Platinum Secured Credit Card from Capital One

Your security deposit is held as collateral against the credit line on your Platinum Secured Credit Card. There are two ways your security deposit can be refunded. First, you can earn back your deposit as a statement credit by using your card responsibly, or second, we will refund it when you close your and pay your balance in full. Your card status will be regularly reported to the three major credit bureaus.

If you are approved for a Platinum Secured Credit Card, you will be given a customer number, which is your unique identifier that you’ll need to include when you pay a required security deposit online or over the phone. All deposits must be at least $20 and in whole dollar increments and funded through an electronic funds transfer from a bank —cash, checks, and other money transfer methods are not accepted. You can make your required deposit on our deposit page.

Yes. You can make partial payments but need to make sure you’ve made your full, required deposit within 35 days of being approved for a Platinum Secured Credit Card. Once we've received your required deposit, your card will be on its way. All deposits must be at least $20 and in whole dollar increments

You must make your required security deposit payment within 35 days of being approved. If you do not make your required deposit, we will not be able to open an for you and will return any partial deposits.

No, you must still make at least your minimum monthly payment each month. Paying your credit card balance in full each month instead of carrying a balance can help you avoid interest payments.

Yes. If your application is approved and you provide the minimum required security deposit prior to the expiration date, your will be opened, and you will receive the minimum initial credit line of $200. To increase your initial credit line, simply deposit more than your minimum required security deposit within 35 days of being approved and before you activate your card. You can raise your initial credit line by the amount of your additional deposit, up to $1,000.

You may earn credit line increases based on your payment history and creditworthiness with no additional deposit needed. Learn more about how to carefully manage your credit limit increases.
 

Capital One reports your credit standing to the three major credit bureaus. Credit standing includes information like whether you make your minimum payment in full and on time every month. A history of good credit standing can help build your credit. However, not making your minimum payments on time each month can damage your credit.

We generally apply payments up to your minimum payment first to the balance with the lowest APR (including 0% APR), and then to balances with higher APRs. We apply any part of your payment above your minimum payment to the balance with the highest APR, and then to balances with lower APRs.

Yes. Money Management section of the Capital One blog.