Yes, you can put $2,000 on a secured credit card. Most secured credit cards require a deposit of $200 to $300, but the more you deposit, the higher your credit limit will be.
Certain credit cards like the Surge® Platinum Mastercard® may allow you to secure up to a $2,000 credit limit after you open an account.
Secured cards are a great choice, especially for consumers with subprime credit. These cards allow deposits of $2,000 to get a matching credit limit.
Some secured cards like the Discover it® Secured Credit Card and the OpenSky® Secured Visa® Credit Card even allow deposits up to $2,500 and $3,000, respectively.
However, it’s important to note that the amount you deposit usually becomes your credit limit. So, if you make a $2,000 deposit, your credit limit would typically be $2,000.
While you can increase your secured credit card limit by providing an additional deposit, this can only be done up to the original credit limit the issuer approved you for.
Remember to keep your credit utilization below 30% of your available credit. So if your only line of credit is a credit card with a $2,000 limit, that would mean keeping your balance below $600.
A list of popular secured cards with a minimum deposit of $2,000
Here’s a simple table that lists some popular secured cards that allow a deposit of $2,000 or more:
| Card | Max Deposit |
|---|---|
| First Tech Federal Credit Union Platinum Secured Mastercard | $25,000 |
| Bank of America Unlimited Cash Rewards Secured Credit Card | $5,000 |
| U.S. Bank Secured Visa Card | $5,000 |
| Bank of America Customized Cash Rewards Secured Credit Card | $5,000 |
| OpenSky Plus Secured Visa Credit Card | $3,000 |
| Merrick Bank Classic Secured Credit Card | $3,000 |
FAQ
Can I deposit $2,000 on a secured credit card?
Yes, you can deposit $2,000 on most secured credit cards. The deposit you make usually determines your credit limit. So if you deposit $2,000, your credit limit would typically be $2,000.
Are there any secured credit cards that allow a more than $2,000 deposit?
Yes, several secured credit cards allow deposits of more than $2,000. For example, the First Tech Federal Credit Union Platinum Secured Mastercard allows a maximum deposit of $25,000.
What happens to my deposit on a secured credit card?
The deposit you make on a secured credit card serves as collateral for the card issuer. If you default on your payments, the issuer can use this deposit to cover their losses. However, your deposit is fully refundable if you close the account with a $0 balance.
Can I increase the limit on my secured credit card?
Yes, you can increase the limit on your secured credit card by providing an additional deposit. However, this can only be done up to the original credit limit the issuer approved you for.
