Secured Mastercard® from Capital One Review | CompareCredit.com

Secured Mastercard® from Capital One Review

By Thomas Donaldson

Secured Mastercard® from Capital One

(171 reviews)

  • Pay no annual fee and no foreign transaction fees
  • Reports to the credit bureaus and builds your credit score when used responsibly
  • Use your card wherever Mastercard is accepted
  • $0
  • Limited, Bad
Product Details
  • Click "APPLY NOW" to apply online
  • No annual fee
  • Unlike a prepaid card, there is regular reporting to the 3 major credit bureaus
  • Accepted at millions of locations worldwide
  • Make the minimum required security deposit and you'll get an initial credit line of $200. Plus, deposit more money before your account opens to get a higher credit line
  • Access to an authorized bank account is required to make your $49, $99 or $200 refundable security deposit
  • Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
  • Easily manage your account 24/7 with online access, by phone or using our mobile app

Our Expert Review

Why We Like It


Offer Rating

4/ 5

By Our Editorial Team

Key Benefit

Give your credit score a boost with this no annual fee secured card from Capital One

Editor

If you are new to credit or trying to rebuild your credit score, a secured credit card is often a good place to start. Secured cards work just like normal credit cards, but you have to put down a refundable security deposit in order to get approved. As you use your card to make purchases and pay them off on time, your credit score should go up. When it's time to close your secured card account, you will get your security deposit back in full as long as your balance has been paid off.

For anyone in the market for a secured credit card, the Secured Mastercard® from Capital One is an excellent option. This card comes with no annual fee, which is a nice perk considering you will need to put down a security deposit. With this card, your security deposit can be as low as $49, $99, or $200 and you will get an initial credit line of $200. But you will automatically be considered for a higher credit line in as little as 6 months with no additional deposit needed.

There is no rewards program associated with this credit card, but that's typical for secured cards. One additional benefit that stands out is the Secured Mastercard® from Capital One comes with no foreign transaction fees, making it a viable option to use if you happen to be traveling overseas.

Pros & Cons

Pros

  • There's no annual fee, which is pretty rare for credit cards for Limited, Bad Credit
  • Unlike a prepaid card, it builds credit when used responsibly, with regular reporting to the 3 major credit bureaus
  • Security deposit is fully refundable when you close your account in good standing

Cons

  • The APR of 26.99% (Variable) is relatively high, but that's normal for secured credit cards
  • You won't earn any cash back or rewards on your purchases

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