What is a Secured credit card?
A Secured credit card gives you access to credit, just like any other credit card. The only difference is that you need to provide security funds as collateral before you can receive your card and access your credit.
- Security funds as low as $75 or $300 – this is determined after you're approved
- Credit limit of $300 or more
- Your security funds are fully refundable if you ever decide to close your account – just make sure your balance is paid in full and your account is in good standing
Why a Secured credit card?
With a Secured credit card, your payment information gets reported to the credit bureaus. Using your credit card and making your payments on time gives you the chance to build or rebuild your credit history.
A Secured credit card is not a pre-paid card. It's better!
Unlike a pre-paid card, a Secured credit card gives you a credit limit – you don't have to keep reloading it with your own money. Plus, pre-paid cards don't give you the chance to build a credit history because no payment information is reported.
We believe everyone deserves access to credit.
Once you're approved we'll send out a letter with your credit limit and the amount of security funds required. All you need to do is provide these funds by cheque or money order – please don't send post-dated cheques or cash.
Your Approval is Guaranteed if:
- You don't have an existing Capital One account
- You haven't had a Capital One account that was in bad standing at any time within the last 12 months before applying
- You haven't applied for a Capital One account within the last 65 business days
- You live in and are age of majority in AB, BC, MB, NB, NL, NS, ON, PE or SK
In order to receive your card you'll need to provide security funds by cheque or money order.
Not available to residents of QC, NT, NU, or YT
