Transcription
Are you looking for a secure credit card that's actually going to help boost your credit score? That's what we're going to talk about in today's video. Welcome everyone, I'm Pocket Gangster and I love talking about credit cards. If you want to see more videos like this in the future, don't forget to subscribe as well as like the video.
Today we're going to be talking about the Capital One Platinum Secure Credit Card. What is a secure credit card anyway? Well, basically, it's just like a traditional credit card, except you are giving the bank, and in this case Capital One, a security deposit. The security deposit determines how much your credit limit is going to be. So, if I give Capital One two hundred dollars, they then hold that money and I actually have a credit limit of 200. But I can give them more. The limit on this card is a bare minimum of two hundred dollars and up to one thousand dollars. Higher deposit, I then have a higher spending limit, which means I can spend more and keep my credit utilization overall much lower, which then increases my credit score overall.
But what if you don't have two hundred dollars? I know that's a lot of money for most people out there. And that is where the Capital One Platinum Secure Credit Card actually comes into play. You see, with this card, if you don't have two hundred dollars, you can actually fill out the form online and if you qualify, you'll either have to give them two hundred dollars, ninety nine dollars, or potentially forty nine dollars and still get a credit limit of up to two hundred dollars. Do keep in mind that there are no fees when using this card, which is actually really cool.
Now, what if I want to spend more money with this card? You'll be considered for review within as little as six months, meaning they'll see if you meet the requirements and potentially give you a higher credit limit. Do keep in mind this card is also going to report to all three major credit bureaus: TransUnion, Equifax, and Experian, which is good in order for you to build your credit score.
If I forget to pay my credit card statement, that could be a big problem. But you can set up auto pay within the app to make sure that you are never late. You will also get security alerts via text message, email, or phone. If you believe that you've lost your card, you can actually lock the card within the app. You can also use CreditWise and you can see your TransUnion and your Experian score for free.
Capital One is going to take it a step further. If you go on their website, you can actually click the pre-approval button and see if you qualify to get this card without having a hard credit pull. That is actually very important to remember if you are looking to get a secure credit card but you don't want to have any negative impact on your credit score.
So here are my final thoughts. If you're looking for a credit card that's going to boost your credit score as well as give you access to your TransUnion and Experian credit score for free, this card is actually a plus. And more importantly, this card is going to get a 4 out of 5 stars just because you can actually give Capital One forty nine dollars or ninety nine dollars and still possibly get a two hundred dollar credit limit, which is unheard of compared to other companies out there. But if you're looking for a secure credit card that's going to give you cash back, that is where this card is actually going to fall behind compared to other competitors like Discover Bank.
I would love to hear everyone's thoughts and opinions about this card and if you think it's actually worth getting. Let me know down in the comment section below. And don't forget to subscribe to the channel for more videos like this in the future and give this video a thumbs up for the YouTube algorithm. Thank you for watching.