A secured card is a type of credit card account that requires a refundable security deposit to open, but works the same as other credit cards when you make a purchase. With responsible use and on-time payments, a secured credit card could help you build or rebuild your credit.
Making security deposit
Upon being approved for a secured credit card account, you must make a security deposit within the first 35 days. This deposit is held while you use your card and is refundable once your card becomes unsecured or your account is closed. You can make your deposit online or over the phone, and you can do it all at once or in installments of at least $20.
The credit limit and required deposit vary by card. You may be able to increase your credit limit by depositing more than the minimum required, up to the maximum deposit amount, as long as you deposit it within the 35-day funding window before your new card is activated. It can take up to 7-10 business days for your deposit to clear your bank account and establish or increase your credit limit. Check your card’s terms and conditions for specific requirements.
Upgrading to a traditional credit card
Upgrading to a traditional credit card means that you are no longer required to have a security deposit. Capital One periodically reviews your eligibility for upgrading from a secured card to a traditional card. Upgrade requirements vary by card. Your card can’t be upgraded by request—if your account becomes eligible, you’ll be notified by mail.
Security deposit refunds for secured cards
Your deposit may be returned to you if:
- We upgrade your account and no longer require a security deposit. At the time of upgrading to a traditional card, your security deposit is returned to you as a statement credit.
- Your account is closed. If your account is closed, your deposit will be applied to your account balance within 7-10 days. If your deposit is greater than your account balance, remaining funds will be refunded to you by check after two billing cycles. Make sure your mailing address and contact information are up to date to ensure the check reaches you.
If your deposit does not cover your account balance, you’ll need to make payments until the balance reaches zero.
- We don’t receive the minimum security deposit in time. If we don’t receive the minimum required security deposit within the timeframe outlined in your funding letter, the account can’t be opened, and we'll return any partial security deposit you already provided via the Automated Clearing House (ACH). If ACH is unavailable, the deposit will be returned in the form of a mailed check.
Will I get my security deposit back if I close my secured card account?
If you close your account, your deposit will be applied to your account balance within 7-10 days.
If your deposit is greater than your account balance, remaining funds will generally be refunded to you by check after two billing cycles.
If your deposit does not cover your account balance, you’ll need to make payments until the balance reaches zero.
You can check if your deposit has been returned by looking for it in the mail or on your next credit card statement.
Verify your contact information is up to date to ensure the check reaches you.
Can I upgrade my secured credit card to a traditional unsecured card?
A secured card can’t be upgraded to a traditional unsecured card by request.
Capital One periodically reviews eligibility, and if your account becomes eligible for a traditional card, you’ll be notified by mail.
Policies and requirements for upgrading to a traditional card vary by card terms and conditions.
Verify your contact information is up to date to ensure the notification reaches you.
How will I receive the security deposit refund for my secured card?
If your secured card is upgraded to a traditional card, your deposit will be returned to you as a statement credit and automatically applied to your balance.
If your account is closed, your deposit will generally be applied to your account balance within 7-10 days.
If your deposit is more than your account balance, remaining funds will generally be refunded to you by check after 2 billing cycles.
If we don’t receive the minimum required security deposit within the timeframe outlined in your funding letter, the account can’t be opened.
We'll return any partial deposit you already provided via the Automated Clearing House (ACH) or mailed check if ACH is unavailable.
Check if your deposit has been returned by looking for your deposit in the mail or on your next credit card statement.
Verify your contact information is up to date to ensure the check reaches you.
How do I make a security deposit for my secured card?
When opening a secured credit card account, you must make a security deposit within the first 35 days. This deposit is held for the life of your account.
You must make your deposit online or over the phone, and you can do it all at once or in installments of at least $20.
Your security deposit is refundable if upgraded to a traditional unsecured card or your account is closed.
