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Capital One Secured Mastercard

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Highlights

  • Get the credit you need with no processing fees or application fees
  • Automatic reporting to the 3 major credit bureaus
  • Track credit with access to your credit score and other tools
  • Your refundable security deposit can get you a line up to $3000
  • You may qualify for credit line increases with no further security deposit required
  • Use it like any MasterCard credit card, accepted at millions of locations worldwide

Rates & Terms

Purchase Intro APR Regular APR Annual Fee Balance Transfer Period
N/A 22.9%* Variable $29 N/A
  • Purchase Intro Period: N/A
  • Balance Transfer Intro Rate: N/A
  • Balance Transfer Rate: 22.9%* Variable
  • Cash Advance Rate: 24.9%* Variable
  • Late Fee: $19
  • Cash advance Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
  • Balance Transfer Fee: $0
  • Cash Advance Minimum: N/A
  • Balance Transfer Minimum: N/A
  • Credit Profile: Poor Credit Score

Capital One Secured Mastercard Review

What exactly is a "Secured Credit Card"? A secured credit card works like any other credit card except that it requires a security deposit, which is held as collateral for your account. The Capital One® Secured MasterCard® is a good option for those with poor credit who are looking for a card to help rebuild their credit with the help of online finance tracking tools.  Once you're approved, all it takes to get started is a minimum, refundable security deposit, which you can make all at once or over time. You can make your security deposit online or over the phone.  While the Capital One® Secured MasterCard® is somewhat restrictive with an interest rate of 22.9%, in addition to a $19 annual fee, this should be considered a small price to pay for a solid opportunity to rebuild credit. 

Put simply, this card is the perfect option for someone who has had credit issues in the past.  We recommend this card if you are looking to rebuild your credit - it doesn't necessarily have rewards programs, but Capital One is willing to take the risk to help you get back on your feet.