Credit Cards

CapitalOne Canada Secured Credit Card

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  • Jul 31st, 2019 8:36 am
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[OP]
Newbie
Feb 10, 2018
3 posts
1 upvote

CapitalOne Canada Secured Credit Card

Thought I would get some feed back. Please.

I was approved for a CapitalOne Canada secured credit card with a $79 deposit and $300 limit.

Thanks.

J
13 replies
Deal Guru
User avatar
May 8, 2009
14448 posts
12324 upvotes
Going to the Moon
What's the question? We have nothing to compare to, and I've never used a secured credit card. I'm taking there are strong reasons for you taking a secured CC vs. one that has income and credit history requirements?
Premium Life: CDC [Icey Private Status]/SwissBorg/Netflix UHD [100% off]/Amazon [Prime 100% off]/Instacart [Express]
Deal Addict
Jan 18, 2013
2731 posts
1384 upvotes
B.C.
I'm getting blasted with ads for this card on facebook! Anyone else?
[OP]
Newbie
Feb 10, 2018
3 posts
1 upvote
Hello,

I do have valid income though credit history card is bad. My question is, does this card really improve credit scores? And does ones limit rise or are you transferred to an unsecured card over time based on good payment he history.

The most interesting part to this is CapitalOne one will match you dollar per dollar based on your deposit.

One particular note for getting this card also is I have two outstanding debts that are unpaid and a year off the (6) Year mark from being dropped from the credit bureaus. There has been no legal action or contact from the creditors since five years a lot. Statute of likitions is (2) Years as from what I have researched.

So it’s time and beginning to rebuild.

Appreciate your respons!
Member
User avatar
Jan 20, 2018
250 posts
153 upvotes
Toronto
ThebestDeals wrote: Thought I would get some feed back. Please.

I was approved for a CapitalOne Canada secured credit card with a $79 deposit and $300 limit.

Thanks.

J
What did you need to know?

It's a fantastic secured card in Canada for those with a thin credit file, no recent credit history, or those looking to rebuild their credit.

I'd send in the requested $79 as soon as possible (prefer via online banking) as it will take between 20 and 22 days for you to receive your PIN then actual CC.

Use it responsibly and in 6-12 months, Capital One may reward you in ways that will make you very happy.

Some users have received a generous credit limit increase, and some have been "promoted/graduated" to unsecured CC status.

Be patient, always pay your CC statement balance when due, and you'll be in awesome shape before you know it.

Enjoy!
[OP]
Newbie
Feb 10, 2018
3 posts
1 upvote
I've been approved for $300, the card should be here anytime this week, said 7-10 business days. I quickly went through the process to complete the application, Canada Post needed to verify my identity, or rather Capitol One needed too before the card was issued.

So now its simply a matter of time. Im excited to begin the process, I have to admit that Capitalone Canada's process was efficient and easy. Now just for the card.

Thanks
Member
User avatar
Jan 20, 2018
250 posts
153 upvotes
Toronto
ThebestDeals wrote: I've been approved for $300.

Thanks
Congrats!

Keep on using the CC, paying it off next few months, they'll review your account, and give you an increase in due time:)
Newbie
Apr 5, 2017
1 posts
Curious as to how the security deposit correlates to the possible credit limit. I really hate the thought of 'securing' $300 for a deposit and only getting $300 limit. Seems more like a debit card at that point. I know it's to build the credit score back up but really, do they give like $1000 limit for a $100 deposit kind of scenario?
[OP]
Newbie
Feb 10, 2018
3 posts
1 upvote
So what I was required to do is put a security deposit down of $75. Which gave me a limit of $300. Now, your able to submit more security funds. What’s intising is Capital one wil match you 1:1 ratio. So if you submit $300. Capital one will match that giving you a total of $600. Nice eh!
Deal Addict
User avatar
Jul 13, 2014
4342 posts
1838 upvotes
Parry Sound
ThebestDeals wrote: Thought I would get some feed back. Please.

I was approved for a CapitalOne Canada secured credit card with a $79 deposit and $300 limit.

Thanks.

J
What feedback are you looking for?

If your credit is bad, this is the only card you will be eligible for in Canada.

Your choice is to either wait until your credit file is cleared up either by paying off your debts or waiting for them to fall off

Or you can get this card and start building up your credit faster. In 6 months you'd likely be eligible for some of the other easy cards to get such as the regular PC MC or CTFS MC
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Member
Jun 22, 2015
303 posts
50 upvotes
Laval, QC
i have a cap one card with 300 and i had to put down 300 also. i never had a credit before lol .

im hopeing in 6too 12 month they can give me a high credit limit and give me the gold one . so far i have 3 bills payed on time and payed in full . once my card is change . i think that when they mail me back my 300.
Newbie
Dec 3, 2018
8 posts
1 upvote
ThebestDeals wrote: So what I was required to do is put a security deposit down of $75. Which gave me a limit of $300. Now, your able to submit more security funds. What’s intising is Capital one wil match you 1:1 ratio. So if you submit $300. Capital one will match that giving you a total of $600. Nice eh!
hey ! just wondering if they informed you about your credit limit right after your application? I was just told to deposit $300 and the card will be sent.Mo credit limit info whatsoever.I have a very poor credit score :( was looking for rectifying it and start from scratch
Sr. Member
Mar 21, 2019
746 posts
728 upvotes
Eranry01 wrote: hey ! just wondering if they informed you about your credit limit right after your application? I was just told to deposit $300 and the card will be sent.Mo credit limit info whatsoever.I have a very poor credit score :( was looking for rectifying it and start from scratch
Normally Capital One gives an approval screen only, no limit.
If you apply in store at Costco or HBC, you get a limit right away, but not online oddly enough.
Not sure about their secured cards, but when I applied for my unsecured card, after online approval, they sent a letter outlining the credit limit, followed by the card a week or so after.
Newbie
User avatar
Jan 6, 2018
79 posts
17 upvotes
My brother have 640 score but not income at the moment, is a good idea to get him a capital one secure or some other one like President’s Choice Financial Mastercard who said no income required?

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