Capital One Secured MasterCard Credit Card

Capital One® Secured MasterCard®

ADVERTISER DISCLOSURE
Card Details

Signing Promotion

You may qualify for a credit line increase based on your payment history and creditworthiness - no additional deposit required

Reward Rate

0.00%

Annual Fee

$29

APR, Variable

APR: 22.9% (Variable)
Cash Advance APR: 22.9% (V), Variable

Intro APR Promotions

None
Card Features
  • Unlike a prepaid card, it builds credit when used responsibly, with regular reporting to the 3 major credit bureaus
  • Get free access to your credit score and learn how everyday decisions can affect your score using Capital One® Credit Tracker
  • Your minimum security deposit gets you a $200 credit line
  • You may qualify for a credit line increase based on your payment history and creditworthiness—no additional deposit required
  • Easily manage your account 24/7 with online access, by phone or using our mobile app
  • It's a credit card—accepted at millions of locations worldwide
Apply Now

on Capital One's
secure website

thumbsupPros
  • Qualify with limited / bad credit
  • No foreign transaction fee
thumbsdownCons
  • Has annual fee
  • No rewards
  • High APR

Editor's Review

Author: Mike Anderson
If you’ve got bad credit or no credit at all, you’ll need a secured card to start getting the most out of your spending. A secured card is a good way to get there: most of them are accessible to every consumer, regardless of age or score, and the card companies have a system in place to protect them, the lenders, and help you, the borrower.

On the Capital One® Secured MasterCard®, you make a deposit in order to have a line of credit at all.  The deposit’s refundable, too. You’ll get it back if you make your payments, build your score and then close out the account to move onto a rewards card, for better-credit consumers.

In order to make that happen, it makes sense to make even more deposits. Because as you do, your credit limits moves up, to a maximum of $3,000. And if you go that route, you’ll prove to credit scorers that you know how to handle the credit limit of any card.

An alternative card with no annual fee

CapOne does charge an annual fee – most do. One of the few exceptions is the US Bank Harley-Davidson Visa Secured card. If you put down the deposit, the credit limit is higher, too, at as much as $5,000 instead of just $3,000.

The H-D card offers rewards, too, at 1% – something rare amoing secured cards – but it’s only redeemable at participating Harley-Davidson dealerships. Still, with no annual fee, it’s worth a look.

A secured card that may be worth the annual fee

If you’re worried about making repayment with your secured card, either don’t bother jumping into credit at all, or look at cards with a low APR. The First Progress Platinum Prestige MasterCard Secured Credit card, for example, charges just 11.99% APR on purchases, whereas most others will charge about 20%.

It may have a $44 annual fee, but, as you likely already know, interest payments can often be much more than that.

Let’s take a look at a couple examples to hammer that idea home. Let’s say you carry a balance for a whole year’s time. The annual fee will start looking like a great alternative if that balance is any greater than $550.

If you carry a $1,000 balance for that long, the disparity becomes even clearer. You’d owe $200 on the typical secured card, but just $164 on the Platinum Prestige – and we’re counting the annual fee here. Clearly, annual fees aren’t always so bad.