Capital One secured credit cards offer low-cost borrowing options for people trying to build or rebuild their credit. Learn what Capital One secured cards have to offer, what distinguishes the two options, and whether one of these credit cards is the right choice for you.
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What is a Capital One Secured Credit Card?
A Capital One secured credit card is a credit-building card that requires a security deposit. There are two types of Capital One secured credit cards:
Both Capital One secured cards are aimed at new borrowers or borrowers trying to rebuild their credit histories. As such, the cards offer easy qualification (although the Quicksilver is slightly more difficult to qualify for than the Platinum) and credit-monitoring resources.
Perks shared by both Capital One secured credit cards include:
- No annual fees
- No foreign transaction fees
- Free credit reports through CreditWise®
- Mobile app for account management
- Fraud and security protection
- Travel protections and resources
Notably, both cards offer traveler’s benefits that aren’t commonplace among starter credit cards or similar cards available to borrowers with less-than-stellar credit.
On the downside, both secured cards have relatively high APR of 26.49% (variable), which means carrying a balance on your credit card could rack up significant interest charges.
What’s the Difference Between the Capital One Secured Credit Cards?
While the Capital One secured credit cards share the notable features mentioned above, they also differ in several major ways. Make sure you understand what each has to offer and who they’re available to before you decide which card to apply for.
Although both cards require deposits, the minimum deposit required and corresponding credit limits vary between the two. Furthermore, the cards are distinguished by who can qualify for each and whether or not they offer rewards.
Comparing Capital One Secured Credit Cards
| Card name | APR | Minimum deposit | Credit limit | Rewards | Credit score requirement |
|---|---|---|---|---|---|
| Platinum Secured | 27.24% (variable) | $49–$200 | $200–$1,000 | None | Poor |
| Quicksilver Secured Rewards | 27.24% (variable) | $200 | $200–$3,000 | 1.5% cash back | Fair |
Capital One Secured Credit Card Important Details
For a detailed review of each Capital One credit card, click the card name below.
Should I Get a Capital One Secured Credit Card?
FinanceJar verdict
Capital One secured credit cards are a good option for building or rebuilding credit, especially for frequent travelers.
Both types of Capital One secured cards can help credit-conscious borrowers boost their credit scores through the Capital One suite of credit-monitoring and account management services. Furthermore, the lack of annual and foreign transaction fees coupled with the additional travel features make both cards appealing options.
However, if you’re likely to carry a balance from month to month on your card, the high APR could dissuade you from opening a Capital One secured card. And while the Quicksilver offers a flat rate of 1.5% cash back, the rewards are limited to non-existent with these cards. Rewards seekers may have better luck looking for other cashback cards.
If you’re not set on a Capital One secured credit card, consider looking into these alternatives:
Who is a Capital One secured credit card for?
Capital One secured credit cards can most benefit the following types of borrowers:
- Borrowers with no credit history: New borrowers or those with limited credit histories can qualify for a Capital One secured credit card. Both cards can be valuable tools in building up your credit score, as Capital One reports activity to the major credit bureaus, and offers you credit score tracking assistance.
- Frequent travelers with less-than-perfect credit: While a Capital One secured card shouldn’t be your first choice of travel credit cards if you have good credit, they’re decent travel cards that are available to limited-credit borrowers. Both cards boast no foreign transaction fees and travel protections, including travel accident insurance and 24-7 travel assistance.
- Eager borrowers with limited funds: If you need a credit card fast, are worried about your approval odds, and are strapped for cash at the moment, the Platinum card is a good option. Secured credit cards are generally easier to qualify for, but they often require security deposits equal to your initial credit limit. With the Platinum card, you can potentially only pay $49 for a credit limit of $200.
FAQs About Capital One Secured Credit Cards
1. Is Capital One secured credit card activity reported to the credit bureaus?
Yes, Capital One reports your credit activity to all three major credit bureaus: Equifax, Experian, and TransUnion.
Credit reporting is a major factor in building up your credit score, so any reporting helps credit builders establish a history, but reporting to all three bureaus helps build credit even faster.
Keep in mind that, as your borrowing activity (such as your balance, late payments, penalties, etc.) will be reported monthly, you need to make your minimum monthly payments on time to ensure your credit score improves rather than suffers.
2. How do I apply for a Capital One secured credit card?
You can apply directly for a Capital One secured credit card online. Before applying, you can also see if you’re pre-approved for any of the cards.
If you’re not in a hurry, we recommend checking if you’re pre-approved, so you can avoid an unnecessary hard inquiry on your credit report if you’re likely to get rejected for your card of choice.
3. How do I pay my Capital One secured credit card bill?
You can pay your Capital One secured credit card bill in any of the following ways:
- Online: By enrolling in Capital One’s online banking service, then logging into your account.
- In the app: By enrolling in Capital One’s mobile banking service, then logging into the app.
- Over the phone: By calling the number on the back of your card.
- By mail: By sending a check to the address on your latest credit card statement.
