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.