Capital One Platinum Secured does not have a sign-up bonus or any ongoing rewards. The main benefits of having the Capital One Platinum Secured Card are that it has a $0 annual fee and it's great for credit-building.
To get a Capital One Platinum Secured card security deposit refund, you will either need to close your account and pay your balance in full, or you can earn it back as statement credit by using your card responsibly and graduating to an unsecured card. Capital One Platinum Secured deposit refunds are sent to you as checks in approximately two billing cycles. If you have an unpaid balance or owe any fees, Capital One will deduct the amount owed from your deposit refund. … read full answer
Capital One may also refund a secured card deposit if the card graduates to an unsecured card. Capital One periodically reviews accounts and upgrades select Capital One Platinum Secured accounts to unsecured Capital One Platinum Credit Card accounts. In this case, your deposit refund will be credited directly to the unsecured card account within two billing cycles. You will also receive an email or letter informing you that you have been upgraded to an unsecured Capital One Platinum account.
No, Capital One Platinum is not a secured credit card. That means customers do not have to put down any collateral to receive the card. Secured credit cards require cardholders to deposit money in a bank account managed by the issuer of the card. This deposit is refundable when the cardholder closes the card. While the card is active it serves as a guarantee the issuer will get paid back for debts on the card. Since Capital One Platinum is unsecured, there’s no need to worry about this.… read full answer
Capital One does have a secured credit card, though. While Capital One Platinum is best suited for people with no credit history or fair credit, the Capital One Platinum Secured Credit Card is the ideal choice for people with bad credit. Since it requires collateral, it’s easy to qualify for. In addition, Capital One Platinum Secured is unique in that even though the minimum deposit can be $49, $99 or $200, depending on your creditworthiness, every cardholder is guaranteed at least a $200 starting limit.
You can add money to a Capital One Platinum Secured card either through the Capital One deposit page online or by calling their dedicated line, within 35 days of approval. For online deposits, enter your zip code and the last four digits of your Social Security number.
Here’s what you need to know about adding money to a Capital One Platinum Secured deposit:… read full answer
How to do it: You can add money either online or by calling the Capital One Platinum Secured dedicated line within 35 days of approval. Adding money online requires you to enter your ZIP code, the last four digits of your SSN, and the customer number you received when you were approved. If you don’t have the customer number, simply call customer service to make a deposit by phone.
Minimum deposit: You can add up to a $1,000 total limit, but you must first meet the required minimum deposit. Minimum deposits will be $49, $99 or $200, depending on the specifics of your credit. Regardless of the minimum deposit amount, the Capital One Platinum Secured card guarantees an initial credit limit of $200.
Additional deposits: Any money you add to your Capital One Platinum Secured card above the minimum amount required will raise the card’s credit limit by that same amount. So if you pay an additional $300 on top of your original deposit, the new credit limit will be $500. The maximum overall limit is $1,000 and any additional deposits must be made within 25 days of approval, in multiples of $20.
Payments are made electronically through your bank account. Capital One does not accept cash payments or checks. Once you’ve paid the full minimum deposit, your Capital One Platinum Secured car will be mailed within 2-3 weeks.
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