Capital One Secured Credit Card Limit: Everything You Need to Know

The Capital One Secured Credit Card is a great option for those looking to establish or rebuild credit. You can get approved for a credit limit of $49 to $1,000.

To qualify for a higher credit limit, you'll need to make on-time payments and keep your account in good standing. This will show Capital One that you're a responsible borrower.

The credit limit on a Capital One Secured Credit Card is determined by a combination of factors, including your income, credit history, and debt-to-income ratio.

To get started with your Capital One Secured Credit Card, you'll need to make a security deposit. This deposit helps establish your credit limit, which can be as low as $200 with a minimum deposit of $49, $99, or $200.

You can choose to make a higher deposit, up to a maximum limit of $1000, to increase your initial credit line. This can be a good option if you want to start with a higher credit limit.

By using your card responsibly, such as making on-time payments, you can earn back your deposit and upgrade to an unsecured Platinum card. This is a great opportunity to improve your credit score and enjoy more benefits.

The Capital One Platinum Secured Credit Card offers a range of benefits and features that make it a great option for building credit or improving your credit score. You can add an authorized user to your account and track spending by user, making it easy to manage your finances.

One of the standout features of this card is its helpful customer service representatives, who are available 24 hours a day to assist you with any questions or concerns. You can contact them via phone, email, or text, and they'll be happy to help.

The card also offers a range of security features, including alerts for potential suspicious transactions and protection against unauthorized charges. If your card is lost or stolen, you won't be held responsible for any unauthorized charges.

With the Capital One Mobile app, you can lock your card if it's misplaced, lost, or stolen, and even get an emergency replacement card if you need one. Plus, you can manage your account anywhere, anytime, and even monitor your credit with CreditWise for free.

The card also offers a feature called Card Lock, which allows you to lock your card in the Capital One Mobile app if it's misplaced, lost, or stolen. Some activity may continue, including returns, credits, payments, interest, dispute adjustments, and other account fees.

One of the best features of this card is its lack of annual fee, making it a great option for those who want to build credit without breaking the bank. You can also get notified via text, email, and phone if Capital One notices potential suspicious transactions on your account.

With CreditWise, you can monitor your credit and even get alerts if Capital One detects a potential mistake or unexpected charge. This feature is free for everyone, whether or not you have a Capital One credit card, and it won't hurt your credit score.

The card also offers a feature called Eno, which keeps an eye on your accounts 24/7 and sends alerts when something's up. This feature is always ready to answer questions and help you stay on top of your finances.

You can also get an emergency replacement card if your credit card is lost or stolen, and receive help finding the nearest ATM when traveling. Just be sure to review the Cash Advance fees on your card ahead of time if you're using your Platinum Secured Credit Card at an ATM.

You can request a credit limit increase with Capital One in various ways, including over the phone by calling the number listed on the back of your card.

To request a credit limit increase over the phone, you'll need to provide information about your annual income, employment status, occupation, and more to the customer service representative.

You may be able to earn credit line increases based on your payment history and creditworthiness with no additional deposit needed, as long as you carefully manage your credit limit increases.

To request a credit limit increase, specify which card you want the increase on and let the representative know why you're requesting it.

You can also increase your credit limit by making a deposit, with the amount of the deposit affecting your initial credit line.

A $49, $99, or $200 minimum deposit opens your account with an initial credit line of $200, and you can raise your credit line by depositing more than the minimum amount up to a maximum limit of $1000.

With responsible card use, you could earn back your deposit and upgrade to an unsecured Platinum or Quicksilver card, depending on the type of card you have.

Capital One reports your credit standing to the three major credit bureaus, which 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, but not making your minimum payments on time each month can damage your credit.

Capital One will review your financial situation, including checking if you make on-time monthly payments with all lenders.

To increase your chances of getting a credit limit increase, it's essential to consistently use your credit products and make full and on-time payments each month.

However, if your payment history shows any late payments or you've only been making the minimum payments on large balances, it might be wise to hold off on requesting a credit limit increase.

Capital One applies payments to your balance in a specific order. We generally apply payments up to your minimum payment first to the balance with the lowest APR, and then to balances with higher APRs.

If you have multiple balances with different APRs, payments above the minimum are applied to the balance with the highest APR first, and then to balances with lower APRs. This means that if you have a balance with a higher APR, it's a good idea to pay more than the minimum to tackle that balance first.

Here's a rough breakdown of how payments are applied to different APRs:

By making timely payments, you can improve your chances of getting a credit limit increase. Capital One reviews your financial situation, including your payment history with other lenders, to determine whether you're eligible for a credit limit increase.

When you're dealing with payment and reporting, one of the most frustrating things is getting hit with unexpected fees. No Hidden Fees is a key benefit of some credit cards, where you won't pay foreign transaction fees. No replacement card fees either. No authorized user fees. Just the card you need with no unwanted surprises.

You can make partial payments towards your security deposit, but you must pay the full amount within 35 days of being approved for the Platinum Secured Credit Card.

The minimum deposit is $20, and it must be in whole dollar increments.

You can raise your initial credit line by depositing more than the minimum amount, up to a maximum limit of $1000.

If you don't make your required deposit within 35 days, your application will be denied, and any partial deposits will be returned.

You can earn back your deposit and upgrade to an unsecured card with responsible card use, like making on-time payments.

A $49, $99, or $200 minimum deposit opens your account with an initial credit line of $200.

If you're looking for alternatives to the Capital One Secured Credit Card, you may want to consider the Discover it Secured Credit Card, which offers a cashback rewards program and no annual fee.

The Discover it Secured Credit Card has no annual fee, making it a good option for those who want to avoid extra charges.

The Capital One Secured Credit Card's credit limit is based on your deposit, but the Discover it Secured Credit Card offers a credit limit of $200 - $1500.

While the Capital One Secured Credit Card requires a security deposit, the Discover it Secured Credit Card does not require a deposit to be held.

Another option is the Wells Fargo Secured Credit Card, which offers a credit limit of $300 - $2000.

The Wells Fargo Secured Credit Card requires a security deposit, but it does not charge an annual fee.

The Capital One Secured credit card is a great option for those who need to establish or rebuild their credit.

This card has a credit limit of $49 to $1,000, depending on your deposit amount.

You can deposit as little as $49 to get a credit limit of $49, making it a low-cost option.

The credit limit will be based on the amount you deposit, so the more you put in, the higher your credit limit will be.

You can expect to pay an annual fee of $0 to $29, depending on your creditworthiness.

You'll need to pay a security deposit to open this card, which will be used as your initial credit limit.

The Capital One Platinum Secured Credit Card has some notable drawbacks to consider. The issuer may set your minimum deposit at $49, $99, or $200, which means you could be required to deposit the full $200 to get the card.

Be aware that the credit limit is initially low, at $200, and you'll need to deposit more money to boost your credit line. This limits your ability to use the card for large purchases.

The card has a high interest rate of 29.74% (Variable) APR, which can be a problem if you don't pay your balance off in full each month. You should make sure to pay off your balance in full each month to avoid interest charges.

The Capital One Platinum Secured Credit Card comes with some red flags you should be aware of. One of the main concerns is that the issuer may set your minimum deposit at $49, $99, or $200, which means you could end up depositing the full $200 to get the card.

A low credit limit of $200 is another issue, which may limit your ability to make large purchases. However, you can deposit more money to boost your credit line.

The high interest rate of 29.74% (Variable) APR is also a concern, especially if you don't pay your balance off in full each month. This can lead to interest charges and a higher overall cost.

The card doesn't offer any rewards rate, which may be a drawback for some users. This means you won't earn any cash back or other rewards on your purchases.

Here are some key red flags to keep in mind:

The Capital One Platinum Secured Credit Card has its share of pros and cons. Here are the key points to consider:

The security deposit is flexible, and you can choose how much to pay. This is a great feature, as it allows you to tailor your deposit to your needs.

One of the benefits of this card is that the deposit is refundable, so you can get it back if you decide to cancel the card. This is a big plus, especially if you're not sure if you'll be using the card long-term.

You also have the chance to increase your credit line over time, which can be a big help if you're trying to build credit. Additionally, there's a possibility that you can upgrade to an unsecured card, which can be a great milestone in your credit-building journey.

On the other hand, there are some downsides to consider. You may not be able to get a lower deposit, which could be a drawback if you're on a tight budget. The credit limit is also relatively low, which may limit your purchasing power.

Another con is the high interest rate, which can add up quickly if you're not paying your balance in full each month. And, unfortunately, this card doesn't offer any rewards rate, which means you won't earn any points or cash back on your purchases.

Here's a summary of the pros and cons: