"Good Card, But One Thing Bugs Me..."
Capital One® Secured MasterCard® Review
Written by: boobie1998 on 2015-01-09
Overall Satisfaction
Customer Service
Rewards
Account Management
Delivery Time
boobie1998's review: 
I just received this card today. Applied on 12/22/14, and received on 1/8/15, 16 days, but we had two holiday in there so that was fine. I got approved for $99 deposit/$200 credit line. I actually was quite shocked they gave me a second chance, as I admit I have defaulted with them in the past and had an account charge off...I decided to send them $499, to give a $600 starting limit. I LOVE the fact that you can increase your credit line up to $3000, and I did quite a bit of research on this card, and it looks like they give unsecured increases also. Most seem to be in the $300-$400 range around 6-8 months based on what I read. Registered online today with no problem. Set up a payment for $29 right away, the annual fee. Comes with credit tracker thru Trans Union, so I can watch my score rise in time. I am going to add a little here, a little there, to raise my limit. I wanted to test the waters today, as you can do this right on the website, so I decided to send in another $50 to raise me up to $650...was very easy, comes out of my checking account. What I didn't like is that it will take TEN DAYS for my limit to update! I just think that's too long!! We all know it will not take 10 days for those funds to clear...its 2015...a day or two maximum. If I would of known this, I would sent more in the opening deposit amount. I talked to online chat tonight, just to be sure this was true, and was told that's how long it takes to post...I asked if that was because my account is new...but was told that's how it will always be. I wasn't happy, but I will get over it I suppose! But it seems like they do want to help build my credit, and I was grateful for the second chance. I even designed my own card for free. I will certainly report back if it doesn't take the full 10 days, but I thought future card holders may want to know this detail...
I just received this card today. Applied on 12/22/14, and received on 1/8/15, 16 days, but we had two holiday in there so that was fine. I got approved for $99 deposit/$200 credit line. I actually was quite shocked they gave me a second chance, as I admit I have defaulted with them in the past and had an account charge off...I decided to send them $499, to give a $600 starting limit. I LOVE the fact that you can increase your credit line up to $3000, and I did quite a bit of research on this card, and it looks like they give unsecured increases also. Most seem to be in the $300-$400 range around 6-8 months based on what I read. Registered online today with no problem. Set up a payment for $29 right away, the annual fee. Comes with credit tracker thru Trans Union, so I can watch my score rise in time. I am going to add a little here, a little there, to raise my limit. I wanted to test the waters today, as you can do this right on the website, so I decided to send in another $50 to raise me up to $650...was very easy, comes out of my checking account. What I didn't like is that it will take TEN DAYS for my limit to update! I just think that's too long!! We all know it will not take 10 days for those funds to clear...its 2015...a day or two maximum. If I would of known this, I would sent more in the opening deposit amount. I talked to online chat tonight, just to be sure this was true, and was told that's how long it takes to post...I asked if that was because my account is new...but was told that's how it will always be. I wasn't happy, but I will get over it I suppose! But it seems like they do want to help build my credit, and I was grateful for the second chance. I even designed my own card for free. I will certainly report back if it doesn't take the full 10 days, but I thought future card holders may want to know this detail...
6 Comments
Comment 1 by wanderer
Re: Good Card, But One Thing Bugs Me... 
on 2015-01-09
Congrats on re-entering the world of Capital One! As to why banks take ten days to clear deposits it makes me wonder (could have blamed snail mail but it was electronic).
on 2015-01-09 Congrats on re-entering the world of Capital One! As to why banks take ten days to clear deposits it makes me wonder (could have blamed snail mail but it was electronic).
Comment 2 by boobie1998
Re: Good Card, But One Thing Bugs Me... on 2015-01-09
Yeah...I just don't get it...it is already deducted from my checking account, the very next day! But I have to wait 10??!! Ugh...really bugs me
on 2015-01-09 Yeah...I just don't get it...it is already deducted from my checking account, the very next day! But I have to wait 10??!! Ugh...really bugs me
Comment 3 by boobie1998
Update On CLI Deposits on 2015-01-28
As I stated in my review, the website says it will take 10 days to increase your limit if you add to your deposit. I have done 2 additions so far since I've had the card, and both have taken only SEVEN days...still too long, but not as bad as 10, considering both deposits came out of my bank account the very NEXT day. Don't understand the hold, but other than this, I love the card.
on 2015-01-28 As I stated in my review, the website says it will take 10 days to increase your limit if you add to your deposit. I have done 2 additions so far since I've had the card, and both have taken only SEVEN days...still too long, but not as bad as 10, considering both deposits came out of my bank account the very NEXT day. Don't understand the hold, but other than this, I love the card.
Comment 4 by boobie1998
Re: First CLI on 2015-06-21
Unsecured!! $300 Limit is now $1250...really happy with the card!!
on 2015-06-21 Unsecured!! $300 Limit is now $1250...really happy with the card!!
Comment 5 by finance globe
Re: Good Card, But One Thing Bugs Me... on 2015-06-23
That was fast, congrats! Great to see Capital One working with you.
on 2015-06-23 That was fast, congrats! Great to see Capital One working with you.
Comment 6 by boobie1998
Re: Update on 2016-02-05
As of January 19, 2016 capital One NO LONGER allows you to increase your limit with an additional deposit. You must wait for an increase from them, based on your history and creditworthiness...the only way to get a high credit line is to send a higher starting deposit...I quickly added money to mine before the rules changed. Limit is currently $1425. For now, I'm satisfied. I have had only one unsecured increase so far, back in June 2105 for $300. Will report back if I get more from them...
on 2016-02-05 As of January 19, 2016 capital One NO LONGER allows you to increase your limit with an additional deposit. You must wait for an increase from them, based on your history and creditworthiness...the only way to get a high credit line is to send a higher starting deposit...I quickly added money to mine before the rules changed. Limit is currently $1425. For now, I'm satisfied. I have had only one unsecured increase so far, back in June 2105 for $300. Will report back if I get more from them...
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Disclaimer: This content is not provided by Capital One. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Capital One. Review content is powered by Finance Globe.
