Capital One® Secured Mastercard®
- ONE-TIME FEES None
- ANNUAL FEE $29
- MONTHLY FEE None
- REGULAR RATE 22.9% (V)
- GRACE PERIOD 25 days
Capital One® Secured Mastercard®’s Highlights
- Unlike a prepaid card, it builds credit when used responsibly
- Regular reporting to the 3 major credit bureaus.
- 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—no additional deposit required
- It’s a credit card—accepted at millions of locations worldwide
- Easily manage your account 24/7 with online access, by phone or using our mobile app
- Get free access to your monthly credit score and credit tips using Capital One® Credit Tracker
Capital One® Secured Mastercard®’s Additional Info
- MAX LATE FEE $19
- MAX OVERLIMIT FEE None
- MAX PENALTY APR None
- CASH ADVANCE RATE 22.9% (V)
- CASH ADVANCE FEE 3% (min $10)
Capital One® Secured Mastercard® Reviews
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
I used this card to help me rebuild, and basically between this one and one other secured card, got to the point where I was able to get a car note and an unsecured credit card again. Customer service was always pretty decent, and they even called me when I traveled out of state and used my card as a fraud prevention step.… more
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: Oct 22nd, 2014 at 2:36 EDT