Build good credit with Capital One Secured Mastercard Credit Card

Secured Mastercard® from Capital One® review – July 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 $200.00 in exchange for a refundable security deposit of $49, $99 or $200.00 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 $3,000.00.

Product NameSecured Mastercard® from Capital One®
Card TypeMastercard
APR (Annual Percentage Rate) for Purchases24.99% variable
Balance Transfer Fee3.00% or $10.00 (whichever is greater)
Cash Advance Rate24.99% variable
Cash Advance Fee$10.00 or 3.00% of the cash advance amount, whichever is greater
Interest Free PeriodUp to 25.00 days
Minimum Interest$0.00
Annual Fee$0.00
Foreign Transaction FeeNone
Late Payment Fee$35.00
Additional Cardholder Fee$0.00
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.
  • $0.00 annual fee. You won’t pay a fee to use it.
  • $0.00 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% 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 $200.00 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 other Capital One credit cards

Name Product APR for Purchases (Purchase Rate) Intro APR for Balance Transfer Annual Fee
24.74% variable
$0.00
Get the credit you want for your business, and unlimited 1% cash back on every purchase, every day
14.74%, 18.74% or 22.74% variable
$0.00
Unlimited 1.5X miles per dollar on every purchase, every day
18.74% variable
$0.00 annual fee for the first year ($95.00 thereafter)
Unlimited 2X miles per dollar on every purchase, every day
14.49%, 18.49% or 22.49% variable
$0.00
Unlimited 1.5% cash back on every purchase, every day.
18.74% variable
$0.00 annual fee for the first year ($95.00 thereafter)
Unlimited 2% cash back from Spark Cash could mean thousands of dollars each year going back into your business. No minimum to redeem.
19.98%, 23.98% or 26.98% variable
$39.00
Get unlimited 1.5% cash back on every purchase with no limit on how much you can earn, and no changing categories.
19.98% to 26.98% variable
$0.00
Enjoy no annual fee, plus access to valuable benefits.
24.99% variable
$0.00
Take control and build your credit with responsible use.
14.74%, 20.74% or 24.74% variable
0% for the first 15 months (then 14.74%, 20.74% or 24.74% variable)
$0.00
Earn unlimited 1.5% cash back on every purchase, every day
14.74%, 21.24% or 24.74% variable
$0.00 annual fee for the first year ($95.00 thereafter)
Earn 50,000.00 bonus miles once after spending $3,000 on purchases within the first 3 months from account opening.

Compare up to 4 providers

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

Always consider your options and your financial situation before you apply for a credit card.

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.

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