Maria Adams, Credit Cards Moderator
@m_adams
No, there are no secured credit cards that match your security deposit at the moment. It’s more common for a secured credit card to become partially secured or unsecured after a while. Secured cards are typically designed for people with less than good credit and the deposit serves as collateral. This is why the amount of the deposit you put down usually determines your credit limit.
The closest thing to a credit card that matches your deposit is the Capital One Platinum Secured Credit Card. This card requires a security deposit of $49, $99 or $200 for a credit limit of at least $200. You will find out the exact deposit amount you’re required to put down after you get approved.
What to Know AboutCapital One Platinum Secured
- The deposit you’re required to place could be $49, $99 or $200, depending on your credit standing.
- All cardholders that put down the minimum security deposit required start with a credit limit of at least $200.
- If your credit history, income, and debt situation are bad, you’ll probably have to put down the full deposit. However, if you’re closer to fair credit or have limited experience, your card may be partially secured.
- The Capital One Platinum Secured card has a $0 annual fee, regardless of what your deposit winds up being.
The Capital One Platinum Secured card is currently the only card that offers a spending limit that is higher than the refundable security deposit held by the issuer. With most secured cards, you can increase your credit limit by adding more funds to your security deposit or by receiving an automatic credit limit increase by the issuer, after you make several payments on time.
People also ask
What is the easiest secured credit card to get approved for?
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Getting approved for secured credit cards is generally easier than unsecured cards. You should...
read full answer by Bianca Smith, WalletHub Credit Cards AnalystWhat is a security deposit for a credit card?
A security deposit for a credit card is a fully refundable sum that you pay to a credit card issuer before a secured credit card account is opened. The amount of the deposit usually becomes the account’s credit limit, and the cardholder gets the money back after bringing the card’s balance to zero and closing the account. Since the security deposit on a credit card protects the issuer against the threat of nonpayment, it makes getting a credit card...
read full answer by Ryan P Page, Staff WriterDid we answer your question?
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