Capital One Secured Credit Card


Okay so you’re researching Capital One
secured credit card. Duane here with how to build credit TV and in this video
I’m gonna talk to you about the Capital One secured credit card and I’m gonna
give you my opinion regarding this card. I actually have two secured credit cards
at the moment. I thought I had the Capital One secured credit card a while
back but it turns out that it was just a regular credit card with them that I
later on upgraded to the savor card from Capital One. So in this video I’m gonna
talk to you about the Capital One secured credit card but before we get
started I have a quick message. Once again my name is Duane with how to
build credit TV this channel offers 100% free information about how to build
credit, how to get cash back actual cash money from using credit cards, as well as
credit card reviews. We also talk about everything you need to know regarding
credit whether you’re looking to establish credit, build credit, rebuild
credit or learn more about the FICO score and how it is comprised so you can
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if you’re new here consider subscribing. alright now that we have all that away
let’s talk about the Capital One secured credit card. This credit card I find to
be a very useful credit card especially if you want to get a secured credit card
but you don’t want to shell out more than $200. The Capital One secured credit
card works this way, you basically put down 49 dollars 99 dollars or $200
depending on your creditworthiness. So when you apply for the card they’ll let
you know if you need to deposit $49.99, $99 or $200. No matter what your deposit is your credit limit will initially be $200. So for example if your deposit is $49
then your credit limit will be $200. If you’re in deposit is $99 based on your
credit worthiness your credit limit will still be $200. If your deposit is $200
based on your credit worthiness once again your limit will be $200. So
initially whatever your deposit is $49.99, $99 or $200 your limit will be $200.
So it’s different than most secured credit cards because you don’t have to
pay exactly what your credit limit is going
to be. So that’s a good thing, another good thing about the capital secured
credit card is the fact that after five payments five monthly payments they
automatically increase your credit limit. And that is a very good thing it’s good
for your credit score. It’s good if you’re trying to rebuild or even build
your credit so I’m gonna jump on my laptop and we’re gonna have a look at
the Capital One website so we can learn a little bit more about the Capital One
secured credit card. Give me one second and I’ll jump on over to the website.
Okay so we’re at the website here with the Capital One secured credit card and
as you can see here it says credit level rebuilding. This is a great credit card
it’s a great secured card because first of all there is no annual fee and it
works a little different than a regular secured credit card in that you don’t
have to deposit what you want your credit limit to be. So let’s go ahead and
scroll down and have a look here. Alright on the left it says required security
deposit so that’s 49 dollars 99 dollars or two hundred dollars. And this is
refundable based on your credit worthiness. So initially when you apply
for the card you’re gonna fall into one of three categories you’re gonna either
be $49 deposit $99 deposit or $200 deposit. Regardless of what your deposit
is your initial credit line will be $200. So if your deposit $49 your credit lines
gonna be $200. If your deposit is $99 your credit line is going to be $200. If
your deposit is $200 your credit line is also going to be $200, so this one is
pretty straightforward. If you’re lucky maybe you can just deposit the 49 bucks
and have a $200 credit line which is a lot different than the standard secured
credit card where you’d have to put down what you want your credit limit to be. So
the Capital One secured credit card is different and maybe a little better a
little more budget-friendly for people that aren’t able to put down 500 or
1,000 dollars on a secured credit card. Another thing that I like about the
Capital One secured credit card is that after five payments, after making five
monthly payments on time you automatically get access to a higher
credit line. So you don’t have to call them they’re automatically gonna
increase your credit line which is very good. It’s good for your credit score
it’s good to help rebuild or even build your credit score
when you have a higher credit line. So that’s one of the things that the
Capital One secured credit card does is after five payments they automatically
increase your credit line. Another thing is that you can
personalize your payment’s. It says you can pick your own monthly due date and
payment method whether it’s a check, online or at a local branch. So the
Capital One secured credit card is actually providing a lot of value. This
website spells everything out for you that you need to know. There’s a lot of
information here as I scroll down the site it talks about getting started it
talks about making your security deposit and it says once your deposit is
received that your card you’re gonna receive the card in two or three weeks
okay. And then there’s a lot more information here that you can go through
whenever you’re ready to sign up for this card. I’ll go ahead and put the link
to this website at the bottom of this video it’s just a regular link I don’t
make any money or anything if you click on the link and go get the Capital One
secured credit card. So that’s pretty much it for this video guys I’ll see you
guys back in just one second. Okay thanks for watching this video.
Once again our channel talks about everything you need to know about credit.
Whether you’re looking to the established credit, build credit, rebuild
credit or learn more about the FICO score and how it is comprised so you can
increase your credit score. If this sounds like something in which you’re
interested be sure to subscribe to our channel and click that notification bell
so you don’t miss a thing. Thanks again for watching the channel if you have any
questions please leave them in the comment below. I’ll answer it as soon as
I see it. If you like this video be sure to give me a thumbs up and if you want
to share this video with somebody that you think may find helpful please feel
free to do so. Once again thank you for watching until next time take care and
be blessed. Peace!




Comments
  1. I got mine a week ago. I'm trying to build my credit. How long would it take before I see a change in my credit report? I would love to buy my first house.

  2. Dope video. This will be my first experience with a credit card and I have a good feeling about this one. Preciate your insights !

  3. have had mine 4 years and have never put over my limit on it and have always paid on time and carry no balance on it then they started to charge a $29 "membership fee" what should I do this is my oldest credit card

  4. I just got approved for my capital One and have to pay a deposit of $99 but want to add $200 if i had the 200 would it still be at a credit limit of $200? or would it increase since i would have deposited more then they wanted me to? thanks!

  5. Thanks for taking the time to explain all these things in detail, Duane. I'm 22, and have just started working on building my credit. I was approved for the capital one secured card, I recently had a medical emergency, so I will have to wait a few weeks until I'm able to make the deposit. But I will definitely check out all your videos, and use your channel as a tool to build my credit!

  6. I applied for this card 6 months ago and got a 1000 dollar credit line. Capital One just increased my credit to 1300 dollars. I wonder if they would do additional increases in the future? If so, when?

  7. Just a question.
    If I get approved, and they ask me for a deposit, If I make a $600 deposit will they give me $600 initial credit line?

  8. Hi Duane , I'm Subscribed to your channel and you do provide useful content. I wanted you to know that I am opposed to the Capital One secured platinum card, because they told me that I had to close my account and lose my valuable account history with them in order to receive my &1,000 deposit back. My fico score is now 750, and they said I could not do a product change or upgrade. So I wanted to know if you were aware of this or a possible work around. I would really love to have my Platinum card re-instated. Any advice would be greatly appreciated. Thank you.

  9. I just got my account upgraded to a unsecured card, do you get to pick what card to upgrade to, or is it done automatically

  10. This card is great for starting out but how do you get them to unsecure it? I've had it for a while and have much better cards now. Capital one is pissing me off. I want the quicksilver. I don't want to close it since it'll hurt my average age of accounts but I'm sick of capital one giving me the run around…terrible customer service.

  11. Just opened the card a month ago and they only reported it to Experian they never reported to Equifax or TransUnion….anyone ever have this problem

  12. So I just hung up from Cap One. I have had the secured card for over a year and they now say they won't unsecure the card because they " don't do that" but they are " looking into it for the future". I swear I was not told this before. Looking in the comments, I see several people who are no longer unsecured. What's up with that?

  13. I've had the capital one secured card for 5months now paid all my 5 payments on time even paid the card down to $0 balance this 5month hoping see the increase but haven't seen anything happen???could it possibly take longer then 5 months??

  14. I’m glad capitol one took a chance on me, when most wouldn’t! I am also glad I found this channel!’ New Sub.. I got approved and I got a sub, happy dance? I think so!!!

  15. Question what if I was buying a pack of socks that cost 6 dollars… does it still Count?

    I don’t plan on going pass 20 dollars to be honest I just want to use it to raise my credit.

  16. Got declined for a few secured credit cards. Came across your channel and found this card. Applied and Capital One gave me a chance, sub from me good sir. I thank you for showing me this card

  17. Your channel was one of the 1st channels I came across on how to build credit, my Capital One card just shipped and should be here in a week. Thanks for the insight.

  18. So Duane. I JUST hung up with Capital One discussing my Secured card. As of December 2018. ( Per the senior account line), they have stopped unsecuring Secured card for an indefinite amount of time and you will only get that ONE increase and NO OTHER. I am not happy but I have the quick silver and I will focus in that one to do what I want. I am going to use the secured card as an emergency because my intended use can't be done now. When that changes , I will change my decision. Please check and see if you get the same answer.
    No late payments, more than minimum, no over the limit transactions. Im disappointed.
    Sorry this was so long

  19. Is it possible to pay your balance off little by little before the due date or do you have to pay it all I one shot on the date that it's due?

  20. Is it true that they are not upstanding anymore? Can you find out for us. I was looking at another video and they said is a new thing that Capital One won’t upgrade anymore. Looking forward for your answer. Thanks

  21. Would ALLY & or 360 Checking® account qualify as a legitimate Requirement(s) for a checking account I Can use this to open, apply, & pay for the Capital One® Secured Mastercard® as well as SELF Lender?

  22. Hey duane since i have a regular discover card do you think i have a good chance for a regular capital one i mean discover is alot harder to get then capital one i messed up with capital one in 09 idk …mvp duane💪💪💪

  23. Play with the numbers 18,500 yearly put part time employment. should get most people $99 dollar deposit .say your rent/mortgage is 350 etc.

  24. Explain to me how does it work I have no credit and I’m looking to start I’m 21. So basically whatever you spend off the card you gotta put bck if so how much should I spend?

  25. I've received my secured capital one credit card about 2 weeks ago and it is great. However, after having it for that long should the capital one credit card be listed on my credit reports? How long did it take to show on your credit report?

  26. If my limit is $200 could I just buy something cheap and slowly pay that off over the course of 5 months to get a higher limit without burying my line? That's for responding on the other video you the man bro thanks

  27. Hey! So I just got approved for mine & im unsure how to use it but I need to build my credit so bad. So my credit line is $200. Do I spend about $30 then pay it back on the due date? Or do I have to spend the whole $200 off my card every month and pay it back before the due date? I’m confused

  28. Help Got my card and I have a $250 limit.. To build my credit is it better to try not to use it as much or max is out and pay it? I’ve been making payments after every time I use it

  29. My $200 limit just went up to $500 yesterday but I thought they give you back your initial deposit?

  30. Capital one secure card is good for building or rebuilding credit. Best features are no annual fee, flexible deposit requirement and credit line increase when you pay on time first 5 monthly payments.

  31. Hey buddy quick update
    Received my card today. The journey towards a better life begins now. With all the education and tools I got from you I know I'll be successful thanks Duane. I'm telling everyone about your channel 😂

  32. What’s the benefit of depositing $200 vs $49 when opening this card if you’re still getting $200? What does it mean?

  33. Just got mines in the mail
    I have the Citi secured and cap one secured to start fixing my credit and hopefully get a house in the next 2 years

  34. i had a capital one unsecured card. they chared off my account since at the time i was unable to pay the bill. would they let me have one of these cards or would they take my money?

  35. What happens to the money you put down on the card. If you pay on time do they refund that or not? .Wondering for this refundable card and others.

  36. I'm disappointed..I was approved with only $49 deposit but my phone died before I could make the deposit and when I went to re-apply I was denied 😭

  37. Hi Duane, thank you for the information. I gave a deposit that capital one took and applied to the card, then charged off my card. Can they do that?

  38. I have this same credit card mine came today in the mail I got approved for the capital one platinum credit card it’s such a great card to have and build credit

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