Capital One Secured MasterCard Question/Confusion

[Anonymous]

Hi everybody,

so I applied and got approved for a Capital One Secured Mastercard. Today I received a letter in the mail detailing my credit limit and how much secured funds I need to pay. However, I am a little confused about it. It says I have been approved for a credit limit of $2,500, and that my security deposit fee is $75, and that I will have access to my credit once I pay the $75 in full. However, later in the letter, it then says I can raise my credit limit up to a maximum of $2,500 by sending more security funds..

So my question is: if I pay the $75 security fund ... will I have access to all $2,500 credit?? Or only to the $75 (or $300 or something) and am able to pay up to $2,500 in security funds to unlock the full available credit? They are not quite clear on the letter they sent me. I am new to secured credit cards I'm not quite sure how they work!

Thank you so much for taking the time to respond!!

[taxi818]

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@Anonymous wrote:

Hi everybody,

so I applied and got approved for a Capital One Secured Mastercard. Today I received a letter in the mail detailing my credit limit and how much secured funds I need to pay. However, I am a little confused about it. It says I have been approved for a credit limit of $2,500, and that my security deposit fee is $75, and that I will have access to my credit once I pay the $75 in full. However, later in the letter, it then says I can raise my credit limit up to a maximum of $2,500 by sending more security funds..

So my question is: if I pay the $75 security fund ... will I have access to all $2,500 credit?? Or only to the $75 (or $300 or something) and am able to pay up to $2,500 in security funds to unlock the full available credit? They are not quite clear on the letter they sent me. I am new to secured credit cards I'm not quite sure how they work!

Thank you so much for taking the time to respond!!

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Well you need to copy the letter and put it here. Cap one secured cards only come with a maximum use of $200. Not $2500 dollars.

if they require you to put $75 Which i never heard of and ive been with them a long time. This will be unusual. Their fees on their site is $49. $99 or $200. I hope you are not looking at

Credit one.And thinking that is capital one.

 I will post a link and you decide if same. as i said. This sounds like Credit one. not capital one. here is link.

http://www.capitalone.com/credit-cards/average-and-building/?Log=1&EventType=Link&ComponentType=T&LOB=MTS%3A%3ALCTMMQC4S&PageName=Credit+Cards+Home&PortletLocation=4%3B16-col%3B2-2-1-1&ComponentName=average-credit-cchp%3B39&ContentElement=2%3BSee+Cards+Now&TargetLob=MTS%3A%3ALCTMMQC4S&TargetPageName=average+or+building&referer=https%3A%2F%2Fwww.capitalone.com%2Fcredit-cards&external_id=WWW_WJ271_ZZZ_ONL-SE_ZZZMN_T_SEM2_ZZZZ_c_ZZ_b12bd77c-5a10-45d5-803d-eaf961b58886_4928399775_182836

[taxi818]

after looking over website there is not $75 fee with capital one secured card. don't know which letter yhou are looking at op. Sorry.

 

[Anonymous]

So I just realized this is a USA-only website so thats why the Capital One security funds are a little different. I do have a Capital One card, but it's with a Canadian Branch, so the security funds are different.

here's an image of the letter they sent me:

http://i.imgur.com/FoKi3SQ.jpg?1

[taxi818]

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@Anonymous wrote:

So I just realized this is a USA-only website so thats why the Capital One security funds are a little different. I do have a Capital One card, but it's with a Canadian Branch, so the security funds are different.

here's an image of the letter they sent me:

http://i.imgur.com/FoKi3SQ.jpg?1

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Thanks. it makes sense. it is the same as in the states. But our maximum limit is 5k. So i can see how you are confused. No. They are not giving you 2500 to use. They will allow you to use whatever you send in. So if you only Send $75 dollars that is what your limit will be. up to $2500. That is the limit they are setting. But if you send $500 that is what your limit will be. i went this same route when i started with cap one. And i put 500 on it. After about 6 months They increased my limit another 500 without me adding anything. 2 months later they gave me a 500 card without security. Then 6 months after that. gave me 10k in limits with security. i still have the secured at 1k .Which i don't use it. 300 of if is mine. But for age of account i don't get the money back. its worth to leave it there as credit investment. So yes. You need to send more than 75. That is just the minimum amount that they want you to send.

[Anonymous]

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@Anonymous wrote:

So I just realized this is a USA-only website so thats why the Capital One security funds are a little different. I do have a Capital One card, but it's with a Canadian Branch, so the security funds are different.

here's an image of the letter they sent me:

http://i.imgur.com/FoKi3SQ.jpg?1

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I read your letter. It is confusing. I would call them tomorrow or visit a local branch if you have one for clarification. Best of luck!!!

[Anonymous]

okay, that makes sense to me! thank you very much

[taxi818]

Yes. Your letter has a phone number on it. I would call to make them clarify for sure.

[Anonymous]

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@Anonymous wrote:

okay, that makes sense to me! thank you very much

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You're welcome. Again, best of luck!!!