The Capital One Secured Card deposit requirement is $49, $99 or $200. Capital One picks the deposit amount, not applicants for the card. But everyone approved for the Capital One Secured Mastercard starts with a $200 credit limit, regardless of whether they are required to place a security deposit of $49, $99 or $200.
The Capital One Secured Card’s maximum deposit amount is $1,000. You can deposit more than Capital One requires, but you must do so within 80 days of being approved for an account and before activating your card. Anything you put down in excess of Capital One’s required deposit will increase your starting limit by the same amount. For example, if you are required to place a $200 deposit but put down $400 instead, your limit would be $400. Or, if you’re required to put down $99, a $299 deposit would give you a limit of $400.
Which of the three Capital One Secured deposit amounts you’re required to put down depends on your credit, income and debt. Because of that, you pay the deposit after you’re approved. In contrast, most other secured cards require your deposit when you apply. Most secured cards won’t give you a spending limit that’s higher than your deposit, either.
Ultimately, Capital One Secured is an excellent card for people who need to build or rebuild their credit. It’s unique in the fact that it can be partially secured, with a credit line greater than the deposit. And there’s no annual fee. So even if you don’t use the card, you can still build credit for free. To top it off, you can get a higher credit line by paying on time and eventually graduate to an unsecured card.