Capital one secured card

olimac1

I have applied for a capital one credit card in order to build my credit rating..they have offered me ,what they call Capital One Secured Card ,for this they are asking me to pay £49 security sum.Anyone know anything about this ?? I don`t mind paying if it helps but never heard of having to pay up front for a card.

JessStar

http://www.capitalone.co.uk/support/faqs-secured-card.jsf

Basically, they wouldn't accept you without some form of up front payment to secure their assets. But, once you've paid it, you get to use the card as normal, and build your credit up.

InsertWittyName

I got the missus one of these some months ago, paid the same £49 as you and got a £200 limit.

There were a few threads about it at the time and different people were required to pay different amounts (some up to the full £200 limit given!).

It seems fine and we've had no problems with it.

The deposit is refunded when you close the card.

cats2012

Hi.

The deposit is basically just to help cover their risk as you're seen as quite a risky customer (I asusme you have either bad or very little credit histroy).

Assuming you use the card normally and don't default etc, you will get the deposit back when you close