Your Questions Answered
Learn More About Secured Credit Cards
- What is a secured credit card?
- A secured credit card works like any other credit card, except it requires a non-interest-bearing security deposit that is held as collateral for your account. As a cardholder, your status is regularly reported to the three major credit bureaus. Based on your payment history and creditworthiness, you may qualify for a future credit line increase with no additional security deposit required. As an added benefit of this card, you can monitor your credit with enrollment in CreditInform®, a service that provides you access to a credit score as well as credit tools and information.
- How does the Capital One Secured Card work?
Once you're approved, all it takes to get started is a minimum, refundable security deposit, which you can pay all at once or over time. You can make your security deposit online or over the phone. When you've made your minimum security deposit, your card will be sent to you with an initial credit line of $200. If you want to increase your credit line, simply deposit more than your minimum security deposit and your line will increase equal to your additional deposit up to your maximum approved credit line.
Your card status will be regularly reported to the three major credit bureaus. Based on your payment history and creditworthiness, you may qualify for a future credit line increase with no additional security deposit required.
- How is the Capital One Secured Credit Card different from a prepaid card?
- A secured card is a credit card. We report payment information to the three major credit bureaus—providing the opportunity to build your credit with responsible use. Missing payments may hurt your credit score. Prepaid cards are not like secured credit cards. Prepaid cards are more like debit cards. Since they do not report to the major credit bureaus, prepaid cards cannot help you build your credit.
- Will my Capital One Secured Credit Card say "secured" on it?
No. Your Capital One Secured Credit Card will not say "secured" on it. It will look the same as any other Capital One credit card. And you can even customize it with an image of your choice.
Applying for your card
- How is the Capital One Secured Credit Card different from other secured cards out there?
Some secured credit cards charge higher rates and fees. The Capital One Secured Credit Card offers you competitive terms—and as an added benefit of this card, you can monitor your credit with enrollment in CreditInform®, a service that provides you access to a credit score, as well as other credit tools and information.
- Can I be declined for the Capital One Secured Credit Card?
Yes. As with any credit card, there are certain conditions that could cause you to be declined for this credit card.
- I'm ready to apply for the Capital One Secured Credit Card; what do I need to do?
Just click the “Apply Now” button on this page.
Making your security deposit
- Why does Capital One require a security deposit?
The security deposit is used as collateral against your credit line. The security deposit is only refundable if you close your account and pay your balance in full.
- How can I pay the security deposit for my Capital One Secured Credit Card?
If you are approved, you will be given a customer number, which is your unique identifier that you'll need to include when you pay a security deposit online or over the phone. All deposits must be at least $20 and in whole dollar increments. You must be able to fund through an electronic funds transfer from a bank account.
- Can I pay my security deposit over time?
Yes, you can make partial payments as you are able. Just make sure you’ve made your full minimum deposit within 80 days of being approved. Once we’ve received your deposit, your card will be on its way. All deposits must be at least $20 and in whole dollar increments.
- Can I submit more than the minimum security deposit for my Capital One Secured Credit Card?
Yes. You may choose to submit up to your maximum approved credit line. You can do this all at once or over time. All deposits must be at least $20 and in whole dollar increments.
- What happens if I don't send in the deposit for my Capital One Secured Credit Card?
You must pay your minimum security deposit within 80 days of being approved. If you do not meet this deadline, the offer will expire and we will not be able to open an account for you.
Using your Capital One Secured Credit Card
- Where can I use the Capital One Secured Credit Card?
Use it any place MasterCard® credit cards are accepted, such as retail stores, restaurants and websites.
- Does my security deposit cover the monthly payments for charges I make to my Capital One Secured Credit Card?
No, you must still make at least your minimum monthly payment each month. Paying your credit card balance in full each month instead of carrying a balance is a good idea.
- How can I increase my line?
- Your minimum security deposit gets you a $200 credit line. For every dollar you deposit above that, you get an additional dollar toward a larger credit line—up to your maximum approved credit line. You may also earn a credit line increase based on your payment history and creditworthiness.
- Why is it so important to use credit responsibly?
Everyone—from landlords to future employers—wants to see how you look on paper. A good credit history means you could get better rates on loans for things like a car and even a home. And that can wind up saving you money on interest.
- What gets reported to the credit bureaus?
Capital One reports your credit standing to the three major credit bureaus. Credit standing includes things like whether you make your full minimum payment on time every month. A history of good credit standing can help build your credit. Not making your minimum payments on time each month can damage your credit.
- Where can I learn more about taking charge of my finances?
Capital One has great financial management tips at capitalone.com/financial-education.
- How do you apply my payments?
We apply your minimum payment to lower rate balances before higher rate ones. We apply any portion of your payment in excess of your minimum payment to higher rate balances before lower rate ones. If your payment exceeds the minimum payment by an amount sufficient to pay a higher rate balance shown on your statement, you still may have a balance at that higher rate on your next statement as a result of transactions, interest, or fees charged to your account before your payment was credited. For example, if your monthly statement shows a $1,000 balance for cash advances, sending in a check for $1,000 plus your minimum payment amount may not bring your cash advance balance to $0. This is because interest continues to accrue on the $1,000 balance between the last day of the statement and the date we receive your payment, but the interest does not post to your account until the next statement.
|Purchase APR||22.9% variable APR|
|Transfer Info||22.9% variable APR; No Transfer Fee|
|Minimum Security Deposit||$49, $99 or $200 refundable deposit based on your creditworthiness|
|Credit Line||$200 - $3,000. Minimum security deposit gets you a $200 line. Deposit more to increase your line.|
|Additional||Rates & Disclosures|
MasterCard® is a registered trademark of MasterCard International Incorporated.