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Sample Size: 32,488
Data Created: October 01, 2013
Data Created: October 01, 2013
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563 Cardholder Reviews
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Card Details
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Balance Transfer Intro APR
Not
Applicable - Balance Transfer Regular APR 22.9%* Variable
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Purchase Intro APR
Not
Applicable - Purchase Regular APR 22.9%* Variable
- Annual Fee $29
Cardholder Rating Distribution (563)
- 40%
- 20%
- 12%
- 6%
- 22%
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Capital One® Secured MasterCard®
| Balance Transfer |
Purchase Intro APR |
Regular APR |
N/A |
N/A |
22.9%*Variable |
Update
This card works to build your credit - but as I have stated many times before in my periodical reviews, you must:
1. Keep your utilization under 20% (I would recommend 10% or less).
2. Be patient. Many cardholders (of this particular card) are in a hurry to increase their credit score in an unrealistic manner of time.
3. Keep the account open - even when your credit score rises to an excellent number. Your oldest account should always remain.
It took nearly 3 years but I now am less than 10 points from an 800 credit score (true FICO).
For 2-2 1/2 years this was my only card. Unlike others, I was in no rush to raise my score. I had a plan and I stuck to it. I refrained from applying for any additional credit for 1 1/2 years, as I did not wish to be declined and have the possibility of my score dropping as a result. When I did apply at the 1 1/2 year point, I was declined that credit when I had missed no payments, paid as soon as charges were posted (well ahead of due dates - sometimes numerous payments within the month), and kept my utilization very low - I did all of the right things. I was highly disappointed and as such, did not apply for another card for 6 months. 6 months later (2 years total after being approved for this card) I applied and was approved for a card with a limit of $2,500, no yearly membership fee, cashback rewards, and a low APR. As with this card, I paid my balance off in full and kept my utilization under 20%. Within just 3 months, they increased my limit to $3,500.
And then the offers for the best cards began to come - so much so that I could pick and choose.
4 months after the last increase, I received a pre-approved offer - this one resulted in a $10,000 limit. I charged 20% and paid it in full the next month (I would have paid the balance the same month but could not as there was no statement for 31 days). I went into my bank to make a deposit and they told me that I was pre-approved for any card of my liking. I chose one with no yearly fee, cashback that matched the $10,000 card, no interest for 18 months, and other very useful offers and incentives. I was approved for a $12,500 limit.
The second card that I applied for after 2 years - they have, as of this review, increased my limit to $5,000.
I am now pre-approved for mortgage loans at the best rates as well as credit cards and automobile loans - but nothing about my spending habits has changed - I only charge what I am able to pay off in full. I have not accepted any mortgage offers and took out an auto loan that I paid in full in 2 months time. I had the cash on hand to pay for it outright but needed a loan to get me to 800, as the bureaus like to see you handle different types of credit - not simply credit cards alone.
It worked.
So to those on the fence about applying for this card - do so if you cannot obtain an unsecured one (pull your credit score and credit reports - if your score is good and you have no negative credit, forgo this card and apply for one that is unsecured so that you will not be tied to it - the money paid is more than worth it). If you follow my above advice (and most of all, be patient), you will reach an excellent credit score, the lowest interest rates, and the ability to pick and choose whatever suits you best. I am now no longer turned down for revolving credit of any kind.
Live within your means. I rotate the cards each month paying all of my bills and necessities with one card, I pay the balance in full, then do so with a different card the following month. It has worked - even in a bad economy.
The Capital One card is now relegated to very small purchases only. I utilize it approximately every 3-4 months. And while none of my other cards have a yearly membership fee (that was key to me, as this card has one and I dislike paying it), it is now essentially paid for by my other cards cashback bonuses that I save throughout the year, so it no longer comes out of my own pocket.
Be smart - never charge what you cannot pay for at that exact moment that you hand over your card and good luck.
This card is now a thing of the past for me. I keep it open only because it is my oldest one. I would suggest others do the same when they can.
Curious1Two's review was:
Nov 06, 2013 Reply Cancel ReplyCurious1Two(23, 967)
Review by Curious1Two
23 Contributions 967 People HelpedTop Contributor
It's a great card to recover your credit history, but read the fine print, realize that the APR is very high, and don't expect a real credit limit increase. I decided to get this secured card after I defaulted on my student loans before establishing any real credit history. I was finally able to recover my finances and pay off the loans, but the damage was done and no bank was going to look at my history and extend credit. Since I already had a Cap One banking and savings account, it made sense to stick with them for a secured card, given that they have a pretty solid reputation and my accounts would be streamlined. So, made a $300 deposit, got the card, and started using it responsibly. A year later, they increased my limit by $100. Cool!
So, after another year of careful use, I called them to see about another limit increase. No dice. Asked about having my deposit refunded and moving to a regular Cap One MC. Sure, but I would actually have to close the secured card and open a new unsecured card, but it would report as one card. Wait . . . what!? Is that even possible? Can two accounts be "tied" together to report as one card?
In the end, I pulled my scores, decided they were acceptable (despite my limited history), and found out that my student loan default had been changed to report as paid in good standing (guess someone I spoke to at the collection office had a heart!). Took a total shot in the dark and applied for a low APR rewards card with another bank and not only got an instant approval, but a $5000 credit limit!
So, this will get you out of trouble with careful use, but might become a burden later - now I'm stuck with a low limit, high interest card that has tied up $300 of my money, plus a yearly fee. And I don't dare close the account, because it's my oldest card.
I feel that Cap One's claim of a "refundable" deposit may be a but misleading, since many other secured cards will credit back the deposit once an account has remained in good standing for an amount of time.
I don't usually leave comments, but I hope this helps someone in need. 10 months ago, I had no idea how credit worked and how important it is to establish it. For some reason, I was consistently denied by various credit card companies, including department stores. I had no hope.
Then I came across this secured card, I remember checking my score and it was estimated to be 550 (yeah, that's crap).
Now its been 10 months, $200 limit, no missed payments; my score is 669 with equifax and 680 with transunion. To top it off, I went to my bank (BofA) and was approved for credit card with a $2500 limit.
I have this secured card to thank for getting me started. I see a lot of people complaining about not being able to get the $200 back. I say, forget the $200 bucks, Capital One can keep it. The credit score increase has been invaluable as it literally jump started me to be able to do what I need in the future.
I got the Capital One Secured Mastercard 4 months ago as my first credit card when I couldn't get an unsecured card. I went through Capital One because it was a well-known name and had a lower initial deposit. I ended up paying a $200 deposit through ACH and received the card within 2 weeks. After week 4 I still hadn't gotten the free Credit Inform welcome packet so I called the Capital One number and spoke with a very nice woman who was very helpful. She re-sent my welcome kit and I received it within a week.
So far, I've only had pleasant experiences with the card and customer service. It raised my TransUnion score from 594 to 672 and my Experian from 622 to 695. With the increases I was able to refinance my vehicle and my interest rate went from 14.75% to 7.25%!
SOONERJB's review was:
Oct 19, 2010 Reply Cancel ReplySOONERJB(1, 1487)
Review by SOONERJB
1 Contributions 1487 People HelpedI noticed a lot of negative reviews about this secured credit card which is a bunch of BS!!! This is one of the best cards for people like myself with bad credit to get a great start on the road of good credit! As soon as I applied for this card, I WAS INSTANTLY APPROVED AND MY CREDIT SCORE WAS IN THE LOWER 500s!! I gave them a deposit of $300 and it took a few weeks until I actually had the card in my hand. A month later when the credit bureaus noticed I opened a credit card account and put a minimal charge on the card (to put gas in my car), my credit score made a great BOOST over 20 points which is another reason why I endorsed Credit Karma because they are one of the few free websites that actually keeps up with your credit score on a day to day basis, even if it's not accurate (Not FICO). This is how I found out plus another resource. People get upset about the card when in fact they don't know how to use the card to beign with so the only person you should get upset with is YOURSELF! You should NEVER CHARGE more then 30% of your actually credit limit. I kept less than 10% but you can charge up to 30% if you choose. Don't pay the balance right away and let it sit in your account "PASS THE STATEMENT DATE" until "a week" before the due date then pay the entire balance in full to be on time and to avoid fees. REPEAT THIS PROCESS EVERY MONTH!! So remember just because the card hasn't been of help to you, it doesn't mean it won't work for somebody else who need help with theior own credit!!! People be careful of reading comments from people who "can't spell"...that is a definite RED FLAG of a fake comment of someone who is just bashing for no reason and doesn't have any common sense at all lol
matrry1's review was:
Dec 31, 2012 Reply Cancel Replymatrry1(3, 299)
Review by matrry1
3 Contributions 299 People HelpedAnd my star rating for Capital One and this card continue to decline. I phoned them to inquire about what I have been reading here - credit limit increases of $200-$300 in as little as 5-6 months. I will have had the card for 2 years come January. I have only left a balance once as an experiment to see if it would boost my credit score (it still was well under the recommended 20%-30% credit utilization ratio) and I actually doubled the payment balance and have increased my credit limit myself. I otherwise have always paid my charges in full as soon as they appear. The woman I spoke to about this actually told me that this secured card is different for all customers - that is not what I was told twice, in the past - everyone was supposedly rewarded the same. Apparently now, some get increases as previously shared, while others (such as myself) receive a one-time increase of $100 and nothing more. She tried to claim that I probably do not pay my balance in full as others do and that is why they have received such increases. I told her to look at my account - she saw that to definitely not be true. She then tried to theorize that it was because they have had their card longer than I have - again, not true. Larger credit limit? Nope. Larger income? Wrong. She then offended me greatly by stating that I must have bad credit, otherwise, why did I apply for a secured card (I could not believe the rudeness in that and actually had her repeat it as I believed I heard her wrong)? To which I unnecessarily explained that I applied for a secured card because I had no credit. I pay cash for absolutely everything and have all of my life. Rather than apply for an unsecured card with the possibility of getting declined (and therefore taking a hit to my credit score), I applied for a secured card. I assumed that after nearly 2 years of paying my balance well before it was due, keeping my utilization under 20% (it averages 12%), and utilizing the card regularly, that I would be rewarded. Is that not what we are all taught? But according to her and those like her, you must automatically have bad credit if you applied for this card. No one ever thinks to realize that perhaps you have been responsible and paid for all that you own, outright. If I could go back, I would not have become a customer of Capital One. But if I close the account, my score (which is well into the 700 range now) will take an unnecessary hit. As it stands, while they make no money from me interest wise (as I pay my balance in full), they do get their $29 member fee that I am charged each year. I will never speak anything other than the truth so there are positives. Payments are very easy to make online via ACH Debit through your bank. They report my payments accurately and timely to the credit bureaus (I check my reports regularly). But they have not rewarded me for my being a good customer and doing the right thing - and that is wrong. They also apparently play favorites and lie about increases (unless, as she accused others of here doing, some reviewers are lying - I told her they were too detailed to be lying. Lies are vague). Customer Service was great until about 6-8 months ago. They once understood what I was inquiring about whenever I had a question, but I suppose now, the outsourcing is a communications problem, as they never seem to be able to answer questions - lost in translation. The verdict? When you are turned down for an unsecured card with not one negative on any of your credit reports (and they fail to send you the reason as required by law - and I asked twice for that reason), a credit score of 700+, and a history of paying your balance in full for 1 month shy of 2 years with just one credit limit increase of $100 within the first 6 months? You are taking too much of a risk. With Capital One you could either be on the end of being a favorite, or not. This is an honest review. It is your call. Personally, I would take my business elsewhere with hindsight now being 20/20.
Curious1Two's review was:
Nov 14, 2012 Reply Cancel ReplyCurious1Two(23, 967)
Review by Curious1Two
23 Contributions 967 People HelpedTop Contributor
I haven't seen much (or any) recent timelines on the time it takes from applying to actually getting the card so I wanted to leave my own experience. Here are the dates and times with any notes that I think have relevance:
11 Oct 2013 (Late on a Friday night) - Applied for a secured card via the Capital One website. (579 score, had to put $200 down minimum - Paid $400)
15 Oct 2013 - Deposit withdrawn from my bank (This was a Tuesday, but the day before was a holiday - Columbus Day)
21 Oct 2013 - Email received stating my card was sent to me, stating; "Your new credit card was mailed yesterday" (that would have put it as a Sunday so imagine it meant Sat?)
24 Oct 2013 - Card received
24 Oct 2013 - Maxed new Card (ok, this line is just a joke, haha)
9 total business days not counting when I applied since that was very late on a Friday night (sat morning).
One thing I was very surprised with, was the fact that after my application process there was absolutely no email. To me this was very odd and I assumed something went wrong since who doesn't send email confirmation these days? Especially something such as this should confirm ones email address, I think. So don't expect any emails from Capital One until your card has shipped. I only cut one star for that, but being such a huge thing in not getting receipt via email with confirmation numbers should something go wrong, I think it is deserving. Be sure to do either a print screen or write down conformation number(s) once you're approved. You'll need this if making payment on the phone. They will mail (regular mail) you confirmation that you were approved but that will take 2 or 3 days to receive.
I've researched building credit for a few months now. I wanted to leave this info since it was one of the things I really wanted to know myself. There are things often posted on these forums and often incorrect that I wanted to comment on. Things I learned are:
Inquiries:
Any credit card, regardless of secured or not will put a hard inquiry on your report. I spoke with a Capital one rep first via chat to ask about what one person posted on a forum like this (glad I did). The person had posted that you can apply for a non-secured card and that if you failed to qualify they would automatically counter offer you with the chance to apply for a Secured card. Well, although this may have some merit, it may also be misleading. The facts are that if you apply for a non-secured card and get rejected, then decide to go for a Secured card, they "WILL" do a second hard inquiry. There's no way around that. For those not fully understanding about these hard and soft inquiries here are some more facts. Inquiries on your credit can effect a maximum of 10% of your credit score. Hard inquiries take 2 years to drop off of your credit report. 2 inquiries or less is fine. After that, it can tell lenders that you're a risk. I chose to only apply for the secured card since my chance of a non-secured card with a 579 score average (amongst the 3 bureaus) was highly unlikely. Personally I would not recommend or would have tried my own luck for a non-secured card with a score below 650.
Credit utilization ratio:
This subject by far was one that confused me the most, and one that I researched the most to fully understand how this worked. First of all, if you are getting a card to help you either establish credit or rebuild credit this is very important to understand and there are many myths or inaccuracies out there. Credit utilization is how you use your card. Some people believe just having a card is all that matters. This is false. Some believe that as long as they make their payments on time, that is all they need to do, also false (although yes, you should do that as a minimum). Some people (me included in the beginning), thought that if you pay your balance in full every month that the credit card company won't make any money from you and thus not look good for you. This is also false. The banks (credit card companies) make money every time you use your card from the merchants you buy from. So regardless, they've made their money from you. Credit utilization ratio is best described as the percent of your available credit reported by the credit card company each month. Your due date is NOT the reporting date. Many people even state what credit card companies reporting date is. Never settle for these answers because your date can differ. Call (do not chat with a rep they won't know) and find out when they will report your credit info (balance etc) to the credit bureaus. So what percent is the best to use your card? Use of your card vs reported balance is where the misconception is. If you can, then yes, pay your balance in full every month. However, you should be equally as fine with up to 30% still on your card. For my $400 card, 30% means a max balance of $120 on my card come the reporting date (meaning I have $120 unpaid on my card). So I should strive to keep it less than that. In example, my card upon issue had been charged the $29 annual fee. My first use of the card was for $319, totaling $348. If this remains my balance by the time they report this information then it will look to venders that I'm already using close to the max amount of my "available credit". Therefore a high level risk in how I'm using my available credit. To avoid this, I'll be sure to pay at least $228 before the "reporting date", not the due date. That way I am at least only showing 30% use of my available credit and thus a lower risk. This again is aimed for the "Best" way and not the minimum way. Again, people have misconceptions and many have posted why they pay off their balance every month but their credit report show minimal benefit. So feel free to max out your card without fear this is a bad thing, but know to pay this down before the reporting date and not the due date. Going above the average stated "30%" will not be a factor as long as this is paid prior to the reporting date. If you can avoid going over that, then that's great too. I just want to help people understand since staying below 30% on a $200 card isn't easy to do, and not needed to worry about if you follow this advice.
Plan ahead:
Without a plan or in place constaints you put on your spending, the better chance once again your credit can be in jeopardy. Other than my initial purchase, my plan is to only make my cell phone payment with this card (since cell phone companies will not report your good standing, this way I can at least benefit from it). This way I use it every month and build a payment history. It also insures that I stay below that 30% and can then simply make my payments on or before the due date without need of getting it paid before the reporting date. Planning ahead also means how much of a credit limit you may want or need. Most people on these forums seem more than content with the $200 credit limit. That's fine, just know that with a $200 max, your max balance should not be in excess of $60 (30%) by the time this is reported. A higher credit limit on your card is nice, but mainly because it allows you to stay below 30% while having more spending at your disposal.
Don't kill your credit:
Don't cancel cards that have a good payment history just to get your deposit back. Lenders don't care if they see a secured card on a persons credit report. They care about time of the account and your good standing with this creditor (and uilization as mentioned above). It's tempting to cancel your secured card come the day you get approved for a non-secured card, but weigh the balance of the outcome before you make a decision that will lower your score. In example, if I have this card for 1 year and then get approved for a non-secured card, this new non-secured card has zero credit reporting "history". Why would I want to kill one year of good reporting history just to get my deposit back? Well, this is one of those things that is of course up to each of us. Sadly I live paycheck to paycheck so my $400 deposit might as well be thousands, but I need to do my best to forget it exists. If you only have the one card with history then just know that it is carrying your higher score. Should you close that account you will indeed see a drop in score. I'll make this decision come the time I have the credit to get a non-secured card with better rates, but I hope I stay in this frame of mind come that time. If you only have $49 - $200 as a deposit I personally think you should just tune out the fact you have this money as much as possible. Some people seem to be counting the days of getting their deposit back. Again, it's an individual question but the answer is what's more important to you.
Beware and remember:
Now that you're rebuilding or building your credit, don't be duped by spam mail. Yes, we all have got that letter saying you're approved for a new credit card but most of us saw that was not the case once we applied and took that hit of a hard inquiry from a lie. Use your credit score to know if you qualify and not your compulsion. Call banks ahead of time and ask what the minimum score is for the card you intend to apply for. Most agents may not give you that information, as if they're not allowed, so do I like I did and get friendly with them and simply ask them for their opinion. "... if I may ask, would you apply for this card if you only had a scrore of 650?". It takes them off the hook it seems and each time I've asked that I've gotten advice they hadn't mentioned before.
Lastly, it's not 100% unlikely that the bank that gave you your secured card may propose to issue you a non-secure card down the road without you even submitting an application. Answers you need to know is yes, this will still result in a new hard inquiry because even if you don't technically fill out a new application, one will be submitted on your behalf and that is needed for your file for them. If you decide to get this new card it will be seen as a second card. So again, don't just cancel your secured card.
Talk to your issuing bank, always. Advice on the internet is a great thing, and it's great to help each other learn what took us weeks or months to learn ourselves. However things change and it's you that you need to worry about. Free advice is great, but always confirm.
Best of luck all !!!
Danbo777's review was:
Oct 24, 2013 Reply Cancel ReplyDanbo777(41, 222)
Review by Danbo777
41 Contributions 222 People HelpedTop Contributor
If you have the cash to throw down towards a secured card, go with Capital One.
While on the rebound from a terrible credit past as a young adult, I researched enough to know I would not be approved for an unsecured card with my score. Low and behold the company who gave me my first chance at credit (only to have me muck it up at 20 years old) gave me a second chance. I was approved with a 553 CK score & 4 collections accounts.
Like all cards with an annual fee, they ding you with it immediately. The interest rate also makes you cringe, but if you pay off your balance every month it's not something you need to worry about. I use this as my fuel card and nothing more. These are not the kind of credit cards you live off of. Secured cards are built to enourage you to get your stuff together so you can one day have that card with the insanely low APR.
This card doesn't penalize you for paying more than once in one billing cycle, and the payments post within the next 2 days for the most part (depending on holidays & weekends, of course). For someone who is paid bi-weekly, this is a great advantage for me. My score has jumped to 603 on CK (and 624 on CS) since opening this card three months ago.
The key to rebuilding your credit is educating yourself. Know your limits and research as much as possible before you make a move financially.
First rule of holes: When you're in one, stop digging.
avelosa's review was:
Jul 06, 2013 Reply Cancel Replyavelosa(1, 148)
Review by avelosa
1 Contributions 148 People HelpedI first applied for an unsecured credit card but was denied due to having no credit score or history. So after much researching I applied for the secured capital one card and was approved for a $200 credit, I paid my $49 and even designed my card :). Anyways I received the card at the beginning of Aug 2011 and today 12 Oct 2011 I checked my credit score and must say that i was super happy when I saw 680. I have been using $190 of it every month and paying it off (THE FULL AMOUNT) each month. I really recommend this card, it has helped me get a credit score within a short amount of time.
I just received my 6th month bill. I was initially approved for $99 deposit with $200 credit limit. I immediately added enough money to increase my limit to $1000. I think it takes them a little too long to give you access to any added deposit. They take it out of your account within a day or two but it takes a couple of weeks for it to be available to you. Something stinks about that.
I paid off my first bill in full. Then I found a need to charge a bunch. The next three months I paid $100/mth and continued to charge. The fifth month I made 2 payments of over $250. I was still carrying a balance of about $800. Then the day after receiving my 6th month bill I received an email from Capital One notifying me that they had increased my credit limit by $300!!! No additional deposit required!! I've read a lot of reviews and I know this is somewhat unusual.
My original intent was to pay off my balance each month to try to raise my credit score. My score took quite a hit when my balance increased from about $200 to $700. I have no idea what it is now. Haven't checked it for a few months. Credit Karma is completely out of date and shows me using 90% of my credit limit and has shown that for a few months. Ugh.
From the reviews I've read it seems like there are two ways to rebuild your credit with a secured card. Use it a lot and pay it on time with amounts well over the minimum, and get larger credit increases but your credit score won't improve as quickly. OR use it minimally and pay it off each month and either get zero credit limit increase or a small increase after at least a year and your credit score increases more quickly. I'm good with with getting credit line increases for right now. I'm a happy customer. I might consider applying for an unsecured card at about the one year mark. We'll see!