How can I pay my Capital One Platinum Secured card deposit?

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:

1. 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.

2. 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.

Final Take

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.

You can make a Capital One Platinum Secured Credit Card payment online, via the Capital One mobile app, by mail, or over the phone.

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.