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.

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

Nice card! I'm seeing my credit score rise, which is what I wanted. So I think it is doing it's job. Although I usually don't call for customer service, I did have to regarding a charge I had to contest. The customer service rep was super helpful, and I got the issue resolved quickly. All in all, I'm pleased. :)

0 votes

If you are trying to rebuild or build your credit, this is absolutely the card to use! I love Capital One, and they haven't disappointed me with this card, either. Not only do they report to all three credit bureaus so you can ease your score up, they also give you access to your credit score so you can see it rising!

0 votes

As someone else mentioned, I always thought secured cards were for not so bright people. Afterall, why would you give the credit card company money so you can borrow money from them? Well, after not being able to get a credit card, I too got desperate and tried this, and now I am anything but desperate. Today, 18 months later, my credit score is really good. I have since moved on from this card and now have two unsecured cards, but I wanted to encourage anyone who had the same ... initial thoughts that I did.Just save the deposit, plunk it down, and watch the credit score growth begin. More Less

0 votes

I had never applied for a secure card, so I was shocked to find out that the deposit I put in I wouldn't get out until I actually closed the account. I figured that after six months or so of holding my money and me paying on time and everything that I would get it back. Not so. So keep that in mind if you get this card.

0 votes

If you can find the money to put down in order to get this secured card, it's well worth it. I went from a 550 credit score to 650 in about 15 months. Yes, it took patience and the initial deposit, but now I have a credit score that I'm not moritified about! And I just got an unsecured card! I'm closing this one next and getting back my deposit.

0 votes

Capital One is so good at creating products that give you exactly what you need and then some. I was excited to see that this card not only gives you a way to have credit, but it also reports to the credit bureaus--all three--so you get that benefit, and you get to see your credit score and get some what if-simulations in terms of your credit.

0 votes

Pretty good card. It does help you raise your credit score. Be aware, though, that the fees associated with the card are quite high. By that I mean that the APR is really high at 24.9%. There isn't an annual fee, though, which helps. Also be wary of late fees, which are $35.

0 votes

As secured credit cards go, I would have to say after much research and some trial and error that this is the best one out there! I got approved with a $500 limit and have been paying on time and not charging more than 2/3 of the limit. I've seen my credit score go up by 60 points in six months! At this rate I'll have an awesome score in another year.

0 votes

This card is the perfect prescription to credit triage! It's pretty easy to get approved for the card, since it's secured. As long as you follow the rules and pay on time, you'll see guaranteed incremental rises in your score. Capital One reports to all three credit bureaus, and you get to see your score rise along the way. They allow you unlimited access to your score, and they have what if simulators that help you along the way!!!

0 votes

I didn't want to get a secured card because I'd always thought it was stupid to give them money to give you credit, but I changed my mind when I kept getting turned down for unsecured credit cards. Finally, I just decided to do this and see if it helped. I was pretty discouraged by that point. I am happy to report that it works! I now have a much better credit score, and I just got another one of their unsecured cards! My advice is to just bite the ... bullet--get this card--and then see your credit life improve drastically! More Less

0 votes

If you want to improve your credit score, GET THIS CARD! They report to the three major credit bureaus, so you will see your credit score go up, as long as you pay on time and don't max out your card. It is true, and it does work. Yes, you have to come up with the security deposit, but honestly, that is a small price to pay for good credit.

0 votes

It wasn't easy to scrape together the $99 deposit they wanted so that I could get a $200 credit line, but it was the only way I could get a secured card with the hope of one day in the future getting an unsecured card. So far I've been paying on time and not going over limit. I called the customer service line and they advised me to wait a little longer before trying for an unsecured capital one card.

0 votes

A horrible life experience that included bodily harm to me at the hands of someone I trusted put me into the hospital and resulted in my falling behind on credit card payments. As a result, I ended up with my credit in the toilet. I pulled myself up, though, and found this card and applied and got it and am now moving on up!! Happy to report that I also cleaned house in my personal life and now that is looking good, too!

0 votes

This is the way to rebuild your credit. My credit was really terrible at 540, and I didn't know what to do. I found this card and saw people saying that it helped their score, and I figured I didn't have anything to lose, so I applied. They approved it along with my deposit and I have to say that within the 8 months since I got the card my FICO score has shot up to 650!!! All I've done is use the card onthly and pay it off. Great ... product! More Less

0 votes

Make the most of this card since you're giving them a security deposit! I have used the card when traveling. They cover any damage to the car if you use the credit card to rent one.They also offer 24/7 roadside assistance with the card, which I have used as well.

0 votes

Nice card for the purpose of bringing up your credit score. You get access to your score. I figure that is a good price to pay for this service with the $29 annual fee, which I didn't find too high. Interest rates are around 22.9%, so not horrible.

0 votes

Really, really low was my credit score before I embarked on the Capital One Secured Mastercard journey. I initially had to do the $200 deposit and got a low credit limit. I was a little miffed by how low my credit limit was, but then I reminded myself that this was the only way to get credit. I just made sure to use about 1/2 of the credit limit each month and always paid it off, and my score went up enough to get a secured card.

0 votes

I found out after getting this card that the credit limit I initially got seems to be it. I don't think they're going to raise it. Since the credit limit is only $500, even though I gave them a $200 security deposit, it has been difficult to use it for most puchases. I would suggest using the card to raise your score and then getting another card with a higher credit limit as soon as you can.

0 votes

Let's be honest. If you are applying for a secured credit card, your credit rating is not great, which means that you should not expect great benefits. Like many secured credit cards, CapitalOne Secured MasterCard requires you to put up your own money as part or all of the credit limit, depending on whether your credit is marginal, poor or really trashed. You also don't get nice perks like balance transfer and cash back and the APR is pretty high.

On the other hand, the annual fee is reasonable, and ... you don't get ripped off with application fees and processing fees and maintenance fees and other ridiculous fees that a lot of credit card companies add to credit cards for customers with poor credit. And it carries the regular CapitalOne logo, with no indication that it is a secured card, so you can use it like a regular credit card at car rental agencies and other places that give you a hard time about debit cards. If you are diligent with making on-time payments, you can eventually qualify for a credit card with better rewards, etc. More Less

0 votes

Not all that happy that I had to get a secured card in order to get a card, but that's not Capital One's fault! As a matter of fact, I'm really happy with Capital One and this card. For what it is for and for the type of credit score I have, this is a good one.

0 votes

Okay card. A little annoyed right now, because I was just charged for the "annual fee." This made me made because I also gave them my money as collateral. Seems to me that would be enough, but I guess you don't have a lot of recourse when you have low credit--which is why I'm working so hard to pull mine jup!!!

0 votes

I don't usually leave comments, but I hope this helps someone in need. 10 months ago, I had no idea how credit worked and how important it is to establish it. For some reason, I was consistently denied by various credit card companies, including department stores. I had no hope.

Then I came across this secured card, I remember checking my score and it was estimated to be 550 (yeah, that's crap).

Now its been 10 months, $200 limit, no missed payments; my score is 669 with equifax and 680 with transunion. ... To top it off, I went to my bank (BofA) and was approved for credit card with a $2500 limit.

I have this secured card to thank for getting me started. I see a lot of people complaining about not being able to get the $200 back. I say, forget the $200 bucks, Capital One can keep it. The credit score increase has been invaluable as it literally jump started me to be able to do what I need in the future.
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