This card is everything your companion on the road back to good credit should be. It’s flexible: choose which deposit amount and credit limit you want. It’s easy to use: access your account though Capital One’s user friendly mobile apps. And It rewards you for your hard work. Making a few payments on time can not only increase your credit limit, all 3 credit bureaus get updated regularly.Read full review
Responsibly using the Capital One Secured Mastercard can help you build, or rebuild, credit. Secured credit cards, like this one from Capital One, can be a great option for people with low credit scores or no credit history.
If you’re approved for the Capital One Secured Mastercard, you need to pay the minimum security deposit before your account can be opened. The security deposit cannot be applied to your monthly payments but will be refunded as long as you pay your balance in full when you close your account.
Even though you make a security deposit, the Capital One Secured Mastercard is still a credit card, not a prepaid card. It looks like any standard Capital One credit card, and Capital One will report your credit standing to the three major bureaus. Making payments on time can improve your credit, and being late or missing payments could hurt it.
After approval, you’re given an initial credit line which you can increase by depositing more than required for the security deposit or by making your first five monthly payments on time. Thanks to the Capital One Secured Mastercard, a not-so-stellar credit score doesn't mean you have to be locked out of the credit card universe.