FAQs About Capital One Secured Credit Card Application in Canada

Can I apply online?

Yes! Visit the Capital One website at www.capitalone.com to find quick, easy online applications for most of their credit cards.

How much of my credit limit do I have to supply in security funds?

Capital One offers a nice secured credit card option in that, depending on your credit score and history, you may not have to supply your entire credit limit in security funds. As long as you have some sort of security funds available, you may be able to treat your secured card as a real credit card. The minimum amount of required funds is $75.

How do I set up my security funds?

Before going through your Capital One secured credit card application, you'll need to establish your secured funds. Simply download this form and fill it out to go with your card application. YOU NEED A SECURITY NUMBER for this form -- if you don't have one, you must call Capital One to get one.

Will I always have to have a secured credit card?

Absolutely not. Capital One is very good about periodically reviewing your credit rating and is usually more than willing to transfer you over to a nonsecured credit card and refund your security deposit.

Do I lose my security deposit?

No. When you make your Capital One secured credit card application, your funds go to a financial institution insured by the CDIC (Canada Deposit Insurance Corporation), so you can be sure you're safe. If at any point you want to cancel your secured card, Capital One will refund your deposit in full as soon as you've paid your balance.

There's nothing to fear, so start your Capital One secured credit card application today!