Build good credit with Capital One Secured Mastercard Credit Card | finder.com

Secured Mastercard® from Capital One® review – September 2018

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Looking for an easy way to improve your credit score? This secured card could be an option.

If you have poor or no credit, a secured credit card could help you establish or rebuild your credit history through responsible spending that includes on-time payments.

The Secured Mastercard® from Capital One® is just one such a card — and it comes with no annual fee. You get a starter credit limit of $200 in exchange for a refundable security deposit of $49, $99 or $200 based on your credit score. If you make a larger deposit before your account opens, you may be eligible for a higher credit limit of up to $3,000.

Product NameSecured Mastercard® from Capital One®
Card TypeMastercard
Annual Fee$0
APR (Annual Percentage Rate) for Purchases24.99% variable
Balance Transfer Fee$10 or 3% of the transaction, whichever is greater
Cash Advance Rate24.99% variable
Cash Advance Fee$10 or 3% of the cash advance amount, whichever is greater
Interest Free PeriodUp to 25 days
Minimum Interest$0
Late Payment Fee$38
Additional Cardholder Fee$0
Minimum Age18 years of age

Is this card for me?

The Secured Mastercard® from Capital One® can offer you many benefits that include:

  • Ability to build your credit. The Secured Mastercard® from Capital One® reports to the three major credit bureaus, providing you with the opportunity to build your credit with responsible use.
  • $0 annual fee. You won’t pay a fee to use it.
  • foreign transaction fee. If you’re a frequent traveler, use this card at locations worldwide.
  • 24/7 account access. Get the details of your account online, by phone or through Capital One’s mobile app.

How can I make this card’s high APR worth it?

The Secured Mastercard® from Capital One® is a good way to build credit if you use it responsibly. To avoid paying the high 24.99% variable APR on all of your purchases, challenge yourself to pay off your statement balance each month. After you’ve made on-time payments for five months in a row, you could be eligible for other cards that come with lower APRs and even offer rewards.

What to watch out for

The Secured Mastercard® from Capital One® can help you build your credit to meet your financial goals. But you’ll want to spend only what you can afford to pay off each month to avoid its high APR.

  • Security deposits. Though you won’t pay an annual fee, you’re required to pay a $49, $99 or $200 security deposit based on your credit score.
  • Not intro APR. Once you’re approved, a high ongoing APR applies immediately.
  • No rewards. Like most secured cards, this card offers no points or cash rewards.

Compare secured credit cards

Name Product APR (Annual Percentage Rate) for Purchases Welcome Bonus Interest Free Period
19.14% variable
Up to 25 days
A secured Visa® credit card that helps you build your credit quickly.
9.99% fixed
Up to 25 days
Low fixed interest rates with no penalty rate.
10.24% variable
Up to 25 days
9.99% fixed
None
This secured card can help you rebuild your credit with an initial deposit of $200 to $1,000.
20.24% variable
Up to 25 days
17.99% fixed
Up to 25 days
Borrow up to $10,000 and get your credit score back on track.
14.99% variable
Up to 25 days
26.24% variable
Up to 25 days
13.99% fixed
Up to 25 days
Have little or poor credit? The primor® Secured Mastercard® Classic has no minimum credit score requirements and no processing or application fees to worry about.
9.99% fixed
Up to 25 days
Fast, easy application process. No processing or application fees!
13.99% fixed
Up to 25 days
Credit lines available from $200 to $5,000! You decide where you want to start and open your Personal Savings Deposit Account to secure your line.
17.99% variable
Earn 5,000 miles after your first purchase
Up to 24 days
Earn SKYPASS miles while building your credit history in the United States.
13.74% variable
Up to 21 days
Created to help you establish or rebuild credit.
36% variable
Up to 27 days
Easy Online Application! Your account history reports to the major Consumer Reporting Agencies.

Compare up to 4 providers

How to apply for the Secured Mastercard® from Capital One®

To apply for a Secured Mastercard® from Capital One®, you’ll need to provide your:

  • Full name and physical address (PO boxes are not accepted)
  • Social Security number and date of birth
  • Estimated gross annual income
  • Checking or savings account information
  • Rent or mortgage amount paid each month

Start by visiting Capital One’s website and choosing the Secured Mastercard® from Capital One® from the “Average or Building Credit” card category:

step 1 Capital One Secured MastercardComplete and submit your application for a Capital One Secured Credit Card.

step 2 Capital One Secured MastercardOnce approved, Capital One will let you know your required security deposit amount, and you’ll receive your card in two to three weeks.

Your approval for a Secured Mastercard® from Capital One® is guaranteed as long as you:

  • Meet the age requirements according to your state.
  • Haven’t applied for a Capital One account in the past 30 days or held a Capital One account that was not in good standing in the past 12 months.
  • Don’t have an existing Capital One account or a pending application.

I got the card. Now what?

Your card won’t be activated until you make your minimum security deposit. You can pay this amount all at once or over time online or by phone.

Once your account is active, be sure to keep up with your monthly payments through one of five options:

  • Online. Set up your online account to make payments from a bank account.
  • AutoPay. Schedule automatic monthly payments on a date that works best for you to avoid late payment fees.
  • By phone. Call 800-955-7070 to make payments at no additional cost.
  • Mobile app. Download Capital One’s free mobile app to manage your account safely from your smartphone.
  • By mail. If you don’t mind paying for postage to make a payment, mail in a check with the payment coupon attached to your statement.

Your guide to secured credit cards

What customers are saying about the Secured Mastercard® from Capital One®

The Secured Mastercard® from Capital One® gets great reviews, with one consistent complaint being the low credit limit. Capital One in general gets an A+ from the Better Business Bureau; however, they only get 1.5 stars out of 5 from Consumer Affairs.

Bottom line

The Secured Mastercard® from Capital One® is a solid choice if you don’t need a high credit limit. There are no hidden fees, and the card has a great reputation with its customers. However, with the high APR of 24.99% variable, it’s best to only spend what you can afford to pay off each month in order to avoid paying interest.

Frequently asked questions

Adrienne Fuller

Adrienne Fuller leads the publishing team at finder.com. She has one goal: to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. When she's not helping folks save money, she's hiking with her two Catahoulas around her home in San Diego.

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