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.
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Capital One® Platinum Secured
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Rebuilding your personal credit
- Overview
- Card Details
- Additional Features
On Capital One's Secure Website
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 annual percentage rate (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 annual percentage rate (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.
On Capital One's Secure Website
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 | 5 | |
Introductory Rewards | 10 | |
Ongoing Rewards | 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. Alternatively, you may check our roundup of the best Capital One business credit cards for more options from the issuing bank.
Capital One® Platinum Secured Credit Card Rewards
Capital One® Platinum Secured Credit Card doesn’t offer any rewards system for new and existing cardholders.
Capital One® Platinum Secured Credit Card Features
- 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.
- Credit reporting: Capital One reports to the three major credit bureaus—namely Equifax, Experian, and TransUnion—which can help create a history of transactions that can help build your credit.
- CreditWise: Receive alerts when your TransUnion or Experian credit report changes.
- Card lock: You can lock your card through the Capital One mobile app if it gets misplaced, lost, or stolen.
- $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.
Capital One® Platinum Secured Credit Card Fees
APR
- Introductory: None
- Ongoing, balance transfer, and cash advance: 30.74% 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 Mobile: Use the app to ensure you pay your balances in full each month.
- Phone: Call (800) 227-4825 or the number on the back of your credit card.
- Online: Log into your Capital One account and select “Make a payment.”
- Nearest Capital One bank: Visit the nearest Capital One branch.
- Mail: Send a check by United States mail using this address:
Capital One
Attn: Payment Processing
PO Box 71083
Charlotte, NC 28772-1083
- Overnight: When sending overnight, use this address:
Capital One
Attn: Payment Processing
6125 Lakeview Rd., Ste. 800
Charlotte, NC 28269
Capital One® Platinum Secured Credit Card Alternatives
First National Bank of Omaha Business Edition® Secured Mastercard® Credit Card
First National Bank of Omaha Business Edition® Secured Mastercard® Card
BEST FOR:
Secured credit lines of as much as $100,000
- Overview
- Card Details
- Additional Features
On First National Bank of Omaha's Secure Website
Intro APR
None
Regular APR
APR: 25.99% variable
Annual Fee
$39
Credit Needed
Very Poor to Good
- While FNBO does not offer any rewards for their new and existing cardholders for this card, you can still earn rewards through Mastercard Easy Savings®, where cardholders are able to save on purchases with automatic rebates from over 40,000 participating merchant locations available.
Pros
- Available for those with very poor to good scores
- Can set credit limits from $2,000 to $100,000
- Offers free management reports
Cons
- With annual fee
- Charges foreign transaction fee
- No introductory and ongoing rewards
- Requires a security deposit of 110% of the credit limit required
- TurboTax discount: Get a discount of up to $20 on TurboTax federal products when using First National Bank of Omaha Business Edition® Secured Mastercard®.
- QuickBooks Online or QuickBooks Self-Employed discount: Receive either a 30% off of a 12-month subscription on QuickBooks Online (Simple Start, Essentials, Plus, or Advanced) or a 30% off of a 12-month subscription on QuickBooks Self-Employed. This is applicable only to new QuickBooks Online customers.
- Free management reports: First National Bank of Omaha provides free management reports to help track expenses, monitor spending, note tax deductions, prepare tax filings, and predict costs easily.
- Zero liability: FNBO guarantees that you won’t be held responsible for any fraudulent charges made with both your card and account information.
Read Full Review
Intro APR
None
Regular APR
APR: 25.99% variable
Annual Fee
$39
Credit Needed
Very Poor to Good
- While FNBO does not offer any rewards for their new and existing cardholders for this card, you can still earn rewards through Mastercard Easy Savings®, where cardholders are able to save on purchases with automatic rebates from over 40,000 participating merchant locations available.
Pros
- Available for those with very poor to good scores
- Can set credit limits from $2,000 to $100,000
- Offers free management reports
Cons
- With annual fee
- Charges foreign transaction fee
- No introductory and ongoing rewards
- Requires a security deposit of 110% of the credit limit required
- TurboTax discount: Get a discount of up to $20 on TurboTax federal products when using First National Bank of Omaha Business Edition® Secured Mastercard®.
- QuickBooks Online or QuickBooks Self-Employed discount: Receive either a 30% off of a 12-month subscription on QuickBooks Online (Simple Start, Essentials, Plus, or Advanced) or a 30% off of a 12-month subscription on QuickBooks Self-Employed. This is applicable only to new QuickBooks Online customers.
- Free management reports: First National Bank of Omaha provides free management reports to help track expenses, monitor spending, note tax deductions, prepare tax filings, and predict costs easily.
- Zero liability: FNBO guarantees that you won’t be held responsible for any fraudulent charges made with both your card and account information.
Read Full Review
On First National Bank of Omaha's Secure Website
When To Consider First National Bank of Omaha Business Edition® Secured Mastercard® Credit Card
- You need a secured business credit card with a high credit limit: You can request a limit ranging from $2,000 to $100,000—subject to approval. Note that you will need to make a security deposit of 110% of your requested limit.
Other Benefits
- Lets you save on purchases through automatic rebates at over 40,000 participating merchant locations through the Mastercard Easy Savings®
- First National Bank of Omaha (FNBO) ensures that you won’t be held responsible for fraudulent charges made with your card.
- Offers free 24/7 online access to help manage your account, view transaction activity and history, pay your bills, set up alerts, and more.
Despite requiring a high security deposit, its high credit limit and ability to let you save up on purchases through Mastercard Easy Savings® are our reasons for recommending it as our top secured business credit card and one of our best small business credit cards.
Bento for Business Visa® Debit Card
Bento for Business Visa® Debit CardBEST FOR: Those who need robust spend controls | |
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Spending Limit | Load Limit |
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Costs | |
Monthly fees
Additional fees
Further details
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Read our Bento for Business Visa Debit Card Review | |
When To Consider Bento for Business Visa® Debit Card
- You prefer having ATM access: This business prepaid card lets you withdraw up to $500 per day at an ATM, with only the account owner having access to it.
Other Benefits
- Lets you make a maximum card purchase of $25,000 per day
- Other than the standard monthly fees depending on the number of cards needed, it does not charge any setup, debit, or additional fees
- Allows you to deposit via Bento Transfer up to a maximum of $10,000 per day
Its high daily purchase limit and the ability to withdraw from any ATM are our reasons for including it as our top-recommended business prepaid card, our best business credit card with no personal guarantee, and one of our recommended purchasing cards.
Emburse Spend Card
Emburse Spend CardBEST FOR: Earning unlimited cash back rewards | |
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Spending Limit | Load Limit |
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Costs | |
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Read our review of the Emburse Spend Card | |
When To Consider Emburse Spend Card
- You want to earn rewards: It lets you earn 1% cash back on all eligible purchases.
Other Benefits
- Provides the ability to create data-driven decisions that can help improve their financial health through Emburse Analytics
- Offers Emburse Spend—a free system that lets you track real-time expenses, categorize vendors, and either approve or deny transactions
This business prepaid card is one of our recommended small business credit cards and one of our preferred business credit cards for consultants because of its ability to let you earn fixed-rate cash back rewards.
Frequently Asked Questions (FAQs)
Yes. There are two ways in which you can refund your security deposit:
- Earn back your deposit as a statement credit by using your card responsibly.
- Refunding it after closing your account and paying your balances in full.
Yes. Partial payments can be made to your Capital One® Platinum Secured Credit Card. However, you need to make sure that you’ve made your full required deposit within 35 days of account approval. Note that a minimum deposit of $20 must be done in whole dollar increments.
If you do not make your required deposit within 35 days of account approval, Capital One will not open an account for you and will return any partial deposits.
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.
