How can I pay my Capital One Secured card deposit?

Question

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.… read full answer

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.

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Answer 1 · 2020-05-15 08:02:33

James D Richard, B2B Sales

@b2bfever 05/15/20 First posted on 12/06/18
Last reviewed on 05/15/20

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You can pay your Capital One Secured card deposit online, when submitting your application or afterwards. The deposit is due 35 days from the time your application is approved, and can be paid in installments of at least $20.

Capital One Secured card limits start at $200, and may be as high as $1,000, depending on the amount of your deposit payment.

Answer 2 · 2020-05-15 08:04:21

KAREN MOROZ, Freelance Mortgage Professional

@nycKaren 05/15/20

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To make a Capital One Secured card deposit payment, visit the card’s online funding page or call 1 (800) 219-7931. You must pay at least the minimum deposit amount within 35 days after you’re approved. If you don’t pay within 35 days, Capital One will cancel the account. The minimum deposit ranges from $49 to $200 and is based on your credit score and other information included on the application.

You will need to provide your bank account number and routing number in order to make a Capital One Secured card deposit payment. Capital One only accepts payments through electronic bank transfers. You are allowed to make partial deposit payments of at least $20 toward the required minimum as often as you like, up to the 35-day deadline. But you will not receive your card until you’ve paid the minimum deposit in full. Your new card should arrive in the mail within 2 to 3 weeks of receipt of the entire deposit.

If you choose, you can increase the amount of your Capital One Secured card deposit above the required minimum. Doing so will raise your credit limit by that amount. Capital One allows additional deposit payments up to the maximum deposit limit of $1,000. You must add any new funds within the 35-day window and before you activate the card. Once the card is activated, you will not be allowed to make any additional payments toward your deposit.

For online payments, you will need the customer number you received when you were approved in order to verify the account. Your zip code and the last four digits of your SSN are also required. If you do not have your customer number, you can fund your deposit by phone. Make sure you have your bank account information ready when you call.

How can I pay my Capital One Secured card deposit?

James D Richard, B2B Sales

Capital One® Secured Mastercard®

KAREN MOROZ, Freelance Mortgage Professional

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