You can pay your Capital One Platinum Secured card deposit online, or over the phone, by contacting Capital One customer service. Please note that security deposits can either come from a checking or savings account. Capital One does not accept mailed checks, money orders, or cashier's checks.
The deposit is due 35 days from the time your application is approved, and can be paid in installments of at least $20. Once the required security deposit is fully funded, you will receive your Capital One Platinum Secured card in 2 to 3 weeks (deposits can take up to 10 business days to process).
Here is how to pay your Capital One Platinum Secured card security deposit online:
Complete the fields on the "Welcome" page and click the "Make a Deposit" button.
Once your information is validated, you ill be presented with the "Make a Deposit" page, where you can view your deposit history, and if eligible, make new deposits.
If eligible, select the amount you would like to deposit ($20 minimum per transaction) and the type of bank account from which you wish to withdraw funds. Then click "next".
Enter your bank account information, including the bank routing number and account number, and click "Next".
Enter your billing information, including your name, address, and zip you use for your bank account. Click "Next".
Review the terms and click the "Agree" button.
Review the deposit summary page and click "Submit". A confirmation page will confirm your submission and provide you with a Confirmation Number which you should keep for your records.
Capital One Platinum Secured is considered a partially secured card, as its card limits start at $200, and may be larger than the security deposit. You will need to fund a minimum security deposit of $49, $99 or $200 (depending on the specifics of your credit) in exchange for the $200 credit limit.
There are two ways to increase your Capital One Platinum Secured credit limit: Depositing more money than required and consistently paying your monthly bill on time. The first option is available prior to account opening and the second after your account has been open for at least six months. I’ll walk you through both below.… read full answer
Increase Capital One Platinum Secured Credit Limit Options:
Over-deposit before getting your card
If you get approved, Capital One will require you to place a security deposit of $49, $99 or $200 to actually open your account. The deposit amount you’re assigned depends on your overall credit standing, but everyone starts with a $200 credit limit – unless you deposit more than is required, that is. Any amount you deposit above what’s required will boost your spending limit by the same amount. For example, if you’re required to place a $49 deposit and you put down $149, your credit limit will be $300 instead of $200.
Pay on time for 6+ months
After account opening, the only way to get a Capital One Platinum Secured credit limit increase is to pay on time for 6 months. If you do, Capital One will likely raise your credit limit during the 7th month. By how much, though, is completely up to them. If you pay on time but other aspects of your credit get worse, you might not get an increase.
It’s also possible that Capital One will eventually return your deposit and transition you to an unsecured credit card with a higher credit limit. But that depends on how financially responsible you are.
Different secured cards have different rules regarding security deposits and spending limit increases. You can usually increase your limit by depositing more money, often at any time. But you generally can’t just call and ask for more spending power without giving the credit card company something in return.
The only absolute chance you have to get yourself more credit is at the very start when you send in extra money on top of your deposit. Otherwise, you’ll have to speak with your actions by paying on time until Capital One raises the limit themselves.
The Capital One Platinum Secured card may graduate to an unsecured card automatically after a cardholder has demonstrated a history of responsible use. In that case, Capital One will refund the security deposit, which will effectively turn the Cap 1 Platinum Secured card into an unsecured card with a regular credit limit. The timeline to graduate to unsecured varies depending on the cardholder’s payment history.… read full answer
There’s no guarantee when, or if, Capital One will graduate the Secured card to unsecured. But you don’t have to wait for an automatic graduation to unsecured to find out. Call customer service at 1 (800) 227-4825 to see if you’re eligible. At a minimum, you should have made your first five monthly payments on time. The longer your track record of timely payments, the better your chances of graduation from secured to unsecured.
When theCapital One Platinum Secured card graduates to an unsecured card, it’s not considered a new account. That means no hard pull is required and there’s no effect on your credit score. Keep in mind also that upon graduation to a secured card, your security deposit refund will be applied as a statement credit on the unsecured account.
To make payments online or through the Capital One app, you'll need to enroll in Capital One's online banking service, which will allow you to set a username and password. After you have your credentials and you're logged in to the app or the online banking website, select "Make a Payment," and enter the amount you'd like to pay, along with the date you want the payment to post. Make sure you have a payment account listed - such as a checking account - or your payment won't process.… read full answer
Mailed payments should have your credit card account number written on the check, and should be sent to this address for regular processing:
Capital One, Attn: Payment Processing, PO Box 71083, Charlotte, NC 28272-1083
Or to this address for overnight processing:
Capital One, Attn: Payment Processing, 6125 Lakeview Rd, Suite 800, Charlotte, NC 28269
Phone payments can be made by calling the number on the back of the card.
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