Capital One® Platinum Secured Credit Card Review for 2023
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
Nancy Fernandez is a Credit Card and Insurance Expert at Fit Small Business, specializing in business credit cards and business insurance.
This article is part of a larger series on Best Small Business Credit Cards.
Capital One® Platinum Secured Credit Card is a secured business credit card best suited for those who are rebuilding their credit and can make a minimum refundable security deposit of $49. What makes it unique is that you can improve your credit score and be considered for a credit line increase within six months if you consistently make on-time payments. The card doesn’t charge annual and foreign transaction fees.
If you want to compare one card over another, choose a maximum of three cards on this page and click Add to compare to view their details in a side-by-side comparison.
Capital One® Platinum Secured
BEST FOR:
Rebuilding your personal credit
Intro APR
N/A
Regular APR
29.74% Variable
Annual Fee
None
Credit Needed
N/A
- No annual fee, and all the credit building benefits with responsible card use
- Unlike a prepaid card, it builds credit when used responsibly, with regular reporting to the three major credit bureaus
- You will get an initial $200 credit line after making a security deposit of $49, $99, or $200
- Get access to a higher credit line after making your first 5 monthly payments on time with no additional deposit needed
- Easily manage your account 24/7 with online access, by phone or using our mobile app
- It's a credit card accepted at millions of locations worldwide
Pros
- Doesn’t charge annual fees
- Requires only a minimum security deposit of $49 to get a credit line of $200
- Offers installments for the security deposit
- Reports to the three major credit bureaus and helps build your credit
Cons
- Doesn’t offer 0% introductory APR on purchases and balance transfers
- Requires a bank account to qualify
- Has no rewards for new and existing cardholders
- Review credit score via CreditWise®: Capital One offers unlimited access to CreditWise®, which lets you track your credit score in real time. Available for iOS and Android users, it will give you credit reports from TransUnion® or Experian® and personalized suggestions to help improve your credit score.
- $0 fraud liability: You won’t be held responsible for unauthorized charges if your card is lost or stolen.
- Emergency card replacement: If your card is lost or stolen, you can get an emergency replacement card.
- Account alerts via Eno: You can receive an alert if Capital One detects a potential mistake or unexpected charge, such as a potential duplicate purchase or a recurring bill increase.
Intro APR
N/A
Regular APR
29.74% Variable
Annual Fee
None
Credit Needed
N/A
- No annual fee, and all the credit building benefits with responsible card use
- Unlike a prepaid card, it builds credit when used responsibly, with regular reporting to the three major credit bureaus
- You will get an initial $200 credit line after making a security deposit of $49, $99, or $200
- Get access to a higher credit line after making your first 5 monthly payments on time with no additional deposit needed
- Easily manage your account 24/7 with online access, by phone or using our mobile app
- It's a credit card accepted at millions of locations worldwide
Pros
- Doesn’t charge annual fees
- Requires only a minimum security deposit of $49 to get a credit line of $200
- Offers installments for the security deposit
- Reports to the three major credit bureaus and helps build your credit
Cons
- Doesn’t offer 0% introductory APR on purchases and balance transfers
- Requires a bank account to qualify
- Has no rewards for new and existing cardholders
- Review credit score via CreditWise®: Capital One offers unlimited access to CreditWise®, which lets you track your credit score in real time. Available for iOS and Android users, it will give you credit reports from TransUnion® or Experian® and personalized suggestions to help improve your credit score.
- $0 fraud liability: You won’t be held responsible for unauthorized charges if your card is lost or stolen.
- Emergency card replacement: If your card is lost or stolen, you can get an emergency replacement card.
- Account alerts via Eno: You can receive an alert if Capital One detects a potential mistake or unexpected charge, such as a potential duplicate purchase or a recurring bill increase.
How We Evaluate Secured Business Credit Cards
When grading secured business credit cards like the Capital One® Platinum Secured Credit Card, we give the most weight to the annual fee and ongoing APR. We also consider the rewards, security deposit requirements, introductory APR, other fees, and additional features.
Grading Criteria | Card Score | Highest Possible Score |
|---|---|---|
Annual Fee | 25 | 25 |
Ongoing APR | 10 | 25 |
Introductory APR | 0 | 5 |
Introductory Rewards | 0 | 10 |
Ongoing Rewards | 0 | 10 |
Security Deposit | 10 | 10 |
Other Fees | 8 | 10 |
Additional Features | 5 | 5 |
Total Score | 58 | 100 |
Who the Capital One® Platinum Secured Credit Card Is Best For
- Those who are rebuilding credit: You’ll only need a minimum security deposit of $49 to get this card with a $200 credit line. The security deposit can be paid in full or in installments.
See our recommended alternatives below if this card doesn’t fit your business needs.
Capital One® Platinum Secured Credit Card Fees
APR
- Introductory: None
- Ongoing, balance transfer, and cash advance: 29.74% variable, which adjusts with the prime rate
Fees
- Minimum security deposit: $49, $99, or $200—opens your account with an initial credit line of $200, up to a maximum limit of $1,000
- Annual: None
- Transfer fees: 3% of the amount of each transferred balance that posts to your account at a promotional APR offered by Capital One
- Cash advance: Either $3 or 3% of the amount of each cash advance, whichever is greater
- Foreign transaction fees: None
- Late payment: Up to $40
Your due date is at least 25 days after the close of each billing cycle.
Capital One® Platinum Secured Credit Card Rewards
Capital One® Platinum Secured Credit Card doesn’t offer any rewards system for new and existing cardholders.
How To Make Payments on the Capital One® Platinum Secured Credit Card
- Online: Ensure that you’re enrolled in Capital One’s online banking site. Once logged in, select “Make a Payment” and enter the amount along with the date you want the payment posted.
- Capital One Mobile: Pay via the iOS and Android mobile banking app.
- Phone: Call (800) 227-4825 or the number found on the back of your card. Then, enter your card details when prompted, and follow the prompts to pay off your card.
- Nearest Capital One branch: You can pay your secured business credit card at the nearest Capital One branch during business hours.
- Mail: Send either a check or money order (not cash) to this address:
Capital One
Attn: Payment Processing
PO Box 71083
Charlotte, NC 28272-1083
- Overnight address: Alternatively, you can also send your payment to this overnight address:
Capital One
Attn: Payment Processing
6125 Lakeview Rd., Ste. 800
Charlotte, NC 28269
Capital One® Platinum Secured Credit Card Features
- Review credit score via CreditWise®: Capital One offers unlimited access to CreditWise®, which lets you track your credit score in real-time. Available for iOS and Android users, it’ll give you credit reports from TransUnion® or Experian® and personalized suggestions to help improve your credit score.
- $0 fraud liability: You won’t be held responsible for unauthorized charges if your card is lost or stolen.
- Emergency card replacement: If your card is lost or stolen, you can get an emergency replacement card.
- Account alerts via Eno: You can receive an alert if Capital One detects a potential mistake or unexpected charge, such as a potential duplicate purchase or a recurring bill increase.
Capital One® Platinum Secured Credit Card Alternatives
Bank of America® Business Advantage Unlimited Cash Rewards Secured Credit Card
Business Advantage Unlimited Cash Rewards Secured Credit Card
BEST FOR:
Those who cannot qualify for unsecured business credit cards
Intro APR
None
Regular APR
26.49%
Annual Fee
None
Credit Needed
Poor
- Earn unlimited 1.5% cash back on all purchases
Pros
- Doesn’t charge annual and foreign transaction fees
- Lets you earn unlimited rewards
- Can help you build your business credit score
Cons
- Minimum $1,000 security deposit is required
- Has no 0% introductory APR on purchases and balance transfers
- No sign-up bonus
- Overdraft protection: An optional service available to cardholders who have a Bank of America® business checking account. If you opt-in, link your credit card to your checking account (done through Balance Connect®, their overdraft protection service).
- Free access to your business credit score: You can view and monitor your Dun & Bradstreet business credit score free via Business Advantage 360, Bank of America®’s Small Business Online Banking.
- Travel and emergency services: Offers travel benefits, including $100,000 in travel accident insurance. You’ll also have access to additional services, such as auto rental insurance, emergency ticket replacement, lost-luggage assistance, and legal and medical referrals when traveling.
- Cash flow management tools: Bank of America® offers a suite of online services to help you manage your business.
- Zero liability protection: Protects you against unauthorized transactions. You’ll have additional protection for certain purchases against loss, damage, theft, and fire, and you can enjoy extended warranty coverage.
Intro APR
None
Regular APR
26.49%
Annual Fee
None
Credit Needed
Poor
- Earn unlimited 1.5% cash back on all purchases
Pros
- Doesn’t charge annual and foreign transaction fees
- Lets you earn unlimited rewards
- Can help you build your business credit score
Cons
- Minimum $1,000 security deposit is required
- Has no 0% introductory APR on purchases and balance transfers
- No sign-up bonus
- Overdraft protection: An optional service available to cardholders who have a Bank of America® business checking account. If you opt-in, link your credit card to your checking account (done through Balance Connect®, their overdraft protection service).
- Free access to your business credit score: You can view and monitor your Dun & Bradstreet business credit score free via Business Advantage 360, Bank of America®’s Small Business Online Banking.
- Travel and emergency services: Offers travel benefits, including $100,000 in travel accident insurance. You’ll also have access to additional services, such as auto rental insurance, emergency ticket replacement, lost-luggage assistance, and legal and medical referrals when traveling.
- Cash flow management tools: Bank of America® offers a suite of online services to help you manage your business.
- Zero liability protection: Protects you against unauthorized transactions. You’ll have additional protection for certain purchases against loss, damage, theft, and fire, and you can enjoy extended warranty coverage.
- Bank of America® Business Advantage Unlimited Cash Rewards Secured Credit Card is a viable alternative secured business credit card for those wanting cash back rewards
- Lets you earn 1.5% cash back on all purchases
- Doesn’t charge annual fees
- Requires a security deposit of at least $1,000
- Is our leading secured business credit card and our business credit card for bad credit
Union Bank® Business Secured Visa® Credit Card
Union Bank® Business Secured Visa® Credit Card
BEST FOR:
Low annual percentage rate (APR)
Intro APR
16.99%
Regular APR
16.24% variable for purchases and balance transfers
Annual Fee
$30
Credit Needed
Bad to Excellent
- Grow your company with a secured credit limit of up to $25,000.
- With a low $30 annual fee, keep your company’s money at work where it matters most.
Pros
- Low annual fee
- Owners with bad credit can apply
- Fixed ongoing APR
Cons
- With security deposit
- No interest-free financing option
- No rewards for new and existing cardholders
- High balance transfer and cash advance fees
- Mobile access: Enjoy 24/7 access to mobile site to allow you to access your account wherever and whenever safely and securely
- Swipe smarter: This card features advanced technology for enhanced safety and protection against fraud
- Customized account alerts: Tailor your banking experience to include customized account alerts keeping you updated and informed
- Auto rental collision damage: You’re covered for damage due to collision or theft
- Zero fraud liability: You won’t be held responsible for unauthorized charges made with your account or account information
Intro APR
16.99%
Regular APR
16.24% variable for purchases and balance transfers
Annual Fee
$30
Credit Needed
Bad to Excellent
- Grow your company with a secured credit limit of up to $25,000.
- With a low $30 annual fee, keep your company’s money at work where it matters most.
Pros
- Low annual fee
- Owners with bad credit can apply
- Fixed ongoing APR
Cons
- With security deposit
- No interest-free financing option
- No rewards for new and existing cardholders
- High balance transfer and cash advance fees
- Mobile access: Enjoy 24/7 access to mobile site to allow you to access your account wherever and whenever safely and securely
- Swipe smarter: This card features advanced technology for enhanced safety and protection against fraud
- Customized account alerts: Tailor your banking experience to include customized account alerts keeping you updated and informed
- Auto rental collision damage: You’re covered for damage due to collision or theft
- Zero fraud liability: You won’t be held responsible for unauthorized charges made with your account or account information
- Union Bank® Business Secured Visa® Credit Card is an excellent alternative if you need to carry a balance
- Charges a minimum regular APR of 16.24% on purchases and balance transfers
- Requires a security deposit of anywhere from $500 to $25,000
- Doesn’t offer card-specific rewards
- Is one of our top secured business credit cards and business credit cards for bad credit
Discover it® Secured Card
Discover it® Secured
BEST FOR:
Business owners who need help rebuilding personal credit
Intro APR
N/A
Regular APR
25.24% variable
Annual Fee
$0
Credit Needed
N/A
- No annual fee, earn cash back, and build your credit with responsible use.
- It's a real credit card. You can build a credit history with the three major credit bureaus: Equifax, Experian, and TransUnion.
- Establish your credit line by providing a refundable security deposit from $200 to $2,500 after being approved. Bank information must be provided when submitting your deposit.
- Automatic reviews starting at eight months to see if we can transition you to an unsecured line of credit and return your deposit.
- 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. In addition, earn an unlimited 1% cash back on all your other purchases―automatically
- Get 100% US-based customer service & get your free Credit Scorecard with your FICO® Credit Score
- We match all the cash back you've earned at the end of your first year automatically.
- Receive Free Social Security number alerts—Discover will monitor thousands of risky websites when you sign up.
Pros
- Ongoing cash back
- No annual fee
- Automatic monthly account review
Cons
- Security deposit is required
- No 0% APR period
- High ongoing APR
- Updated FICO credit scores: You can get FICO® credit score, key factors, and other credit information on Discover.com and your statement.
- Data privacy: Remove personal information from selected people-search sites that may sell your data.
- Freeze it®: Freeze your account within seconds in the event you have misplaced your physical card
Intro APR
N/A
Regular APR
25.24% variable
Annual Fee
$0
Credit Needed
N/A
- No annual fee, earn cash back, and build your credit with responsible use.
- It's a real credit card. You can build a credit history with the three major credit bureaus: Equifax, Experian, and TransUnion.
- Establish your credit line by providing a refundable security deposit from $200 to $2,500 after being approved. Bank information must be provided when submitting your deposit.
- Automatic reviews starting at eight months to see if we can transition you to an unsecured line of credit and return your deposit.
- 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. In addition, earn an unlimited 1% cash back on all your other purchases―automatically
- Get 100% US-based customer service & get your free Credit Scorecard with your FICO® Credit Score
- We match all the cash back you've earned at the end of your first year automatically.
- Receive Free Social Security number alerts—Discover will monitor thousands of risky websites when you sign up.
Pros
- Ongoing cash back
- No annual fee
- Automatic monthly account review
Cons
- Security deposit is required
- No 0% APR period
- High ongoing APR
- Updated FICO credit scores: You can get FICO® credit score, key factors, and other credit information on Discover.com and your statement.
- Data privacy: Remove personal information from selected people-search sites that may sell your data.
- Freeze it®: Freeze your account within seconds in the event you have misplaced your physical card
- Discover it® Secured Credit Card is a great option for those needing to rebuild credit and spending up to $1,000 on gas and dining every quarter
- Lets you earn 2% cash back on purchases made at gas stations and restaurants on up to $1,000 in combined purchases each quarter and an automatic unlimited 1% cash back on all other purchases
- Requires a security deposit ranging from $200 to $2,500 to qualify
- Is one of our of preferred secured business credit cards and business credit cards for bad credit
For more options, see our guides on the best Capital One business credit cards and leading small business credit cards.
Bottom Line
Capital One® Platinum Secured Credit Card is a great secured business credit card if you’re either in the process of rebuilding or building your business credit. It only requires a minimum security deposit of $49 to open an account, which you can either pay one-time or in installments over the next 35 days. Note that other secured business credit cards offer cash back rewards, and lower regular APRs on top of letting you build back your credit.
