Yes, you can put $5,000 on a secured credit card if the card’s maximum security deposit amount is at least that high. Most secured cards do not allow deposits of $5,000 and above, though there are some cards like the Chime Credit Card and the Secured Sable ONE Credit Card that will. Both of these secured cards permit deposits up to a maximum of $10,000.
Popular Secured Credit Cards with High Maximum Deposit Amounts
Secured credit cards are designed for people with bad credit, so you will have to put up a refundable security deposit to serve as collateral on the account. Usually, the amount of your deposit also becomes your credit limit. In some cases, if you manage your account responsibly, you may be eligible for a credit limit increase without adding any money to your deposit.
Yes, you can put more money on your secured credit card, either by contacting customer service or by making a request through your online account. However, different issuers have different policies about credit limit increases on secured cards.
Putting More Money on Your Secured Credit Card: Things to Know
Some credit card issuers require that you make additional deposits, up to the maximum amount allowed before the account opens.… read full answer
There might be a cap as to how much you can deposit. So, it’s always better to check your card’s deposit limits with the issuer.
If you make several consecutive timely payments, some issuers may increase your limit without an additional deposit.
Keep in mind that the amount of your deposit determines your credit limit. At the same time, the deposit serves as collateral for the issuer should you default on the account.
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