Is Capital One Platinum a secured credit card?

Your Capital One Secured Credit Card limit will be at least $200, depending on how much you deposit. You will be required to deposit $49, $99 or $200, based on your credit history and ability to pay. But any amount you deposit above what’s required will increase your minimum $200 limit by the same amount. For example, if you have to place a $200 deposit but put down $300 instead, your limit will be $300. And if you’re asked to put down $99 but give $199, your limit will also be $300. … read full answer

After you’re approved, you send in your deposit and that amount becomes your credit limit. You can also add as much as you’d like, up to $1,000 total, within the next 80 days. After that, you can’t simply add to your deposit and increase your credit limit at will. Capital One says they may increase your limit if you pay your bill on time for at least five straight months.

Here’s how the Capital One Secured Credit Card limit works:

• The minimum Capital One Secured credit limit is $200, no matter what your minimum security deposit is: $200, $99 or $49.
• You can increase your Capital One Secured Card’s limit by adding to your required security deposit within 80 days of opening your account. Anything you pay over the minimum increases your limit by the same amount, up to $1,000 total.
• If you make your first five monthly payments on time, Capital One may give you a higher credit limit. It’s not a guarantee, though.
• It’s not a credit limit increase, but you can get more out of your Capital One Secured Card by paying it off multiple times a month. This will free up your credit line for more spending.

Just remember that it’s not the best idea to use up all of your available credit. Ideally, you’ll want to shoot for less than 30% to make sure that there’s a positive impact on your credit score.

You cannot ask for a Capital One secured to unsecured graduation, but graduation is definitely possible. The first option when it comes to graduating is the Capital One Platinum, which is a reasonable no-annual fee credit card.

So hang in there, and keep making those payments!