Terms and conditions

There are two secured credit cards you can apply for with Capital One:

• Quicksilver Secured Rewards has a 1.5% cash back rate for every purchase. The APR on the card is 28.49% variable on purchases. On transfers, you get the same 28.49% variable APR. The card comes with no annual fee.

• Platinum Secured has no annual fee and an APR of 28.49% variable.

The deposit on both cards is refundable. 

Pros and cons

Pros

• There is no annual fee

• You can get a card with fair credit

• There are no foreign transaction fees

• You can build your credit.

Cons

• A minimum deposit is required, and determined the credit limit

• There are no rewards on the Platinum Secured card.

Main requirements

To qualify for Capital One secured credit cards, you must:

• Have an address located in the US, Puerto Rico, or a US military location;

• Have a monthly income exceeding your debt;

• Be over 18 years old and have a valid SSN or ITIN;

• Not apply for Capital One credit card two or more times within 30 days;

• Not have a bankruptcy. 

There is a minimum deposit of $49, $99, or $200 required. If your application request is approved and you provide a security deposit before the expiration date, Capital One opens an account, and you will receive a minimum credit line of $200. If you deposit more than $200, you can be approved for a line of $1,000 maximum.

How to apply for a card

To apply for a Capital One secured credit card through the website, follow these steps:

1. On the main page, click Credit Cards;

2. Select Compare All cards;

3. Choose the filters for secured credit cards;

4. Click the “Apply Now” button under the card’s description;

5. Provide your personal, contact, and financial information;

6. Send the application form.

You will get a credit card in two to three weeks after the Bank receives your minimum deposit.

How to pay off a debt

Capital One applies for the payments first to the balance with the lowest APR and then to the balances with higher APRs. The Bank won’t issue interest if you pay your balance in full by the due date each month. 

If your balance is lower than $25, you will have a minimum payment of $25. If your account is over $25, the minimum payment is 1% of your balance plus recent interest and late payment penalties. If your account is charged off, the entire balance will be due immediately.

For the security deposit, you can make partial payments within 35 days. The deposit payments must be at least $20. Capital One will refund your deposit if you make payments on time.