What is the Capital One Secured Card deposit requirement?
The Capital One Platinum Secured deposit requirement is $49, $99 or $200. The actual deposit requirement will vary depending on your credit standing. However, everyone gets a credit line of at least $200 upon approval. So, Capital One Platinum Secured can be only partially secured. You may deposit more than your minimum required security deposit before the account opens to receive a higher initial credit line.
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 of the minimum deposit you're required to make, you can put down a higher amount to get a corresponding increase in your credit limit 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.
Keep in mind, paying the deposit is just one requirement for getting the Capital One Platinum Secured. Other factors, like your credit and income, also play a role.
Other Capital One Platinum Secured Requirements
- Credit score. This card accepts people with bad credit or no credit at all. However, 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.
- 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.
- 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.
