Resources and support for Capital One secured cardholders

If you don’t have an established credit history—or if your credit is less than perfect—a secured credit card could help you get from Point A to Point B on your financial journey. And because some journeys are better with a guide, Capital One secured cardholders are supported every step of the way. 

We’ve got you covered with everything from online tools for managing your account to workshops on reaching your financial goals. And the best part? They’re free. Learn more about how we support secured cardholders. 

Key takeaways: 

• A secured card is a type of credit card that requires a security deposit to open an account. 
• You can qualify to receive your deposit back and upgrade your card through responsible use of the card.
• Paying your statement on time each month is an example of responsible use. Setting up automatic payments with AutoPay can help you avoid late or missed  payments.
• CreditWise from Capital One helps you track your progress while you build credit. And built-in tools like the CreditWise Simulator let you explore how different decisions may affect your credit before you make them.
• Capital One offers even more free tools and resources, including custom alerts, the Capital One Mobile app, Learn & Grow articles and the Money & Life Program.

Before we dive into the benefits, let’s start with a quick review of secured credit cards.

• Who they’re for: Secured credit cards are for people who want to establish, build or rebuild their credit. 
• How they can help: You can use a secured card as a tool to start building or rebuilding your credit. By doing things like paying on time and paying off your entire balance each month, you could put yourself in a position to upgrade to a traditional unsecured card or apply for an additional card.
• Why a refundable deposit is required: With a secured credit card, you’re required to make a security deposit to open the account. It’s a little like paying a security deposit when you rent an apartment. Typically, you get that deposit back when you move out. In the same way, your deposit will be held while you use your card. By making on-time payments and paying more than the minimum, you could establish a positive track record and earn your deposit back as a statement credit.

As a Capital One cardholder, you have access to lots of free resources to help you make payments, monitor your account, check your credit and more. Here are details on some of them.

Calendar reminders are great, but they’re not going to take care of things for you. With AutoPay, you can relax knowing your payments will always be made on time. And that’s a key factor in building your credit.

Setting up AutoPay is easy, and you can pick the payment amount that works best for you. Plus, if your finances change, you’re able to cancel AutoPay or choose a different payment option.

• Your minimum payment: This amount will vary each month according to your new balance. It will also include any past due amount. You can avoid late payment fees with this option, but you’ll owe interest on any unpaid balance. 
• Your last statement balance: This is the balance amount of everything you owe as of your last monthly statement. Paying your last statement balance in full each month by the due date can help you avoid paying interest and late payment fees.
• A fixed monthly payment: This is a fixed payment amount that doesn’t change from month to month. Keep in mind that the fixed amount could be less than your minimum payment, your statement balance or both. If so, you’ll need to make an additional payment to avoid paying late fees and accruing interest on new purchases.

Think of CreditWise like a compass for your credit building journey. It’s a free tool for monitoring your credit. And using it won’t impact your credit scores. 

CreditWise can help you:

• Understand your credit score. Accessing your free VantageScore® 3.0 credit score and TransUnion® credit report anytime can help you understand the factors that may move your credit scores up or down. And it can help you get to know what information is being used to calculate your scores.
• Keep up with changes. Have a new inquiry, delinquent account or other activity? Get alerted when your credit reports from TransUnion or Experian®, two of the major credit bureaus, change. 
• Monitor your personal information. Find out right away if your Social Security number or email address is detected on the dark web so you can take action to help protect yourself. 

Need another reason to sign up for CreditWise? Here it is: The CreditWise Simulator. 

With the CreditWise Simulator, you can explore how your actions could affect your credit before you take them. By testing different scenarios, you can see how your credit could be impacted by doing things like:

• Making on-time payments
• Paying off your credit card balance
• Taking out home or auto loans
• Increasing your credit limit
• Opening a new credit card 

If you’re like most people, credit card payments aren’t your only monthly expense. That’s why Capital One lets you choose your payment due date. It can help you spread out when bills are due each month to give you more control over your finances.

When you’re in the know about what’s going on with your account, it can be a little easier to stay on top of your expenses. Tracking your expenses can also help make budgeting easier. And security features can add peace of mind.

Get important alerts and notifications by text, email or both. You can set up account alerts for things like:

• Purchases
• Account balance 
• Available credit
• Upcoming payments
• Refunds
• Double charges
• Suspicious activity

The Capital One Mobile app also makes it easy to manage your accounts anytime, anywhere. And with Eno, your Capital One assistant, you can create virtual cards to help keep your credit account more secure when you’re shopping online.

Everybody wants to live their best life. The thing is, having the future you want can be easier when your finances are in good shape. That’s why reading Capital One Learn & Grow articles can help you better understand credit and other financial topics. 

There are hundreds of articles to explore—you’re reading one of them right now. They draw on industry professionals, government resources and Capital One experts to keep you informed. Articles cover all kinds of topics, including tips for using a credit card responsibly, how payment history affects your credit, what to know about minimum payments and so much more.

Sometimes it helps to connect  your life goals with your financial behaviors. That’s what the Money & Life Program is all about.* It offers free self-guided exercises, 1-on-1 sessions with professional mentors and on-demand video workshops. You can start with whatever feels right for you. And the Money & Life Program is free and available to everyone, whether you’re a Capital One customer or not.

Have more questions about your Capital One secured credit card? Capital One customer service is here to help you find the support you need. 

When used responsibly, a secured credit card is a tool to help establish, build and rebuild credit.

No matter where your credit journey takes you, Capital One will be by your side every step of the way.  You’ll have access to free digital tools, ongoing financial education and lots more. If you don’t already have a secured card from Capital One, you can compare cards and see whether you’re pre-approved for card offers before you apply.