Capital One® Secured MasterCard®
$49, $99 or $200
- ONE-TIME FEES None
- ANNUAL FEE None
- MONTHLY FEE None
- REGULAR RATE 24.9% (V)
- GRACE PERIOD 25 days
Capital One® Secured MasterCard®’s Highlights
- No annual fee, with all the credit building benefits
- Unlike a prepaid card, it builds credit when used responsibly, with regular reporting to the 3 major credit bureaus
- Free access to your credit score and learn how everyday decisions can affect your score using Capital One® Credit Tracker
- Your minimum security deposit gets you a $200 credit line
- You may qualify for a credit line increase based on your payment history and creditworthiness with no additional deposit required
- Easily manage your account 24/7 with online access, by phone, or using our mobile app
- It’s a credit card accepted at millions of locations worldwide
Capital One® Secured MasterCard®’s Additional Info
- MAX LATE FEE $35
- MAX PENALTY APR None
TRANSACTION FEE None
- SMART CHIP Yes, chip-and-signature
RATE 24.9% (V)
FEE 3% (min $10)
Capital One® Secured MasterCard® Reviews
Otherwise, compared to any other credit card, it doesn't offer very much. If you can't get a normal Credit Card, this is for you. Otherwise, it would be best to find something a bit more substantial.… more
I am sure many cards offer these benefits however, I appreciate the account alerts which can be sent to my email or as a text message- unusual activities, high transaction, high balance, etc. I also like the ability to see my credit score (whether it's Fico or Fake-O) and can "guesstimate" changes over time with variable influences.
The website is easy to navigate and better than 50% of the time, I have been able to speak with a customer service rep that clearly speaks English.
All in all, I have been very pleased with CO and would recommend them to family and friends regardless of their financial situation.… more
Many folks that have struggled with their credit rating are looking for a credit card that will help them to build their credit. The Capital One Secured Mastercard is a great option for
people looking to improve their credit score.
This card has an annual fee that is relatively low at twenty-nine dollars. You will also pay variable APR at 22.9%. A lot of people are turned off by the high APR but, if you consider that other cards have a very attractive APR but have really high annual fees to make up for that. So, this APR is not that bad considering the low annual fee on the card.
One great thing about this card is that there aren't any hidden fees like you would sometimes see with other cards of its type. Also, the annual fee on this card is very low, at only
twenty-nine dollars per year. Another wonderful thing about this card is that you can qualify for it even if you have limited credit history or even bad credit history. You put down a
security deposit and then you get a credit line. If you deposit the smallest amount, that will get you a two hundred dollar credit line. Another great thing about this credit card is that
you do not have to pay fees if you use the card in a foreign country. A lot of people love the fact that this feature exists because it gives them the freedom to use this credit card
while they are traveling abroad. Another thing that is great about this is not a prepaid card. You can use this credit card to build up your credit rating, which is a huge plus for many
people. Another really neat thing about this credit card is that you don't have to pay the full deposit right away if you aren't able to. You are allowed to pay it in increments; you just need to have it all paid within eighty days after you are given approval for the card. So, if you are struggling with your finances, this can be a great thing for you as it gives you time to fully pay the deposit. Another aspect of this card that many people like is that you can get an increase in your credit limit just by using the credit card responsibly without having to put more money down on the deposit. Another great thing about this card is that you can make an online account and use that account to manage your credit card all the time. This gives you a great opportunity to keep up with your account as you go.
This card does have an annual fee, which many people don't like. Although it is a low annual fee, many people just don't like the idea of annual fees at all to use their own money.
Another con that people have noticed is that this card has no rewards program. It does not have travel rewards or anything like that, so if you are looking for a credit card that has
rewards with it, this is not going to be the card for you. Another con to this credit card is that the APR rate on this card is pretty high. A lot of people don't like that, however, that
rate may be worth it to some people in exchange for being able to improve their credit rating by using this card.
This is a great secured card for someone who is looking to improve their credit rating and begin to build their credit back up. It's not overly costly and the pros outweigh the cons in this case.… more
The answer is simple: Capital One Secure Credit Card.
There is a hitch with this card. You have to pay a deposit. The deposit guarantees your line of credit. if you default, they take your deposit. Depending on your credit they will approve you for a 49, 99 or 200 deposit. Any tier guarantees you a 200 credit limit. They promise you that by getting this card you are going to be rebuilding your credit history and maybe down the road they will throw you a bone and up your credit without an additional deposit.
Unless you are borderline credit wise, to where you can actually upgrade from a secure to a unsecured credit line. That increase will probably never happen.
As for rebuilding your credit. If you are like me and have had a rocky road in the past. When I was 23, I had hurt my back and racked up 5000 dollars in medical bills and being 23 and going to school with no job. I could not pay my bills. So all my doctors bills went to collections. I had about 12 different bills go to collections. in which I have paid alot of these of and still have no hope of ever recovering. I would not expect this card to help you out at all.
Capital One was nice to take a chance on me by offering me the Capital one secure card and I took the offer in hoping that they would help me get back to reality. I am starting to get there but I also took out a car loan that due to my credit I am paying 29.99 APR for.
This card does help you out but success stories differ from person to person.
My Journey started at 503 and now I am at 547.. But that is with a student loans, Secure card and Car note..
I am declined for every card even the bad credit one cards cause of my past.… more
Is there any way to find out if we would get rejected for this one as well? I don't want to go through the hassle of setting up an account, just to find out we are rejected.
With that being said, did Wells Fargo give you a reason why you were declined? If you had enough money to place at least a $300 security deposit, it’s curious that you got rejected.
It has been 2 days and the deposit hasn't been charged to my account yet...
If you have below average credit you should focus on improving your credit over the long-term and not get overly worried about the short-term.
I am looking for a secured credit card which can be later converted to unsecured in Canada. Can you help?
Also as a way to further accelerate your credit building efforts, you should also increase the limit on your existing secured cards by increasing the deposit on them.
Capital One® Secured MasterCard® is an Editor's Pick for:
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Last updated on: Jul 23rd, 2015 at 12:04 EDT