I applied for this card with a score of 560 in Feb 2016 and was approved with a minimum deposit of $99. I made a $100 deposit and they gave me a limit of $201. I use this for small purchases here and there (Birchbox subscription, gas, fast food) and paid more than my minimum payment every month, usually I would pay the entire balance. I logged in this evening to pay my balance of $43 and now my credit limit says $501! So in 11 months they upped me $300. More importantly, in 11 months my credit score has gone from a 560 to a 682 and I was approved for a Southwest Airlines Rapid Rewards card with a $4,000 limit!
ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL
- Balance Transfer Intro APR Not Applicable
- Balance Transfer Regular APR 24.99%* Variable
- Annual Fee $0
- Purchase Intro APR Not Applicable
- Purchase Regular APR 24.99%* Variable
The Capital One® Secured Mastercard® is a good option for people with little or no credit history who are looking to build their credit.
What to Like
This Capital One® Secured Mastercard® has no set up or processing fees. Capital One® reports to all three major credit bureaus so you can take steps to build your credit history. While this card does require an initial security deposit, Capital One® may increase your credit limit without any additional deposits if you use your credit responsibly.
Look Out For
Secured credit cards are great for building credit, but they typically come with annual fees and a required security deposit - and without rewards. It’s important to use your credit responsibly in order to build toward a card with more attractive perks.
Most Helpful Positive Review
Most Helpful Negative Review
I applied without a credit history, and this card did help me build my credit from mid 600 to 720 in 8 months. I have no complaints about customer service or the card itself, but I will say that there are better options. I have used the card responsibly, but am ineligible for a credit limit increase or product change. My secured Discover card, on the other hand, became automatically unsecured at 6 months, and I was recently approved for a $2,500 increase. In addition, it even offers cash back and a matched bonus after the first 12 months. In short, this card is fine, but there are other secured cards that may allow you to build credit even faster. I would recommend shopping around before settling on this one, depending on your situation.
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Note: Sample data consists of Credit Karma members who hold this card.
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† Credit Karma looks at how your credit profile compares to other Credit Karma members who were approved for this product. Of course, there's no such thing as a sure thing, but knowing whether your Approval Odds are Very Good, Good, Fair or Poor may help you narrow down your choices.
‡ 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.