Capital One gives people with no credit or bad credit the opportunity to improve their credit score with the Capital One Secured MasterCard. By making a deposit that the company uses as collateral, you can take your bad credit situation and make it better through continued responsible credit card use.
The company also provides you with free credit score monitoring services, so you'll always know where you stand when it comes to your credit score. There is no rewards program associated with the card, but you never have to worry about paying an annual fee or any foreign transaction or balance transfer fees.
Who Is This Card Suitable For?
The Capital One Secured MasterCard credit card is perfect for anyone who has no credit and wants to build credit. This card also makes sense for those who have bad credit and can't get approved for an unsecured credit card to rebuild their credit.
Most people don't have a full understanding of credit and their credit score when they're younger. This card can help young people just learning about responsible credit habits as well as older people who have made mistakes with their credit and want to fix their score.
There is no minimum credit score required to be approved for this card. However, the card has some requirements that you must meet if you apply. The first is that you must have a checking or savings account in your own name. Also, if you have a non-discharged bankruptcy on your credit report, you probably won't be approved for the Capital One Secured MasterCard credit card.
The Capital One Secured MasterCard is a secured credit card. In order to use the card, you have to put down a deposit that as collateral if you don't make payments on your card when you should. This feature of the card enables Capital One can protect itself while still giving people the chance to build credit.
This type of card specifically helps people who have bad credit or who don't have any established credit. After your application is processed and you're approved, Capital One will inform you of the deposit amount that you have to make before you can activate and start using your Capital One Secured MasterCard.
The credit company will usually ask those applying for the card to make a deposit in the amount of $49, $99, or $200. You don't have to make the entire deposit at once and can make partial deposits until you reach the amount that Capital One requests. You have to make the entire deposit within 80 days of being approved for the card, and you can't activate the card until making the entire deposit.
One of the great features of the card is that there is no annual fee. You can use the card to build credit without worrying about making any additional payments outside of those you make to pay off any balance you may have.
Because of the 26.99% variable APR rate, make sure that you pay off your entire balance every month so you don't end up overwhelmed by interest fees. In addition to not having an annual fee, the Capital One Secured MasterCard also doesn't have any foreign transaction fees or balance transfer fees. If you know that you make a late payment on this card, prepare to pay a late fee that can be as high as $39. Because this card is designed to help people establish or re-establish credit, there is no rewards program associated with the Capital One Secured MasterCard.
What is the Intro APR?
What is the Regular APR?
What is the Annual Fee?
What is the required Credit Score?
No established credit required
Perks of the Card
The best perk of the Capital One Secured MasterCard is that it allows you to build credit or fix your credit. Capital One credit cards will approve you even if you have bad credit or no credit.
The Capital One Secured MasterCard is accepted almost anywhere, so you're not limited when it comes to where or how you can use your card. Capital One makes it easy for you to increase your credit limit with them as well. Once you've used your card and made your first five payments on time, you become eligible for a credit limit increase that will allow you to improve your credit even further. The Capital One Secured MasterCard comes with CreditWise, a free service that will allow you to monitor your credit as you work to improve it.
The Capital One Secured MasterCard also offers a price protection benefit. With price protection, you're eligible for a refund if something that you've purchased recently with your card drops in price within a designated time frame. Savings earned this way can really add up and ensure that you keep your card balance as low as possible.
With the Capital One Secured MasterCard, you also receive 24-hour travel assistance services that include help with things like roadside assistance, medical assistance, and legal help while traveling and away from home.
Capital One credit cards provides customer service for the Capital One Secured MasterCard by phone, through its website, and on social media. In this way, you have plenty of resources if you need any help with your credit card. Their website features a support center that has detailed information on everything from activating your credit card once you receive it to how to make a payment once you begin billing.
If you cannot find the answer to questions that you have on their website, Capital One allows you to speak with a representative over the phone. Customers have reported that customer service agents are friendly, helpful, and hold times are usually low.
For those who prefer using social media, you can reach their customer support team on Twitter by tweeting @AskCapitalOne. The company usually ranks in the top three of J.D. Power’s annual Credit Card Consumer Satisfaction Survey.
If you need to build or repair your credit, the Capital One Secured MasterCard provides a great option due to its lack of fees and the company's helpful customer service team. The card comes with additional perks that include credit monitoring and a price protection benefit that will help you save while you increase your credit score.