There is no minimum income requirement to get the Capital One Platinum Secured card, but you do need a source of income.
Plus, you will need the money to fund your initial security deposit. Keep in mind that this card can be partially unsecured; you will have to make a deposit of $49, $99 or $200 for a $200 spending limit.
What is also worth noting is that Capital One Platinum Secured is a very good card for building credit. It accepts applicants with bad credit (300) and reports to all three major credit bureaus on a monthly basis.
Lastly, Capital One Platinum Secured comes with a $0 annual fee and $0 foreign transaction fees.
You need a credit score of at least 700 (good credit) for the best Capital One credit card offers. However, other options are available for people with lower scores. It is possible to get approved for a credit card from Capital One with limited credit history or a bad credit score, for example.... read full answer
If you’re not sure which Capital One card you’ll be able to qualify for, it’s easy to get pre-qualified for a credit card on the issuer’s website. You may also want to check your credit score before you apply, just so you have a better idea of what to expect.
You should also note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for a Capital One credit card, too. Some other key criteria include your income, existing debt load, number of open accounts, recent credit inquiries, employment status, and housing status.
Here’s how you can apply for the Capital One Platinum Secured:
Online: To apply online, click on the “Apply Now” button and fill in the form with your name, address, Social Security number, and birthdate, among other personal information. Then, click “Submit Application”. ... read full answer
Over the phone: You can also apply for the Capital One Platinum Secured by phone at (800) 695-5500. When prompted, just say that you want to apply for the Capital One Platinum Secured and you will be connected to a representative.
At a branch: Another way to apply for the Capital One Platinum Secured is in a Capital One branch. Download the Capital One app or use the online locator tool to find the nearest one.
If you are approved, you will be given a customer number. You’ll need this number to pay the required security deposit, which you can do either online or over the phone at (800) 219-7931.
What you should know about the Capital One Platinum Secured security deposit:
All deposits must be at least $20 per transaction, in whole dollar increments, and funded through electronic funds transfers from a bank account.
You can make as many deposits as you need to get to the minimum deposit amount listed in your account terms – the minimum will be $49, $99 or $200, depending on your creditworthiness.
Make sure you've made the required deposit in full within 35 days of being approved, or your application will be denied.
Once Capital One has received your required deposit, your card will be on its way. The security deposit is refundable if you close your account and pay your balance in full.
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