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It’s time to strengthen your credit! The Capital One® Secured Mastercard® is here to provide you the opportunity you need and to help you build your credit score. It’s no problem if you have an existing one or you’re starting from nothing.
This card provides all the benefits of a Mastercard® with no annual fee. Plus, it’s accepted worldwide! If you’ve looked at other options but none of them are for you, you’re in the right place. The Secured Mastercard is here to give you the responsibility of a credit card.
Capital One will give you the chance to get an initial $200 credit line after making a security deposit of $49, $99, or $200. Your current creditworthiness determines your credit line. However, don’t fret. You’ll get a higher credit line after completing your first 5 monthly payments on time. No additional deposits needed!
Learn more about this card and its features here.
Table of Contents
Capital One Secured Mastercard Summary
|Bonus Available||No introductory offer.|
|Ongoing Rewards/Benefits||Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed.
Regular reporting to the 3 major credit bureaus.
Get an initial $200 credit line after making a security deposit of $49, $99, or$200.
|Foreign Transaction Fees||No|
- Designed for poor or no credit
- No annual fee
- Access a higher credit line
- No foreign transaction fees
- Deposit required
- No welcome bonus
- No rewards
- High APR
Secured Mastercard Security Deposits
It’s difficult to strengthen your credit score. However, as long as you put in the security deposit requirement, you can start showing that you’re responsible cardholder. This will be step one on the road to build and increase your credit history.
You shouldn’t be judged on your past credit situations or on a non-existent one. Capital One understands that.
Thus, the security deposit required upon opening the Secured Mastercard range from as low as $49 to $200. Depending on your creditworthiness, you can earn a $200 credit line!
Why You Should Apply for This Card
Partially-Secured Card: The Secured Mastercard is partially secured. That means your credit line may exceed the amount of your refundable deposit. On the other hand, fully secured credit cards provide a spending limit equal to your deposit to eliminate risk.
If you’re approved for this card, you must place a deposit of $49, $99 or $200, based on your credit standing. As a result, your credit line could be anywhere from $200 to $1,000. In other words, you could get a $1,000 spending limit for a deposit of only $49.
However, you may also get a $200 limit with a $200 deposit. It depends on the specifics of your credit history and your current finances. Whichever security deposit you get, you must pay it in full within 80 days of account approval.
No Annual Fee: If you’re struggling with keeping your credit up or you’re just starting out, you can build your credit essentially for free with this card. There are no annual or monthly fees to worry about. It’s only a late payment fee and interest charges if you carry a balance from month to month.
Other Capital One Secured Mastercard Benefits
No Foreign Transaction Fee: Use this card when traveling abroad without paying a foreign transaction fee. This is a rare perk for a credit-building card.
Free Credit Score and Credit-Building Tools: Enjoy a free credit score checker on-demand. Plus, get some useful credit-building and credit-tracking tools with Capital One CreditWise. Some cards, even those that charge an annual fee, don’t even have this benefit.
Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed.
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 spending flexibility, a year is a long time to wait.
Mastercard Perks: Since the Secured Mastercard from Capital One is a Mastercard, it comes with all the features and benefits of a Mastercard. Enjoy 24/7 travel and roadside assistance, purchase price reimbursement, extended warranty protection, travel accident insurance and auto rental insurance, fraud coverage, and 24/7 access to customer service.
Capital One Secured Mastercard Top Features
Capital One Secured Mastercard might let you deposit a smaller amount depending on your creditworthiness. For the minimum credit line, $200, you are required to deposit $49. But if you want a higher limit, up to $3,000, make a bigger deposit before you activate your account.
If you can’t pay your deposit all at once, Capital One allows you to pay in installments. You just have to pay the full amount by a certain time frame after you’re approved.
Your deposit will be placed in an interest-bearing, secured, savings account. If you happen to close your account, you’ll receive a deposit refund plus interest.
Credit cards that are designed for people with poor credit usually comes with low limits. With the Capital One Secured Mastercard, you’ll be rewarded with a higher credit line when you make your first five monthly payments on time.
Compared to most cards that makes you wait an average of 12 months before you can request an increased limit.
You don’t have to pay any annual, balance transfer or foreign transaction fees.
It’s recommended to not transfer any credit card debt to your Capital one Secured Mastercard because of its high APR. This is an exception if you’re currently paying a higher penalty APR.
The Capital One® Secured Mastercard® provides security to both parties. You just need a security deposit to earn a credit limit. The Secured MasterCard gives you the full benefit of owning a credit card without the hassle of an annual fee.
If you have good credit or are looking for something else, see our full list of credit card bonuses for all your credit card needs!
Learn more about this card and its features here.