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The Capital One® Secured MasterCard® Credit Card is a no-frills card for those who need to improve their low credit or who have no credit. It’s one of a handful of credit cards for people with bad credit that has no annual fee. Plus, it’s one of the only partially secured cards that can have a spending limit higher than the amount of your refundable security deposit.
Enjoy all the benefits of a MasterCard. Capital One will give you the chance to get an initial $200 credit line after making a security deposit of $49, $99, or $200, based on your creditworthiness. Read on to find out of the Capital One® Secured MasterCard® Credit Card is the one for you.
Learn more about this card and its features here.
Capital One Secured MasterCard Summary
 With the Capital One Platinum Secured: Unlike a prepaid card, this card will help you build credit when used responsibly, with regular reporting to the 3 major credit bureaus. You'll get an initial $200 credit line after making a security deposit of $49, $99, or $200, determined based on your creditworthiness; and be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed Get access to your account 24 hours a day, 7 days a week with online banking to access your account from your desktop or smartphone, with Capital One's mobile app This card comes with no annual fee, and all the credit building benefits with responsible card use. |
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.
Opportunity for Credit Line Increase in 5 Months: If you consistently make payments on-time with this card, you’re eligible for a credit line increase in as little as 5 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 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.
Bottom Line
The Capital One® Secured MasterCard® is well-suited for those who need to rebuild credit or have no credit. Carrying it is a good way to increase it through responsible card use.
Plus, you can enjoy MasterCard perks just because you’re a cardholder. Other cards for people with low credit don’t offer these benefits at all.
Make sure you avoid carrying a balance and pay it off monthly to keep up your credit. Soon, you’ll be on your way to earning better rewards.
If you have a high credit score or you’re looking for a rewards card, this card isn’t for you. For more, see our list of Capital One credit card bonuses or check out our other credit card bonuses.
Learn more about this card and its features here.