The Capital One Platinum Secured card functions like a normal credit card. You charge a purchase and then pay it off at the end of the billing period.
However, applying and getting approved for the Capital One Platinum Secured card is different than a normal credit card in that you’ll need a security deposit to secure the card. The security deposit for the card will range from $49 to $200 (depending on your creditworthiness) to receive a credit limit of $200.
This is because a secured credit card is designed for consumers who have no proven credit history or have bad credit. Once you’ve made 5 consecutive on-time payments, you will be considered for a higher credit limit.
Even with these restrictions, a secured credit card is a good vehicle for building or rebuilding your credit history because it reports your activity to all 3 credit bureaus.