How does the Capital One Platinum Secured credit card work?

The Capital One Platinum Secured credit limit is $200, at a minimum. The minimum security deposit required to open a Capital One Platinum Secured Credit Card account is $49, $99 or $200, depending on your creditworthiness.

Keep in mind that the Capital One Platinum Secured card credit limit that you start with isn't necessarily your credit line forever. Capital One will usually allow you to increase your security deposit for a higher credit line. If you’ve used it responsibly, they may also ... read full answergraduate your Capital One Platinum Secured to an unsecured card. This could get you a higher credit limit, too.

There are two ways to increase your Capital One secured card's credit limit: deposit more money than required when you open the account or pay your bill on time and hope you get an automatic credit limit increase. If you make on-time payments for the first six months, you will be considered for a higher credit limit on your Capital One secured card.... read full answer

Ways to Increase Your Capital One Secured Card Limit

• 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 secured card credit limit increase is to pay on time for 6 months. If you do, Capital One will likely raise your credit limit during the 7^th 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 deposit requirement is $49, $99 or $200. You will find out the exact deposit amount you’re required to put down after you get approved because the decision depends on Capital One’s review of your credit history, income and debt obligations. However, everyone who’s approved gets a $200 credit line. So, Capital One Platinum Secured is only ... read full answerpartially secured.

That’s one way this card is unique. 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.

How to Get a Higher Capital One Platinum Secured Credit Limit

Regardless what deposit you’re required to make, you can put down more to get a corresponding bump in your spending power but only before opening your account. You can’t add to your deposit after account opening. But you’ll be automatically considered for a higher limit in as little as 6 months, without adding to your deposit.

Of course, paying the Capital One Platinum Secured’s deposit isn’t the only requirement you have to meet the get the card.

Other Capital One Platinum Secured Requirements

1. Credit score.
   This is a pretty low bar to meet. You can get this card even with bad credit or no credit at all. But Capital One may reject your application if there are serious negative entries on your credit report, such as a pending bankruptcy. However, if you have bad credit, you’re more likely to have to pay a $200 deposit than you are with fair credit.
2. Income.
   You will also need to provide proof of income, for Capital One to see that you will be able to make your monthly minimum payments.
3. Lower debt.
   You can certainly be approved with debt. But the less you have, the better. If you already have to pay a lot of other bills every month, Capital One probably will want you to deposit more to be sure they can get their money back if you don’t pay off your card.

This is a good 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. Plus, there’s a $0 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.