Secured Mastercard from Capital One Review Rebuild Your Credit
Secured Mastercard from Capital One Review - Rebuild Your Credit Skip to content
If use your card responsibly, you could be considered for a eligible for a credit line increase in as little as 6 months. Many competing cards make you wait as long as 12 months to request an increase. If you’re planning to make a large, time-sensitive purchase, or simply want more month-to-month spending flexibility, a year is a long time to wait.Useful Credit-Monitoring and Credit-Building Tools. The free credit score other Capital One CreditWise tools are super-useful for cardholders committed to building – and understanding – their credit. Some competing cards, including the BankAmericard Secured Credit Card, don’t come with free credit scores.
What do you want to do br with money
Popular Searches
Learn more about your money
Make Money
You need it. Learn how to make it. ExploreManage Money
You've got it. Learn what to do with it. ExploreSave Money
You have it. Make sure you have some later too. ExploreSpend Money
You're spending it. Get the most for it. ExploreBorrow Money
You're borrowing it. Do it wisely. ExploreProtect Money
You don't want to lose it. Learn how to keep it safe. ExploreInvest Money
You're saving it. Now put it to work for your future. ExploreCategories
About us
Find us
Close menuWhat do you want to do br with money
Popular Searches
Learn more about your money
Make Money
You need it. Learn how to make it. ExploreManage Money
You've got it. Learn what to do with it. ExploreSave Money
You have it. Make sure you have some later too. ExploreSpend Money
You're spending it. Get the most for it. ExploreBorrow Money
You're borrowing it. Do it wisely. ExploreProtect Money
You don't want to lose it. Learn how to keep it safe. ExploreInvest Money
You're saving it. Now put it to work for your future. ExploreCategories
About us
Find us
Close menu Advertiser Disclosure Advertiser Disclosure: The credit card and banking offers that appear on this site are from credit card companies and banks from which MoneyCrashers.com receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear on category pages. MoneyCrashers.com does not include all banks, credit card companies or all available credit card offers, although best efforts are made to include a comprehensive list of offers regardless of compensation. Advertiser partners include American Express, Chase, U.S. Bank, and Barclaycard, among others. Credit CardsSecured Mastercard from Capital One Review – Rebuild Your Credit
By Brian Martucci Date September 14, 2021FEATURED PROMOTION
Our rating
4 3 5
Learn MoreSecured Mastercard from Capital One
Sign-Up Bonus: None Rewards: None Initial Deposit Requirement: $49 to $200 Maximum Credit Limit: $3,000 Benefits: Access to Capital One’s CreditWise tools, price protection, extended warranties, complimentary car rental insurance Intro APR: None Fees: $0 foreign transaction fee; cash advances $10 or 3% (whichever is greater) Annual Fee: $0 Credit Needed: Poor to fair The Secured Mastercard from Capital One is a no-frills, no-annual-fee credit card designed for consumers who wish to build their credit. It’s a secured credit card that requires a modest upfront deposit (at least $49), carries a fairly high regular APR,and comes with a low initial credit limit. However, when used responsibly, the Secured Mastercard from Capital One is a useful bridge to higher spending limits and more generous rewards credit cards. This card is comparable to other secured credit cards for consumers with bad or limited credit, such as the BankAmericard Secured Credit Card. It’s important to note that this card is stripped-down and devoid of many of the perks that more generous credit cards offer as a matter of course, such as cash back or travel rewards and early spend bonuses. However, that doesn’t mean it’s not a potentially game-changing card for people who need to improve their credit standing.Key Features
These are the key features of the Secured Mastercard from Capital One.Security Deposit
Before you can use this card, you must make a security deposit of at least $49. The exact amount, and your corresponding credit limit, depend on your personal creditworthiness as assessed by Capital One.Credit Line Increase
If you use your card responsibly, you could be considered for a credit line increase in as little as six months. Further credit line increases are possible with continued responsible use.Important Fees
This card has no annual fee, balance transfer fee, or foreign transaction fee. The cash advance fee is $10 or 3%, whichever is greater.Capital One CreditWise
Thanks to Capital One’s CreditWise suite, you’re entitled to a free credit score with your paper or online statement each month. You can also access your score at any time in your online account dashboard. Additionally, CreditWise includes a host of credit-building tools and educational content.Credit Required
This card is for consumers with bad or limited credit and is actively marketed as a tool for building credit. Even if your credit history is checkered or spotty, you’re welcome to apply.Advantages
Here’s what the Secured Mastercard from Capital One has going for it. Low Upfront Deposit Requirement. You can open your account with a security deposit of as little as $49, depending on your creditworthiness, and qualify for a credit limit of $200 or more. That’s a big advantage relative to secured competitors, some of which require $200 (or greater) minimum deposits before you can use your card.No Annual Fee. This card has no annual fee. Many of its closest competitors, including BankAmericard Secured Credit Card ($39) and Citi Secured Mastercard ($25), do carry annual fees.No Balance Transfer Fee or Foreign Transaction Fee. This car doesn’t charge balance transfer fees or foreign transaction fees – rare perks in the credit-building category. That’s great news for cardholders who wish to transfer balances from other cards or use their Secured Mastercard from Capital One outside the U.S.No Penalty APR. This card doesn’t carry a penalty APR, which is an excellent benefit if you occasionally miss a payment. The OpenSky Secured Visa and Citi Secured Mastercard both carry penalty APRs (the latter ranging up to 29.99%).Opportunity for Credit Line Increase in As Little As Six Months.If use your card responsibly, you could be considered for a eligible for a credit line increase in as little as 6 months. Many competing cards make you wait as long as 12 months to request an increase. If you’re planning to make a large, time-sensitive purchase, or simply want more month-to-month spending flexibility, a year is a long time to wait.Useful Credit-Monitoring and Credit-Building Tools. The free credit score other Capital One CreditWise tools are super-useful for cardholders committed to building – and understanding – their credit. Some competing cards, including the BankAmericard Secured Credit Card, don’t come with free credit scores.