topic Re: Cap One will no longer accept deposits on secured cards in Credit Cards

Cap One will no longer accept deposits on secured cards

jeremy86 — Wed, 25 Nov 2015 13:57:23 GMT

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)

Re: Cap One will no longer accept deposits on secured cards

Anonymous — Wed, 25 Nov 2015 03:42:44 GMT

it sounds like a partial unsecuring to me

Re: Cap One will no longer accept deposits on secured cards

Blackbeauty212 — Wed, 25 Nov 2015 13:50:31 GMT

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

Re: Cap One will no longer accept deposits on secured cards

TiggerDat — Wed, 25 Nov 2015 13:53:48 GMT

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.

Re: Cap One will no longer accept deposits on secured cards

jeremy86 — Wed, 25 Nov 2015 14:14:35 GMT

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.

Re: Cap One will no longer accept deposits on secured cards

Anonymous — Wed, 25 Nov 2015 14:31:39 GMT

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.

Re: Cap One will no longer accept deposits on secured cards

jeremy86 — Wed, 25 Nov 2015 14:48:59 GMT

Confusing is definitely the case with them right now!

Re: Cap One will no longer accept deposits on secured cards

jeremy86 — Wed, 25 Nov 2015 14:50:34 GMT

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.

Re: Cap One will no longer accept deposits on secured cards

ryox03 — Wed, 25 Nov 2015 15:56:39 GMT

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.

Re: Cap One will no longer accept deposits on secured cards

Anonymous — Wed, 25 Nov 2015 16:28:22 GMT

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.

Re: Cap One will no longer accept deposits on secured cards

Anonymous — Wed, 25 Nov 2015 19:21:09 GMT

Thanks for letting us know.

Re: Cap One will no longer accept deposits on secured cards

Cotton_Britches — Wed, 25 Nov 2015 19:36:34 GMT

I was also approved for a partially secured card ($49 for $200 limit) but I'm not gonna do it if I can't add more money later on. That means you'll pretty much remain stuck at the low credit limit you start out with.

Re: Cap One will no longer accept deposits on secured cards

ryox03 — Wed, 25 Nov 2015 19:52:07 GMT

I wouldn't worry about it. That card is what got me my current unsecured cards. You just use it to build a history of on time payments. Not so much to grow.

Re: Cap One will no longer accept deposits on secured cards

Anonymous — Thu, 26 Nov 2015 00:04:22 GMT

Only important if they're getting rid of secured cards in general. Otherwise, you should use it to build into better cards, then ditch it. Limiting the deposit merely holds off the evolution of your portfolio.

Re: Cap One will no longer accept deposits on secured cards

Officer737 — Thu, 26 Nov 2015 03:28:43 GMT

I got the same letter and hopped on chat to ask some questions about this. According to the agent, they are not getting rid of the secured card option! What they are doing is removing the ability to add additional deposits to increase your limits. What the rep advised me was that because the option to add additional funds is there, it limits options for the card. With the option removed, they are going to start offering more benefits and options for their secured product to insclude account reviews and credit limit increase requests and auto increases based on account reviews. He didn't have all of the specifics about the new benefits as he said they have not be all rolled out yet but asked that I wait until Jan. when the new benefits go into place before deiciding if I wanted to close the secured account or not.

Hope this helps explain some of it. I am still a bit confused but at least I was able to get some questions answered

Re: Capital One Ending Secured Card Program

jacetx — Thu, 26 Nov 2015 17:45:49 GMT

Well that doesn't mean the secured program is going away just changing a bit. The topic has been discussed over the past week or so.

Re: Capital One Ending Secured Card Program

Imperfectfuture — Thu, 26 Nov 2015 17:46:17 GMT

It has already been reported. And, that is not ending the secured card, just not allowing limits beyond what they deem is necessary.

Re: Capital One Ending Secured Card Program

creditguy — Thu, 26 Nov 2015 17:49:06 GMT

Your thread title is a tad bit misleading.

Re: Capital One Ending Secured Card Program

SecretAzure — Thu, 26 Nov 2015 17:56:03 GMT

@Imperfectfuture wrote:
It has already been reported. And, that is not ending the secured card, just not allowing limits beyond what they deem is necessary.

Please elaborate. I got the same letter.

There's a line:

"Even though you will no longer be able to make additional deposits, you may receive a higher credit limit, in the future, based on your payment history and creditworthines."

Does this mean it will actually be possible to get a CL increase with this card now? I would keep this card if this actually becomes a possibility. Or is it just saying that and never actually going to follow-through with that beyond the first CLI?

Re: Cap One will no longer accept deposits on secured cards

Anonymous — Fri, 27 Nov 2015 00:13:03 GMT

Actually.... this is good news. Why add money myself when Capital One will just add it for me? Less money out MY pocket.