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Capital One® Secured MasterCard®

Approval Odds
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3.4038000106812 5
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Card Details

Balance Transfer Intro APR Not Applicable
Balance Transfer Regular APR 24.9%* Variable
Purchase Intro APR Not Applicable
Purchase Regular APR 24.9%* Variable
Annual Fee $0

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Most Helpful Positive Review

Satisfied in an understatment
Helpful to 7426 out of 7711 people

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.

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Most Helpful Critical Review

Helpful to 2449 out of 2577 people

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.

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Reviews (884)

Good Jump Start
Helpful to 2 out of 2 people

Opened card in Feb 2015. Paid 300 deposit. Paid bill ontime monthly, but I did leave a balance of 20-30% for billing. (That way it showed I was using it and paying it on my credit report) 6 months later I received 300$ increase with no deposit required for my ontime payments. Credit score is going up I couldnt be happier. I have used the online chat with customer service twice, to ask questions and they have been extremely pleasant with little to no wait time. I would recommend this card to anyone who is rebuilding credit. But before you go starting your account with a large deposit (ive read some people opening with thousands of dollars) Keep in mind in order to get your deposit back you have to close the account which will affect your credit. 

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Awesome card for rebuilding!
Helpful to 3 out of 4 people

After numerous research on credit cards, this was the company that allowed me a 2nd chance of rebuilding credit after many declines of other credit card companies. I was approved in the end of February. Received $300 credit line from a $49 deposit. After 6 months of responsible use, I didn't want to wait to see whether they will increase my credit limit, so I requested it online during the beginning of August and they approved me for a $500 credit line increase immediately. Just yesterday I decided to check my account, and I noticed they bump my credit limit another $500. So I went from $300 to $1300 without making any additional deposits. My credit score is slowly coming back up and am very pleased with the results.

I know people are complaining about not being able to graduate to a unsecure card, but you should realize this card was meant for rebuilding credit. You always have an option to apply for better cards in the future. I am planning on keeping this card, probably towards the end of the year I will apply for the Quicksilver Visa Signature card and a Discover card to continue rebuilding. Love the credit tracker as it keeps you informed on how well you're doing. Although the credit tracker, Credit Karma, & Credit Sesame are not all accurate on your true score, it's still nice to have something to go by. 

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A love / hate situation.
Helpful to 4 out of 4 people

I have been looking for a way to start building credit for a while now since you need it for everything these days. I tried applying for various student cards that are supposedly easier to get, but I got turned down every time. I didn't have anyone to cosign for me, so that wasn't an option. I finally gave up and decided to go for a secured card. My first choice was Bank of America. Surprisingly they denied me a secured card for no reason. I had no credit whasoever, and nothing bad on my reports, just blank pages. After that I tried with US Bank, their page said my application needed further review so I waited a while. Never heard back from them (I did after a month or more), so I decided to finally apply for the Capital One secured card. Again, my application needed further review. After a few days I received a letter saying I had been approved with a $99 deposit! I was super happy, not only did I finally get approved for something but they actually gave me a partially secured card! The card reports fast to all 3 credit bureaus. They report on you statement creation date. So everything fine on that side. Why do I "hate" this card then? Well, to start  off it's not nice that they never unsecure your card. You either have to lose your deposit if you want to keep the card, or basically destroy the good credit history you built and start over again when you get an unsecured card, if you want to get the deposit back. Why can't they graduate their card? Who knows. Another thing that has been bugging me, and it really makes me want to close the account are their random holds. Every time I make a payment they place a hold on my account so even though I paid my available credit won't go up again until they remove the hold. These these holds can last 3 - 5 days. The amount of days the hold will be there is completely random and arbitrary. I contacted them to ask about the holds, why did were they placing them and when they would stop doing it. They didn't tell me why, and said that they couldn't say when the holds would stop, and that they didn't know of they would actually stop at some point. Overall, if you don't mind losing your deposit, and won't be using your card often, then go for it. It is a good card to build or rebuil credit. If you want to get your deposit back, and don't want them placing holds on your account then I recommend you go for another secured card like the US Bank secured card. 

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Best Credit Card If You Have Poor Credit
Helpful to 14 out of 15 people

I applied for this secured credit card about one year ago, and was approved for a $200 credit line with a $49 deposit (which I was allowed to make in payments). After six months of responsible use, my credit line was automatically increased from $200 to $500. In other words, a $49 deposit got me $451 of unsecured credit, which is excellent for a secured card. This card really helped to boost my credit score by doing the following: each month I would charge about $200 to the card. I then paid the previous balance in full, and I made sure that my utilization was at or below 9%. This was easy to do, because I would usually charge around $200 on the card, but I would pay it down to below $45 before the monthly statement was printed. When the monthly statement was printed, my statement balance would be $45, and this was the number that was reported to the credit bureaus. My utilization would remain at 9% which is considered excellent, and as long as I paid more than $45 each month, I never paid any interest because any amount $45 or larger was considered paying my previous balance in full. It's all about how and when you pay. My credit score has skyrocketed as a result.

When I applied for this card, my TransUnion score was 606. After using this card responsibly for a year, my TransUnion score has increased to 664, my Equifax score increased to 661, and my Experian score increased to 659. After having the Secured MasterCard for eight months, I applied for a Capital One Quicksilver One Unsecured Credit Card, and was approved with a $500 limit. After having the Secured MasterCard for a year, I applied for another Credit Line Increase, but it was denied because Unsecured Credit Line Increases are not available for Secured Credit Cards. Even though my Credit Line was automatically increased by $300 by Capital One after six months, they don't allow customers to initiate an Unsecured Credit Line Increase. I'm guessing the only way to get another increase is to pay another deposit, which is a waste of money at this point.

Instead, last week I applied for a Chase Freedom Unsecured Credit Card, and I was approved with a $500 limit. So now my total available credit limit is $1,500, which is a much better place than I was a year ago, and it's all thanks to the Capital One Secured MasterCard. I don't really use this card anymore because it does not offer any rewards. And although the advertisement here says there is no annual fee, the card I have does have an annual fee of $29. I guess this is because they changed the rules after I got the card, and I'm still stuck with the old rules. I'm okay with the annual fee though, because I don't use the card anymore and the card is completely paid off. So paying the annual fee will ensure that the account does not get closed due to inactivity. I don't want to close the account because it does help to raise my overall available credit, and if I have the card open for a long time, it will establish strong credit history.

I am giving this credit card four stars overall. I give the application process five stars because it was quick, easy, and it was nice to only pay $49 for a $500 credit limit. I give the Customer Service four stars because I have never actually spoke to a human with Capital One. All the communication has been done through automated calls and e-mails, but I haven't had any problems getting the answers I'm looking for. I was disappointed that I wasted my time asking for a Credit Line Increase on a Secured Card. They should not even offer a Credit Line Increase as an option if a Secured Card is ineligible for an Unsecured Credit Line Increase. I am also disappointed that my Credit Line was not automatically increased after one year of having the card. They only gave me one increase after six months of having the card, and I don't know if they will ever give me another Credit Line Increase. Other than that, this is an excellent card for people with poor credit, because it's easy to get approved, and it's an easy card to manage and build credit. I highly recommend the Capital One Secured MasterCard to anyone wanting to rebuild credit.

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nobodyhasthisyet's review was:    

 
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How many credit increases do you get?
Helpful to 3 out of 4 people

How many increases do you get when you pay the card off every month? I know I received one, however, I think I received another. My limit is 900 now and I opened it with 200. I put an additional 200 and I think they have me 300. I called to ask for an increase and customer service informed me that you can not get an increased limit on a secured card. How many increases have you gotten with this card?

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jessielanegordon's review was:    

 
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How many credit increases do you get?
Helpful to 4 out of 4 people

I opened this card and actually had to pay the 200 in order to get a 200 dollar limit. I would add 40 or so dollars from time to time and sometimes go a month or so without using it at all. I always pay the balance off if any. I know I received a 2 or 3oo dollar increase at some point. I have had the card about 13 months and I now have a 900 dollar limit on it. I must have received an increase. I just dont know when or how much or if I will receive another one?. I did request one online and they emailed me back and said on secured cards you do not receive increases. This is not so because I know I received one if not two. Does anyone know how many you canget with this secured card?

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Helpful to 1 out of 1 people

Capital One usually do Automatic CLIs every 6 months! That's if you're paying on time. :)

keyosha09's reply was:    

 
Amazing for rebuilding credit!
Helpful to 20 out of 20 people

This is the best card for anyone looking to establish/re-establish credit. I had a chapter 7 discharged July of 2014. I made the initial $49 deposit in March to secure a $200 credit line. I made an additional $200 deposit which brought my cl up to $400. I have paid off the card several times each month and was never late. Initially my credit score was 572, now it is around 634 in just 5 months  

Today, based on a recommendation from credit karma, I applied for a capital one quick silver cash rewards card. I was slightly nervous to see a decline, however, not only was I approved for an unsecured card, but I was given an initial cl of $2,000! If you were in my financial boat, this is the card for you! 

Thank you credit karma and capital one for the improvements!

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Not too Shabby for Re-Building...
Helpful to 30 out of 31 people

I have this card in my wallet and could not have been more thrilled.  I applied a $300 CL to the card and began to use it sparingly.  Every 2 weeks, I would make a payment and wipe the balance out, while staying way below 30% of the balance (averaged around 5%).  within a short period of time, they increased my limit to $500 (that would be $200 of an unsecured balance).  While continuing to use the card and making sure I do not over-extend the balance and making payments bi-weekly to eliminate the charges, I then received another increase.  My total CL for this card is currently $750.  I was able to see my CS shoot up from 501 to a 640 in about a year.  I recieved a pre-approval for a Quicksilver card (not the Quicksilver One) and was suprised when I was instandly approved for a $500 CL.  The approval stated that in 5 months of having the card, I would be eligible for a CL increase to $750.  I used that card strictly for gas purposes (hell if I am going to pay $3 a gallon, might as well get some cash back for it).  Like the secured card, I continued to make bi-weekly payments in order to prevent a balance from carrying over and to lower my credit utilization.  Well, at the end of the 5 month period, I receive a notice informing me that they increased my Quicksilver CL to $2,500.  Could not be happier with the choice of opening the Capital One Secured MasterCard, this card opened up so many opportunities for me!

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Great for rebuilding credit!
Helpful to 15 out of 15 people

I have had this card for almost 3 months and since then my credit score has raised 47 points. I love this card and Capital One and would definitely recommend this to anyone. 

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Use it right and it's great!
Helpful to 14 out of 15 people

I used this card to rebuild my credit and it worked for that reason only.  I opened it roughly 5 years ago, I used it monthly and paid it off monthly.  Opened with $45 and received a $200 credit limit.   The card now has a $750 CL but I do not use it, maybe once every few months i'll buy something with it and pay it off.   I want to close but it is currently my oldest credit line so I can't do that just yet.

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Hi, I have a question. What does it mean when you want to close it but can't? Like what will that do? I have bad credit and I am trying to rebuild it and I got approved for one of these.

NTubbs90's reply was:    

 

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Sample Size: 97,465
Data Created: February 02, 2015

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Company Overview

Capital One offers numerous credit cards to fit consumers’ needs, including rewards cards, competitive rate cards, student cards, secured cards, and several co-branded cards. Capital One's Card Finder Tool also helps consumers determine which card is the right fit, with a quick online form to determine the best card offers according to each consumer's spending needs and finances, with results in about 60 seconds. Headquartered in Virginia, credit cards are issued by Capital One Bank and available in branch and online. Capital One serves banking customers in branches located primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia, and the District of Columbia. Credit cards are available online to all customers nationwide.

Capital One, founded in 1988, is a Fortune 500 company and is a diversified financial services company, offering an array of credit, savings, and loan products for consumer, small business, and commercial clients.

† Credit Karma estimates your Approval Odds by comparing your credit profile with data about other members who were approved for this product. Though Approval Odds do not guarantee approval, they can show you which products may be a better fit for you.

‡ Average score refers to the arithmetic mean and typical low score to the 5th percentile of, in each case, available VantageScore 3.0 credit scores provided by TransUnion of Credit Karma members who were approved for this product from June 2014 through November 2014. Average and typical approved scores are provided as guidelines only and approval is not guaranteed. You can learn more about credit card approval through our in-depth article.

Approval Odds

Capital One® Secured MasterCard®

884 Reviews
Balance Transfer Purchase Intro APR Regular APR
 

N/A

N/A

24.9%*

Variable