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People looking to build limited to fair credit ought to consider the Capital One Platinum Credit Card and Capital One Platinum Secured as solid options for their wallet. Both Capital One cards feature no annual fee, $0 fraud liability, virtual card numbers and 24/7 customer support.
However, there are some key differences between the Capital One Platinum Credit Card and Capital One Platinum Secured card. The former is an unsecured card available for people with fair to good credit, whereas the latter is for those with limited or bad credit and requires a security deposit. MoneyGeek’s detailed comparison of the Platinum and Secured Mastercard below can help you determine which is best for you.
OUR COMPARISON AT A GLANCE
- Comparison Overview
- Capital One Platinum Credit Card at a Glance
- Capital One Platinum Secured Credit Card at a Glance
- Comparison Summary
- Which Card Should You Get?
Comparison Overview: Capital One Platinum Credit Card vs. Capital One Platinum Secured Credit Card
Capital One Platinum Credit Card
Capital One Platinum Secured Credit Card
Has Annual Fee
Has Balance Transfer Offer
Has APR Offer
Has Rewarding Welcome Offer
Recommended Credit
Fair – Good
Capital One Platinum Credit Card At a Glance
The Capital One Platinum Credit Card is an attractive option for people with at least fair credit since it comes with no annual fee and no foreign transaction fees. Capital One also offers credit line reviews in as early as six months, making this card excellent for users building their credit score.
Capital One Platinum Credit Card
Good no-frills unsecured card for building credit
- NoneRewards Rate
- 29.99% VariableAPR
- $0Annual Fee
- Fair – GoodRecommended Credit
Pros
- No annual or hidden fees
- Fast approval process
- Potential for higher credit line
- Free credit score monitoring
Cons
- No reward system
- High APR
- No annual or hidden fees.
- You automatically get a higher credit line review in six months.
- See if you're approved in seconds.
- Using the card responsibly can help build your credit. You can monitor your credit score for free with CreditWise from Capital One.
- Receive a $0 Fraud Liability protection, ensuring you are not responsible for unauthorized charges.
- Access your account 24/7 from your desktop or smartphone using Capital One's app.
- You can check out quickly and securely using the card's contactless feature.
- You can pay by check, online or at a local branch with no fees. You're allowed to choose the monthly due date that works best for you.
Moneygeek.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
Capital One Platinum Secured Credit Card At a Glance
If you have bad credit, using the Capital One Platinum Secured can help you rebuild your credit on a budget. It carries no annual, monthly or foreign transaction fees, and no penalty APR. A refundable security deposit of $49 to $200 is required to open an account. Over time, responsible users can upgrade to a standard, unsecured card.
Capital One Platinum Secured Credit Card
Best secured card for low deposit and potentially high credit limit
- 29.99% VariableAPR
- $49Min. Security Deposit
- $0Annual Fee
- Limited – BadRecommended Credit
Pros
- No annual fee
- Quick approval process
- Improves credit with responsible use
- Potential for higher credit line
- Comes with security protections
Cons
- Requires security deposit
- No rewards program
- High interest rates
- No annual or hidden fees.
- The minimum security deposit is $49 (refundable), which lets you get a $200 initial credit line.
- After six months, you're automatically considered for a higher credit line without needing an additional deposit.
- Earn back your security deposit as a statement credit by using your card responsibly, such as making payments on time.
- Using the Capital One Platinum Secured card responsibly can help improve your credit.
- Comes with a $0 Fraud Liability feature to ensure you won't be responsible for unauthorized charges.
- Access to CreditWise from Capital One, which lets you monitor your credit score for free.
- Access your account 24/7 with online banking via desktop or smartphone, and through Capital One's mobile app.
- Check your approval status in seconds.
Moneygeek.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
Comparison Summary
MoneyGeek’s detailed comparison of the Capital One Platinum Credit Card and Capital One Platinum Secured helps you determine which is more suitable for your needs.
Card Detail | Comparison Summary |
|---|---|
Fees | Both the Capital One Platinum Credit Card and Capital One Platinum Secured are low-budget cards with no annual or foreign transaction fees. Both also carry a late payment fee of up to $40, which is avoidable by paying bills on time. Winner: Tie |
Credit Required | Fair credit is required to qualify for the Capital One Platinum Credit Card. On the other hand, people with limited or bad credit can get the Capital One Platinum Secured. Capital One offers a risk-free pre-approval process on their website, which doesn’t impact your credit score. Winner: Capital One Platinum Secured |
Security Deposit | Capital One Platinum Secured is a secured credit card that requires a security deposit of $49 to $200 to open an account. No security deposit is needed for the Capital One Platinum Credit Card. Winner: Capital One Platinum Credit Card |
Tap To Pay | Capital One Platinum Credit Card allows cardholders to pay by hovering their cards over a contactless card reader. Capital One Platinum Secured does not have this Tap To Pay feature. Winner: Capital One Platinum Credit Card |
Which Card Should You Get?
Although both the Capital One Platinum Credit Card and Capital One Platinum Secured have a $0 annual fee, the latter requires a security deposit. As such, your credit rating will likely be the determining factor in choosing between the two.
Who Should Consider the Capital One Platinum Credit Card?
Capital One Platinum Credit Card is a solid contender if you’re looking to improve your credit score with a straightforward, no-annual-fee credit card.
Individuals with fair credit can use Capital One’s risk-free online pre-approval process to see if they’re qualified.
Responsible card-users can enjoy an increased credit line and improved credit rating in as early as six months.
≫ More: Read Our Full Review
Who Should Consider the Capital One Platinum Secured Credit Card?
Capital One Platinum Secured is a low-cost option for folks with limited or bad credit. Outside of the refundable security deposit, there is no annual fee to use this card.
Those who don't mind putting down a security deposit face a lower bar of entry and can still enjoy a much higher credit limit on their credit-building journey.
People looking to rebuild credit by paying bills on time and using the card responsibly can qualify for a credit line increase in as little as six months.
≫ More: Read Our Full Review
EXPERT OPINION
If you start out with the Capital One Platinum Secured Credit Card, make it a goal to improve your credit to be able to move on to an unsecured card. The sooner you move on from your secured card, the sooner your credit will continue to go up and you can begin qualifying for high-value rewards credit cards.
Other Helpful Decision-Making FAQs
Now you know the differences between the Capital One Platinum Credit Card and Capital One Platinum Secured Credit Card, so which one is right for you? Here are some common questions asked by people considering the same two cards.
Is the Capital One Platinum Credit Card better than the Capital One Platinum Secured card?
Capital One Platinum Credit Card is an unsecured card targeted toward people with fair to good credit. In contrast, Capital One Platinum Secured is a secured card for folks with limited to bad credit. A person’s credit score determines which card will be better for them.
Can you get the Capital One Platinum Credit Card if you have the Capital One Platinum Secured card?
Responsibly using the Capital One Platinum Secured card allows cardholders to improve their credit score and hopefully become eligible for an upgrade to the unsecured Capital One Platinum Card.
Can you switch from Capital One Platinum Credit Card to Capital One Platinum Secured?
Although possible, we don’t recommend switching from Capital One Platinum Credit Card to Capital One Platinum Secured since the latter requires a security deposit.
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About Doug Milnes, CFA
Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.
Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.
*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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