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Capital One Platinum Secured Credit Card
No annual or hidden fees. Start with a refundable deposit from R900 to unlock a R3,700 credit line. Great for building credit wisely and fast approval.
The Capital One Platinum Secured Credit Card is an accessible credit solution for anyone looking to rebuild or build their credit score. With no annual or hidden fees, you can get approved in seconds. The card features a refundable security deposit starting from just R900, unlocking a minimum credit line of R3,700. If you use the card responsibly and pay on time, you may secure a higher limit in as little as 6 months without any extra deposit.
How to apply: Step-by-step
- Check if you pre-qualify online for the card in just seconds.
- Choose the refundable deposit amount starting from R900, based on your application.
- Fill out your basic information and agree to the application terms.
- Wait for an instant decision. Approval is fast with most applicants.
- Upon approval, fund your deposit and access your credit line right away.
Benefits of This Card
The key advantage is no annual fee, making it affordable to maintain over time. Monthly account and mobile bank access is included, so you can track your spending and payment history easily. Additionally, your responsible card use will be reported to credit bureaus, helping to boost your credit score.
Another strong point: your deposit is refundable and you could get it back as a statement credit by managing your card well. Enjoy 24/7 account access and CreditWise tools to help manage your credit proactively.
Drawbacks to Consider
One possible drawback is the variable APR, which runs at 29.49%. Missing payments or carrying a large balance could mean costly interest charges. To avoid this, paying off your balance monthly is best.
Additionally, an initial deposit is required to get started. If your budget is tight, even a small deposit might be a challenge for some applicants.
Final Verdict
The Capital One Platinum Secured Credit Card offers genuine value for those wanting to rebuild credit reputably. The lack of annual fees, refundable deposit, and easy upgrade path to a higher limit make it a wise choice when used responsibly. It’s a strong contender for South Africans with limited or poor credit histories seeking a fresh start.
