Capital One Guaranteed Secured Mastercard: Cardholder Insights

Capital One Guaranteed Secured Mastercard pros

• Guaranteed approval for eligible applicants. The main pro of this card is that, as long as you meet eligibility requirements, you’ll be approved even with poor or no credit. The cardholder I spoke to had filed a consumer proposal, which lowered their credit score, so the consumer proposal company recommended the Capital One Guaranteed Secured Mastercard to help rebuild their credit.
• No annual fee. The Capital One Guaranteed Secured Mastercard’s annual fee is $0.
• Potential to increase your credit limit. The cardholder said Capital One asks them to confirm their income each year and may offer a credit limit increase based on their income. They started with a $500 limit, which increased to $3,000 over 3 years.
• Free credit score access. Capital One’s Credit Keeper provides your TransUnion credit score for free, and checking it doesn’t affect your score. The score is refreshed weekly, so you can see how your credit is changing over time.
• Helpful mobile app. The cardholder said they can handle virtually everything on Capital One’s mobile app, including checking transactions, setting payment and fraud alerts, scheduling payments, changing their PIN, and reporting the card as lost, damaged or stolen. They said the app is so useful that they’ve never needed to call customer service, but if you do need support, live agents are available 24/7.
• Purchase assurance and extended warranty. The Capital One Guaranteed Secured Mastercard provides purchase assurance against theft, loss or damage for 120 days
  after the purchase date. It also doubles the original manufacturer’s warranty on eligible purchases for up to 2 years.
• Car rental insurance. If you pay for a car rental of up to 31 days in full with the card and decline the rental company’s Collision Damage Waiver, you’ll receive coverage for damage or theft of the rental vehicle.
• Travel and shopping discounts. The cardholder regularly receives offers and discounts from merchants like Vrbo and Booking.com.
• Price protection. If an eligible purchase drops in price within 60 days, you can claim the price difference, up to per item and $500 per calendar year.
• Low minimum payment. Outside Quebec, the minimum payment is only $10 per month, or 1% of your balance plus interest and any past-due amount, whichever is higher. In Quebec, the minimum is $15 or 5% of your balance, whichever is higher. The cardholder I spoke to is in Ontario and said their minimum payment is always $10, which they find helpful for keeping their monthly payments manageable.
• Travel insurance benefits. Get coverage for accidental death or dismemberment while travelling on a common carrier, plus reimbursement for essential items when your baggage is delayed.
• Mastercard benefits. Since this is a Mastercard, you get benefits like Zero Liability, which can protect you from responsibility for unauthorized transactions, and Mastercard Global Service, a 24/7 assistance service that can help with things like lost or stolen cards, emergency card replacement and emergency cash advances while travelling.

Cons

• No cashback or rewards. The Capital One Guaranteed Secured Mastercard doesn’t offer a rewards program, so you won’t earn points, miles or cashback on your everyday spending.
• High interest rate. The standard rate for purchases, balance transfers and cash advances is 29.9% (21.9% in Quebec).
• Security funds required. Like most secured credit cards, the Capital One Guaranteed Secured Mastercard requires security funds as collateral. Once you’re approved, Capital One will tell you how much you need to provide to get your card. If you decide to close your account and have paid off your balance, you’ll receive the funds back.
• Limited value for cardholders with good credit. If you already have a strong credit history, you may find cards with perks like rewards or lower interest rates more valuable.

What are the eligibility requirements of the Capital One Guaranteed Secured Mastercard?

You’re guaranteed approval for the Capital One Guaranteed Secured Mastercard if you meet all of the following requirements:

• You’re at least the age of majority in your province or territory of residence (18 or 19)
• You’re legally authorized to have credit and don’t have a frozen credit profile
• You don’t have an existing Capital One account or a pending application for one
• You haven’t applied for a Capital One account more than once in the past 30 days
• You haven’t had a Capital One account that wasn’t in good standing within the past year
• You aren’t currently in legal recoveries with Capital One

What are the required documents?

To get a Capital One Guaranteed Secured Mastercard, you need to provide the following:

• Government-issued photo ID
• Proof of address if it’s not listed on your ID
• Security funds after approval

What’s the application process like?

To apply for a Capital One Guaranteed Secured Mastercard online, follow these steps:

1. Find the card on Capital One’s website and select See if you’ll be pre-approved & apply.
2. Select Check now and enter your full name and email address.
3. Enter your date of birth and Social Insurance Number (SIN). Providing your SIN is optional, as Capital One can use other information to verify your identity.
4. Enter your address and phone number.
5. Provide employment information, including your employment status, occupation and current employer.
6. Enter financial information, including whether you rent or own your home, your annual and household income and your monthly rent or mortgage payment.
7. Review your details and consent to Capital One performing a credit check. If everything looks good, select Check now to find out whether you’ve been pre-approved before submitting your application.
8. After you submit your application, you’ll receive an email with a link to complete digital identity verification. If you prefer, you can verify your identity in person at a Canada Post location.