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- Capital One Secured Review
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When it comes to secured credit cards, the Capital One® Secured Mastercard® is without a doubt one of the very best on the market today. This card boasts no annual fees and a deposit requirement as low as $49, making it a top pick if you want to open a secured card account without breaking the bank. In the Capital One® Secured Mastercard® review below, I'll explain why I believe this card is one of the best secured cards out there.
Capital One® Secured Mastercard®
What We Like About The Card
Build your credit responsibly with this top-of-the-line secured credit card. It comes with a low initial security deposit and no annual fee, making it a top pick if you want to open a secured card account without breaking the bank.
Credit Rating Requirement:
Rewards
N/A
Annual Fee
$0
Intro APR
Purchases: N/A
Balance Transfers: N/A
Ongoing APR
26.99%, variable
Welcome Bonus
N/A
Highlights
No annual fee: This card already has a big leg-up on many of its peers because it doesn't have an annual fee. Considering that some secured credit cards have annual fees and monthly maintenance fees that can add up to more than $200 per year, the Capital One® Secured Mastercard® is a compelling bargain due to the fact it doesn't have either of these things.
Low deposit requirement: The Capital One® Secured Mastercard® has three different deposit requirements, depending on your creditworthiness. To get a $200 credit limit, you will have to deposit $49, $99, or $200, depending on your income and credit score. Many other secured cards require you to deposit an amount equal to your credit line ($200 for a $200 credit line, for example) regardless of your creditworthiness. The potential to get started with a smaller deposit than other cards makes this a top choice.
You can graduate to an unsecured card: With as few as five on-time payments, your credit limit on your Capital One® Secured Mastercard® can be increased above $200. In addition, you may be eligible for graduation, which happens when the card issuer returns your security deposit, thus turning your secured card into an unsecured credit card. This card could easily be one that you have for the rest of your life, enabling you to eventually have years of positive credit history buoying your credit report.
No 0% intro APR period: Given that you have to make a security deposit to get a secured credit card, it would be nice if that secured card offered a 0% intro APR period on purchases. Admittedly, this feature is rare with secured cards, so it's hard to criticize the Capital One® Secured Mastercard® for not offering it.
No cash-back rewards: I don't consider rewards to be a make-or-break feature for secured cards, considering so few actually have rewards programs, but a cash-back rewards program would be a welcome addition to the Capital One® Secured Mastercard®.
No free FICO® Score: Unlike some other secured credit cards, the Capital One® Secured Mastercard® doesn't offer free access to a true FICO® Score. Capital One offers an app known as CreditWise®, which allows you to see a simulated credit score that may differ from your true FICO® Score, although it’s still useful. A free FICO® Score would add a lot of value to this card.
Even if you have no credit history or bad credit (a score below 500), it's likely you can qualify for a secured credit card. The deposit you put up to open a secured credit card protects the card issuer in the event you fail to repay your balances. Your income may be the only limitation to getting approved, as the terms and conditions for the Capital One® Secured Mastercard® state that your monthly income must exceed your monthly rent or mortgage payment by at least $425.
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Discover it® Secured | Petal® 2 "Cash Back, No Fees" Visa® Credit Card |
Rating image, 5.0 out of 5 stars.
5.0 stars
Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. |
Rating image, 4.5 out of 5 stars.
4.5 stars
Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. |
Apply Now
On Discover's Secure Website. |
Apply Now
On Petal's Secure Website. |
Read Full Review | Read Full Review |
Rates & Fees | |
Credit Rating Requirement: |
Credit Rating Requirement: |
Welcome Bonus: Dollar-for-dollar match of all cash back earned the first year |
Welcome Bonus: N/A |
Rewards Program: Cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Unlimited cash back on all other purchases - automatically |
Rewards Program: 1.5% cash back after making 12 on-time monthly payments. 1% cash back on purchases right away |
Intro APR: Purchases: N/A Balance Transfers: 10.99%, 6 months |
Intro APR: Purchases: N/A Balance Transfers: N/A |
Regular APR: 22.99% Variable APR |
Regular APR: 12.99% - 26.99%, variable |
Annual Fee: $0 |
Annual Fee: $0 |
Highlights:
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Highlights:
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Apply Now
On Discover's Secure Website. |
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On Petal's Secure Website. |
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Used correctly, a secured card can help you build toward excellent credit. But used irresponsibly, a secured card can harm your credit score and result in costly fees and interest on your balances. If all of the following statements apply to you, then the Capital One® Secured Mastercard® should make the short list of credit cards to apply for:
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