Capital One Secured Mastercard

Capital One Secured Mastercard card art
Our Take

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.

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Learn Moreand find out how you can apply here

Features

APR

26.99%

Deposit

$49

Annual Fee

$0

Annual Fee
None
Why We Like It:

"Refundable deposit build credit"

Recommended Credit:
300629
Bad Credit

Our 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.

Highlights
  • Great for building credit - Reports regularly to the 3 major credit bureaus. 
  • Increase your credit line after making your first 5 monthly payments on time.
  • Refundable deposit required, $49, $99 or $200 based on your creditworthiness.
  • A deposit of $49 gets you an initial credit line of $200. Larger deposits additional get a higher credit line.
  • Pick your own payment method (check, online or at a local branch) and monthly due date.
Ratings

Purchase APR

3.5

Annual Fee

5

Overall

4

Overall
4
Learn Moreand find out how you can apply here

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