit guarantees a $200 limit.
- Deposits are refundable.
- Reports to credit bureaus (raises credit score).
- Easily approved.
- Best option for bad credit.
CONS
- High APR (26.49%).
- $1000 credit limit.
Capital One Platinum Secured credit card – how to apply
You don’t need to go to a Capital One agency as you can apply for the Platinum Secured credit card online.
Also, you can be prequalified without hurting your credit score, so, give it a try, as this is one of the easiest credit cards to get approved for.
If you need any help, make sure to check out our quick three step tutorial for applying for your new credit card!