Additional information of Platinum Secured card
Secured credit cards are an excellent option to start building your credit score or improve it if it is low. You can access them even if you have not started your credit history or if your credit score is very low.
By providing an initial deposit, the financial institution ensures that you will not be able to default, since if this were to happen, it would keep the money previously deposited.
This is how Capital One's Platinum Secured credit card works, through which you can make an initial deposit of up to $200 USD and enjoy a credit limit of $200 USD, even if you contribute less, since this is a promotion of the entity.
In addition, as you keep up with your card payments, you will be able to increase the available credit limit.
Periodically, Capital One Bank will inform the three main credit bureaus in the country so that your score can be updated. If you meet your monthly payments without delays, your credit score will increase and you will be able to access other more advanced financial products.
Other secured options are also available, such as the Bankamericard or the U.S. Bank secured visa card, which we also analyze in Busconómico so you can easily compare and choose.
Español: Tarjeta Platinum Asegurada de Capital One