Cap One will no longer accept deposits on secured cards

[jeremy86]

Hey All,

I received a letter in the mail today from capital one saying that they will no longer accept deposits effective Jan 19, 2016. I have worked my way up to their QS and Platinum cards but never closed my secured card. As for me, this doesnt affect me really, but just a heads up to those who are considering the secured card or those who have the card. The letter does state that you may receive a higher credit limit so I wonder does this imply that they are going to start graduating their secured product? Hmmmm...

(Mod Cut-You can repost with all personal info removed incl the acct number)

[Anonymous]

it sounds like a partial unsecuring to me

[Blackbeauty212]

Your Account number is Exposed above your name and address blackout.... You might want to black that out too

[TiggerDat]

Capital One is becoming interesting for the strange policies they are implementing.  This policy seems not only strange, but also not good.  If they take deposits, then they have more security, it also means that they can lend the money out.  I can only imagine what their think tank is up to.  If most people can't/don't deposit say more than $500 then it can be a benefit them.  It would mean the individuals would keep their score down more than if they had a $2500 limit.  It would also mean that other banks would see the low limit and not be willing to extend as much credit to them.  In this case it would mean that they would gain more customer loyalty since they seem now to be willing to give more increases, some of which are surprising.  My sister got a Signature card from them with a $10,000 limit.  (Let me tell you this, she does not need such a limit, hasn't really rebuilt enough to deserve a Signature card or such a limit.  I don't think any other bank would give her such a card or limit, she just filed bankruptcy less than two years ago and that was her third time!  I realize they cant go back and see all those, but still with her portforlio the way it is and her payment history being short it really doesn't make sense.  I think if she applied for a card at Chase they would simply send her a letter with two words on it in 54pt font; HA HA.)

Capital One is confusing as of late.

[jeremy86]

Someone removed the image but that isnt my account number. I thought the account number was your card number. Double checked and that number sequence did not follow whats on my card.

[Anonymous]

TiggerDat, I was approved for the secured card & was going to start it off with $500 & then make additional deposits as time goes on, but now I might just get the OpenSky or something & call it a day. I just need a Visa/MasterCard as Discover still isn't accepted everywhere yet.

It is crazy how Capital One is not allowing additional deposits. And I still don't see why so many companies have to do a pull on your credit to add more money to secured cards. They're secured for heavens sake lol.

[jeremy86]

Confusing is definitely the case with them right now!

[jeremy86]

I agree! With time I was able to get two of their unsecured products but that is crazy what they are doing. They say with good habits you may be able to get a higher credit limit, but nothing on their website go in details about it.

[ryox03]

I just received this notice myself yesterday. Not sure what to make of it. The language does say that the card will be eligable for unsecured CLI's...so maybe some of us will start to see movement on that account? Perhaps it will just be considered a regular platinum card? I dunno. Very interesting.

[Anonymous]

This is the first I heard of that.

I have a Capital One Secured Master Card but haven't received any letter yet. Although, I'm not interetsed in depositing any more money wit them them, I did in July 2015 get an auto-CLI of $300 from them with a SP. I deposited $300 to start, and now my CL is $600...Just starting again.