Capital One Secured Mastercard

Add to your favorites
Capital One Secured Mastercard

Apply Now

  • Very low minimum credit score requirement of 300
  • No foreign transaction fee
  • $0 Balance Transfer Fee


[wptm id=1]

  • $0 Annual fee
  • 24/7 online access to account
  • No foreign transaction fee


The Capital One Secured Mastercard Summary

The Capital One Secured Mastercard offers a credit line for those individuals who are looking to change the way they deal with debt, allowing them to build up their credit score, while also enabling them to adopt more responsible credit spending habits. This particular card has an exceptionally low minimum credit score requirement, which does not only make it an ideal option for people who are only starting to build their credit, but also for those who have a poor credit record and need to rebuild it.

The Capital One Secured Mastercard is, as its name suggests, a MasterCard, which means the card is accepted at millions of merchants throughout the world. With the addition of no foreign transaction fees on the card, the customer can enjoy no added transaction charges when using the card abroad.

The card also comes with no annual fees, which helps to reduce costs associated with rebuilding one’s credit. Usage of the card is reported to three credit bureaus, which also helps to provide a significant boost in the customer’s overall credit rating.


PROS:
  • ery low minimum credit score requirement of 300
  • No foreign transaction fee
  • $0 Balance Transfer Fee

CONS:
  • High APR on standard purchases and Cash Advance
  • No intro offer or welcome offer
  • No reward system


Best Features

The most attractive feature that comes with the Capital One Secured Mastercard is the fact that this product offers the individual an opportunity to build a good credit record, even if they currently have a very low credit score. With a minimum credit score of 300 required by the Capital One Secured Mastercard, individuals are more likely to be approved for this particular offer compared to many of the alternative cards out there.

The Capital One Secured Mastercard also frequently reports the customer’s credit behavior to three of the major credit bureaus within the country, which helps to increase their credit score and assist with the building of a healthier credit record.

The customer can get a $200 initial credit line on the Capital One Secured Mastercard when they make their first security deposit. There are three options available for security deposits, including $49, $99, and a $200 option. This means the card is able to offer a higher credit line than the deposit made.


Drawbacks

The most important drawback to consider when it comes to the Capital One Secured Mastercard is the high APR that is applied to transactions made with the card. The customer will have a variable APR, with an average of 26.99%. The same APR applies to a Cash Advance on the card. An additional APR will also be applied as a penalty if the customer makes a late payment, further increasing the incurred costs on the account.


Overall Summary

The Capital One Secured Mastercard features no annual fees and even comes with a higher credit line than the initial security deposit required by the customer. With a security deposit as low as $49, a credit line of $200 may be initially provided to the account. Responsible usage of the card will also lead to an improvement in the customer’s credit record and score, allowing them to build up toward higher targets, such as financing a car or even a house.


Who this card is best for

The Capital One Secured Mastercard is an ideal option for those individuals who are trying to build their credit but also poses as an attractive offer for people who need to rebuild their credit after a period of poor debt and financial management. The card is perfect for these individuals, especially when they need an option where a credit line may be acquired without a significant deposit, and when a high annual fee is something they would like to avoid.


 

Credit Cards Similar to the Capital One Secured Mastercard


 

4.5 Total Score
User Rating

User Rating: 4.5 (2 votes)
We will be happy to hear your thoughts

      Leave a reply

      Credit Happy