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Who Is Secured Mastercard From Capital One Designed For?

Capital One's Secured Mastercard is designed for people with poor or no credit history who want to build or repair their credit and have cash on hand to make a security deposit.

As a secured credit card, the credit limit available to members is determined by the size of the security deposit and their creditworthiness. The minimum security deposit is $49 and gives you a $200 line; but members may be required to place a $99 or $200 deposit depending on their creditworthiness. Cardholders can increase their credit line by depositing more money and may get the opportunity to earn an unsecured credit line increase.

However, members must close their account before they can get their security deposits back, which means this card is only an option for people who have enough cash on hand to pay the security deposit.

What Are the Rates for Secured Mastercard From Capital One?

The rate for regular purchases and cash advances is fixed at 24.99% APR for all cardholders, regardless of their creditworthiness.

What Are the Fees for Secured Mastercard From Capital One?

There is no annual fee, a 3% cash advance fee with a minimum fee of $10, and a late payment fee of up to $35. 

What Is The Rewards Program Like for Secured Mastercard From Capital One?

Secured Mastercard From Capital One does not have a rewards program. Capital One uses it as a starter card for people who don't qualify for unsecured credit cards. However, it's still a Platinum Mastercard, so it does come with some perks.

What about the Signup Bonus for Secured Mastercard From Capital One?

There is no signup bonus.

Any Other Benefits for Secured Mastercard From Capital One?

The biggest benefit of Secured Mastercard From Capital One is that it reports the account activity of cardholders to the three major credit bureaus, which if used responsibly can help raise their credit score. Cardholders also get free and unlimited access to their credit score and have access to useful credit tools, such as Capital One's what-if simulator, which predicts the effect financial decisions could have on your credit.

As a Platinum Mastercard, it also provides members with extended warranty and price protection on items purchased with the card. It also includes travel benefits, such as auto rental insurance, travel accident insurance, 24-hour roadside assistance and 24-hour travel assistance services.

How Is Secured Mastercard From Capital One Better Than Other Credit Cards?

Although Secured Mastercard From Capital One has high rates and requires a considerable security deposit, it's one of the cheapest methods for people who don't qualify for unsecured credit cards to rebuild their credit. It doesn't have an annual fee, which is surprising when you consider the shopping and traveling benefits included.

  • Credit Score Range
    300 - 640
  • Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Other
    • Retired
    • Self-Employed
    • Unemployed
  • Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
  • Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
  • Minimum Age
    18
  • Supported Income Types
    • 1099 Misc. Income
    • Cash / Other
    • Direct Deposit (W2, SSA, SSDI)
    • Payroll Check or Prepaid Card
  • Customer Type
    Personal
  • Grace Period / Deferred Interest
    25
  • Late Payment Penalty
    $35
  • No Annual Fee
  • Card Type
    Secured
  • Card Network
    Mastercard
  • Car Rental Insurance
  • Emergency Support
  • Extended Warranty
  • Flight Insurance
  • Fraud Liability
  • Free FICO Score
  • Travel Insurance
  • Balance Computation
    average daily balance
  • Credit Limit
    1000
  • Purchases APR (variable)
    Starting at 24.99%
  • Balance Transfer APR (variable)
    Starting at 24.99%
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