Frequently Asked Questions
What’s a Secured Capital One credit card?
A Secured Capital One 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.
How will I find out if I’m approved for a Secured Capital One credit card?
We’ll let you know if you’ve been approved for a Secured Capital One credit card during the application process.
How does a Secured Capital One credit card work?
With a Secured Capital One credit card you’re given access to credit, just as you would with any credit card. The only difference is you’re also required to provide security funds as collateral before you can access your credit. These security funds could be as low as $75 and are not always as much as your credit limit. Also, we report your payment information to the credit bureaus each month, giving you the opportunity to build your credit history.
Why should I get a Secured Capital One credit card?
With a Secured Capital One 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.
What happens to my security funds?
Your security funds secure your Capital One credit card, you cannot make withdrawals. If you decide to close your credit card account, send us the full payment of your credit card balance and we’ll return your security funds to you. If for some reason we’re unable to issue you a credit card, we’ll return your security funds in full.
What’s the difference between a Secured Capital One credit card and a pre-paid card?
Unlike a pre-paid card, a Secured Capital One 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.
Is this a debit card?
No, this isn’t a debit card. A debit card provides an alternative payment method to cash when making purchases. With a debit card, funds are withdrawn directly from a bank account. This is a credit card. A credit card gives you access to credit, which allows you to make purchases or cash advances without cash, based on a promise to pay these funds back. With a Capital One credit card, you’re given a credit limit from which you can borrow money.
How can I send in additional security funds to increase my credit limit?
You can increase the credit limit on your Capital One Secured credit card by sending in more security funds. Your increase will be the same as the amount of additional security funds you provide up to a maximum credit limit of $2,500.
To do this online, log on to your bank’s online banking site, select "Capital One Security Funds" as the payee and enter your reference number, then transfer your funds.
Please note, the reference number is not your account number – your unique reference number can be found at the top of your approval letter. If you don’t currently have your reference number, call us at 1-800-481-3239. If you can’t add Capital One Security Funds as a payee through your bank, you’ll need to send in your funds by cheque.
If you send the funds without including your unique reference number, the funds may not be applied to increase your credit limit.
How can I send in my security funds?
You can provide security funds through your bank’s online banking site. You can also mail us a cheque.
If you’re sending in your security funds online:
Log on to your bank’s online banking site.
Add “Capital One Security Funds” as a new payee to your payee list and then enter your reference number.
Transfer your security funds to Capital One Security Funds.
Please note that Capital One Security Funds should only be used as a payee for sending in your security funds. For future payments to your Capital One Mastercard account, use Capital One Mastercard as the payee. If you can’t add Capital One Security Funds as a payee through your bank, you’ll need to send in your funds by cheque.
To send in your security funds by cheque, you’ll need to write “Security Funds” as well as your unique reference number in the memo field on your cheque and send it to us at the following address:
P.O. Box 523, Stn D
Scarborough, ON M1R 5S6
Alternatively, you can download the security funds form (Adobe Acrobat is required) and follow the three steps listed on the form.
If Capital One is unable to issue me a Secured Capital One credit card for whatever reason, will my security funds be returned?
If for some reason we’re unable to process your request, we’ll promptly return your security funds in full.