Can I put $10,000 on a secured credit card? This question is about Secured Credit Cards

Can I put $10,000 on a secured credit card?

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This question is about Secured Credit Cards

Adam McCann, Financial Writer

@adam_mcan • 02/28/23 This answer was first published on 02/28/23. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Yes, you can put $10,000 on some secured credit cards. For example, the Chime Credit Card allows customers to put down a deposit of $200* to $10,000, in return for a spending limit equal to their deposit amount.

Secured Credit Cards That Let You Deposit $10,000 or More

$10,000 Maximum: Chime Credit CardChime Credit CardLearn MoreLearn More
$10,000 Maximum: Business Advantage Unlimited Cash Rewards Secured credit cardBusiness Advantage Unlimited Cash Rewards Secured credit cardLearn MoreLearn More
$10,000 Maximum: Wells Fargo Secured Credit CardWells Fargo Secured Credit CardLearn MoreLearn More
$10,000 Maximum: OneUnited Bank Unity Secured Credit CardOneUnited Bank Unity Secured Credit CardLearn MoreLearn More
$25,000 Maximum: First Tech Federal Credit Union Platinum Secured Mastercard®First Tech Federal Credit Union Platinum Secured Mastercard®Learn MoreLearn More

A secured credit card is a type of credit card that requires you to put down a security deposit to secure the credit line. The amount of the security deposit typically becomes your credit limit, and you can use the card like a regular credit card to make purchases and build your credit history. Secured credit cards have a minimum deposit requirement, often as low as $200 to $300, and have a maximum deposit set by the issuer. The deposit is fully refundable when you close the account with a $0 balance.

It’s worth considering that if you have a high income that allows you to put down $10,000 on a secured card, you may have luck qualifying for an unsecured card that won’t tie up your cash until you close the account. To find the best card for your situation, you can compare credit cards on WalletHub.

Answer Question

Which secured credit card has the highest limit?

The highest limit secured credit card is the First Tech Federal Credit Union Platinum Secured Mastercard® because it gives you a credit line of up to $25,000 if you deposit the same amount. Credit limits on secured cards usually match the security deposit. So, the highest credit limit you can get depends on how much you put down. Most secured credit cards specify an upper limit for how much you are allowed to deposit.

Secured Credit Cards with the Highest Limits

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What's a good deposit amount for a secured credit card?

Most secured credit cards require a deposit of at least $200. And the minimum deposit required is always a good place to start. Simply opening an account is the most important thing at this point, as it will allow you to begin rebuilding your credit. In other words, depositing the minimum lets you get started right away without having to worry about giving up too much cash.

Plus, the beauty of using a secured...

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Should you put a lot of money on a secured credit card?

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