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Secured Mastercard® from Capital One Review

With no annual fee, a free credit tracking tool, Platinum Mastercard® benefits and Apple Pay capabilities, the Secured Mastercard® from Capital One goes beyond the basics secured cards typically offer. Plus, its low minimum security deposit requirement make it an even more attractive option for individuals looking to build or rebuild their credit history with responsible credit card use.

By Brooklyn Lowery  CardRatings Senior Manager  | Updated

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Secured Mastercard® from Capital One

Secured Mastercard® from Capital One
Our Rating:   
Limited, Bad

CardRatings Editor's Analysis: Pros & Cons

  • A security deposit as low as $49 can be used to establish your line of credit.
  • The option to choose your own due date makes managing your monthly budget and bill paying just a bit easier.
  • There's no annual fee with this card.
  • The credit limit on this card caps out at $1,000, so if you anticipate wanting a higher credit limit (creditworthiness depending, of course), you may want a different card.

Secured Mastercard® from Capital One Essentials

With no annual fee, a free credit tracking tool, Platinum Mastercard® benefits and Apple Pay capabilities, the Secured Mastercard® from Capital One goes beyond the basics secured cards typically offer. Plus, its low minimum security deposit requirement make it an even more attractive option for individuals looking to build or rebuild their credit history with responsible use.

Secured Mastercard® from Capital One's best features:

  • No annual fee
  • Chip-enabled
  • Receive an initial credit line of $200 after making a security deposit of $49, $99 or $200. Access to an authorized bank account is required to make your $49, $99 or $200 refundable security deposit.
  • Regular reporting to all three major credit bureaus
  • $0 fraud liability if your card is ever lost or stolen
  • Select your own monthly payment due date
  • Get Platinum Mastercard® benefits, including auto rental insurance, price protection and 24/7 roadside assistance
  • Use with Apple Pay

What Our Editors Like Most About the Secured Mastercard® from Capital One

The Secured Mastercard® from Capital One has all the basics someone needs to build or rebuild their credit (with responsible use), with the addition of a few perks you don’t normally get with secured credit cards.

Pay a refundable security deposit of $49, $99 or $200 based on your credit history and receive an initial credit line of $200. You can pay more than your required security deposit before your account opens to increase your initial credit line up to a maximum of $1,000.

Financial education and responsible use are important when you’re building or rebuilding your credit. Capital One makes sure cardmembers have access to this information through its Financial Education site. The site features content about budgeting, balancing a checkbook and investing as well as additional resources that connect cardmembers to financial literacy programs (some of which are free). And if you want more tips about how to use credit wisely, follow Capital One's Twitter handle, @YourFutureEdge, to get more financial education.

The Secured Mastercard® from Capital One, which reports to all three major credit bureaus, also helps cardmembers learn how to improve and build their credit through responsible use through CreditWise®. The tool, available to people even beyond Capital One cardholders, gives you unlimited access to your credit score and free financial tools to help you better manage your credit. One unique feature of the tracker is a Credit Simulator, which shows you how specific actions can affect your credit score. With these tools, Capital One is doing more than providing a platform for people to rebuild their credit, it's doing the proverbial "teaching a man (or woman) to fish."

The Secured Mastercard® from Capital One also has Platinum Mastercard benefits like rental car insurance, 24/7 roadside assistance, price protection that reimburses you the price difference if you pay more for an eligible item, and automatic travel accident insurance when you use your card to purchase a trip. 

But one of our favorite features of the Secured Mastercard® from Capital One, is the option to select your own due date, making bill management just a little bit easier.

Potential Downsides of the Secured Mastercard® from Capital One

The Secured Mastercard® from Capital One doesn’t have a points program, so you won’t get any rewards. But since this card is more about utility than perks, use it wisely to build your credit and then graduate to a rewards card when your credit history allows.

The card also has a higher APR than many of its competitors. If you’re concerned about interest charges, a secured card with a lower APR may work just as well for rebuilding your credit (with responsible use, of course).

How the Secured Mastercard® from Capital One Compares to Other Secured Cards

Secured Mastercard® from Capital One vs. First Progress Platinum Select Mastercard®. Both cards report to all three major credit bureaus and both cards require a refundable security deposit, but First Progress® matches your credit limit to your deposit amount (from $200- $2,000). Though it has a lower APR than the Secured Mastercard® from Capital One, it also has an annual fee – $39. The First Progress Platinum Select Mastercard® isn’t chip-enabled, so if you’re traveling abroad, you’ll want to carry another card in your wallet. Because of the additional perks and no annual fee, the Secured Mastercard® from Capital One is the better pick.

Secured Mastercard® from Capital One vs. Citi® Secured Mastercard®. Neither the Secured Mastercard® from Capital One nor the Citi® Secured Mastercard® has an annual fee (Citi is a CardRatings advertiser). Like Capital One, Citi® asks applicants to make a refundable security deposit that will be equal to their credit limit. In the case of the Citi® Secured Mastercard®, that minimum security deposit is relatively high at $200; however, Citi also offers the possibility of a higher credit limit – up to $5,000.

Secured Mastercard® from Capital One vs. OpenSky Secured Visa. The OpenSky® Secured Visa® Credit Card is another secured card option that comes with an annual fee, in this case $35. Pay your security deposit and enjoy a credit limit of $200-$3,000 with the opportunity to raise that limit to $5,000 within the first year with responsible use and payment. Once again, you're dealing with an annual fee, but if you foresee wanting a higher credit limit soon, this could be a better option for you. You can also open an OpenSky Secured Visa without a credit check or even a checking account, so this could be a great option for individuals starting from the ground up with their credit history.

Who Should Get This Card?

Anyone who currently uses a prepaid debit card or unsecured credit card because of a credit history in need of rebuilding. The Secured Mastercard® from Capital One is also a reasonable option for college students and first-timers who need to establish credit, especially since it doesn't require an annual fee to carry.

Top Features

 Regular APR
26.99% (Variable)
 Annual Fee
$0

Secured Mastercard® from Capital One Compared to Other Bad credit Cards

Apply online for Credit One Bank® Unsecured Visa® with Cash Back Rewards
Credit One Bank® Unsecured Visa® with Cash Back Rewards
Apply online for OpenSky® Secured Visa® Credit Card
OpenSky® Secured Visa® Credit Card
Apply online for Applied Bank Secured Visa® Gold Preferred® Card
Applied Bank Secured Visa® Gold Preferred® Card
Regular APR
26.99% (Variable) 
Regular APR
17.99% to 23.99% Variable  
Regular APR
17.39% (Variable)  
Regular APR
9.99% (Fixed)  
Annual fees
$0 
Annual fees
$0 - $99 
Annual fees
$35 
Annual fees
$48 

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