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Q: If I get a Capital One credit, not debit, card that’s prepaid: 1. what’s the minimum I have to prepay 2. If I pay off my balance each month or just use it one time, i.e. annual payment for something, will I be penalized for that …if so please explain.

[Thursday, August 9th, 2012]

It feels like you confuse prepaid cards and secured credit cards. Capital One has both prepaid cards and secured credit cards. Let’s look into and try to understand which is which.
The first, prepaid card, acts like a usual credit card but no credit is offered and you can’t build a credit history. You just load the card with any amount of money (but up to the predetermined card limit) and use your prepaid card as if it was a usual credit card. Usually such cards require no minimum balance but you can’t use your prepaid card if it has no money loaded. You can use this card as many times as you wish, no penalty fees for rare using are charged.
Second, secured credit card, requires a secured deposit. It means that you should open a security deposit which is usually equal to credit limit desired. The minimum sum of security deposit varies from issuer to issuer but in general starts from $200.
Except security deposit these credit cards act like usual credit cards. You should pay your balance every month and show good credit performance in order to build a good credit history. If you use such card just occasionally and pay off the balance and all necessary fees you won’t be penalized but you won’t be able to build a credit history either (as no credit performance is shown).
So think properly what card you want.

See also

Q: I recently applied for my secured credit card; I was just wondering if went through since I didn’t receive any confirmation email thank you!!

Please contact your secured credit card issuer directly since we are not and ask them about your application. It is necessary to keep a copy of your application handy.

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Q: When getting a secured credit card that reports monthly to the three reporting agencies do they pull your credit report on a secured credit card? If so, which secured credit card doesn’t pull your credit report and reports every month to the three reporting agencies?

You are welcome to visit our web page with secured credit cards on and compare the cards displayed side by side. Find out which secured credit cards perform no credit checks and report to the three major credit bureaus monthly. If a secured credit card requires a credit check, the credit card issuer will pull […]

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Q: why should i put deposit on a secured card?

Secured credit cards require initial deposit, also called security deposit, to minimize the risk of default. So, if you default on your credit card payments, the credit card company keeps the deposit.

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Q: i need a secured card to help my credit rating. I wonder if all the secured cards report to the credit bureaus.

Most secured cards report to the credit bureaus, but when applying for such a card make sure it reports as a credit card, and not a secured one. On our website you can find a great selection of secured credit cards to apply for online.

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