Capital One® Secured MasterCard®

Overall Rating

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Intro APR: N/A
Regular APR: 22.9% (V)
Ongoing Balance Transfer: 22.9% (V)
Annual Fee: $29
Credit Needed: Limited/Bad

Highlights

  • Build credit with responsible use with no processing or application fees
  • Regular reporting to the 3 major credit bureaus
  • Your security deposit can get you a line up to $3,000
  • You may qualify for a credit line increase based on your payment history and creditworthiness
  • Build a financial foundation you can stand on with a card that gets you started
  • Use it like any MasterCard credit card, accepted at millions of locations worldwide

Details from the CompareCards.com Editorial Team

From the CompareCards.com Editorial Team:

This card is meant for those who have bad credit and want a card that helps them rebuild it, while also delivering the convenience of carrying plastic instead of cash. The minimum security deposit can range from $49, $99, or $200, depending on your creditworthiness, and can be paid over an 80 day time period after approval.  

The interest rate on this card is 22.9% Variable and there is also a $29 annual membership fee. For people with damaged credit though, those rates are a small price to pay for the chance to rebuild your credit.The Capital One Secured MasterCard also reports to the “big three” major credit bureaus on a regular basis. So, if you are paying your bills on time and not using more than 25% of your available credit – two strategies recommended by credit improvement experts – then that will help you in your credit building efforts.

Expert Reviews of the Capital One® Secured MasterCard®

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Overall Rating
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Introductory APR
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Benefits
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The Bottom Line

This is a good alternative for someone with poor credit who wants a chance to rebuild their credit while carrying a card that's better than standard prepaid cards.

The Good

There is no balance transfer fee and you can sign up for free enrollment in online tools to help you track your credit. As your payment history improves you can earn opportunities for credit line increases.

The Not so Good

The APR is 22.9% Variable and there is a $29 annual fee. You also have to put forth a security deposit in order to get this card.

Editorial Note: This content is not provided by American Express. Any opinions, analyses, reviews or recommendations expressed on this page are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by American Express.

Terrible customer service

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By

(Tampa, FL)

Date Posted

I just canceled this card. The policies are quite difficult to work around. If you make more than one payment a month (I used to deposit expense checks and then pay the bill immediately so my payments were sometimes made 2 times a month) they will freeze your card and require you to call the customer service people and patch in your bank to verify that you are paying with your own checking account and not a fradulent one. At first they told me this was just for the initial 6 month period for the card but it continued for the entire year I had the card. Sometimes I paid my bill by going to their website and having them initiate an ACH transaction. The first time I did that they froze the account, I called India, India transferred me to someone in the US (this is the process I always experiened with them) and then we called my bank to verify the payment. This was supposed to be another one time thing but it happened about every other month for a year. Twice I paid the bill through my bank's online bill payment system. Again, they would freeze the account, I would call India, transfer to the US, we'd patch in my bank to verify I was the account holder, on and on. Of the 12 months I had this card they froze the account due 10 times. My account was always paid in full, early and had no returned checks or any other abnormalities. When I asked customer service reps why they were so concerned about fraudulent payments, they would all snidely reply "because it is a secured card." I get that secured cards get you second class service. I found that having this card wasn't worth the problems. Most people with secured cards get them in order to have the convienence of a card when their credit is poor. With Capital One constantly freezing the card for "potential fraud" (all related to me paying the bill in some way they deemed suspicious) the card offered nothing but problems.

I definitely would not recommend this card to a friend.

18 out of 18 people found this review helpful.

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LAUREN

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By

(eagleville, mo)

Date Posted

love this card

I definitely would recommend this card to a friend.

1 out of 2 people found this review helpful.

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Credit Rebuilder

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By

(Memphis, TN)

Date Posted

I applied five months ago and did not have a credit score at all as I had not had any reporting on my bureau in years. With 5 months of on-time payments I now have a decent score and was able to qualify for an unsecured card with another lender.

I definitely would recommend this card to a friend.

27 out of 27 people found this review helpful.

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Recommended

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By

(Delaware)

Date Posted

The call center is based in another country can't understand a word they say. But if U don't have any problems with ur card hopefully u won't have to use this feature! But the card Is handy for building credit I only put a 200 dollar line on mine for emergencies and they reported my outstanding payment history every month.

I definitely would recommend this card to a friend.

61 out of 64 people found this review helpful.

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Educational / User Friendly

I appreciate all the simple, easy-to-read facts that CompareCards offer. Each week CompareCards presents articles to teach the average consumer, lik… Read more

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Above the pack

Tops on the ConsumerAction list says it all Read more

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Chris Mettler,
Charleston

 

Super helpful

I came here looking for a card to do my balance transfer to and their livechat support was able to suggest the best option, and I was approved! Read more

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Teresa Womersley,
North Charleston

 

compare now

helps shopping easier in trying to get the best shopping expericenc Read more

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Ocean Springs

 

Best website for Credit!

Love this site for credit reports, comparing credit cards and their rates, and finding awesome deals where I actually get MONEY BACK, just for using … Read more

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Grosse Pointe

 
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