A secured credit card is a type of credit card that offers you an opportunity to build or rebuild your credit with responsible use. This card type requires a refundable security deposit that’s held as collateral while the account remains open, similar to the security deposit given to a landlord to rent an apartment. No interest is applied to the security deposit.

Once you’re approved, all it takes to get started is a minimum required security deposit, which you can pay all at once or with installments over the next 35 days. You can make your security deposit online via the link sent to your email or in your approval letter. When you’ve made your minimum required security deposit, your account will be opened.

There are two ways your security deposit can be refunded. First, you can earn back your deposit if your card issuer upgrades you to an unsecured card after you’ve demonstrated your ability to use your secured card responsibly. Second, we will refund it when you close your account and pay your balance in full. Your card status will be regularly reported to the three major credit bureaus.

Unlike a prepaid card, a secured card is an actual credit card that reports to the three major credit bureaus—providing the opportunity to build your credit with responsible use. Prepaid cards are more like debit cards and can’t help you build your credit because they don’t report to the major credit bureaus.

No. Your Capital One Platinum Secured credit card won’t have the word “secured” on it. It will look just like other Capital One credit cards.

Your security deposit is held as collateral against the credit line on your Platinum Secured credit card. There are two ways your security deposit can be refunded. First, you can earn back your deposit as a statement credit by using your card responsibly, or second, we will refund it when you close your account and pay your balance in full. Your card status will be regularly reported to the three major credit bureaus.

If you are approved for a Platinum Secured credit card, you’ll be required to pay a refundable security deposit online. All deposits must be at least $20 and in whole-dollar increments and funded through an electronic funds transfer from a bank account—cash, checks, and other money transfer methods are not accepted. You can make your required deposit via the link sent to your email or in your approval letter.

Yes. You can make partial payments but you need to make your full, required deposit within 35 days of being approved for a Platinum Secured credit card. Once we’ve received your required deposit, your card will be on its way. All deposits must be at least $20 and in whole-dollar increments.

You must make your required security deposit payment within 35 days of being approved. If you don’t make your required deposit, we won’t be able to open your account and will return any partial deposits.

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 can help you avoid interest payments.

Yes. If your application is approved and you provide the minimum required security deposit prior to the expiration date, your account will be opened, and you will receive the minimum initial credit line of at least $200. To increase your initial credit line, simply deposit more than your minimum required security deposit within 35 days of being approved and before you activate your card. You can raise your initial credit line by the amount of your additional deposit, up to $1,000.

You may earn credit line increases based on your payment history and creditworthiness with no additional deposit needed. Learn more about how to increase your credit limit.

Capital One reports your credit standing to the three major credit bureaus. Credit standing includes information like whether you make your minimum payment in full and on time every month. A history of good credit standing can help build your credit. However, not making your minimum payments on time each month can damage your credit.