dcsimg

Our credit card articles, reviews and ratings maintain strict editorial integrity; however we may be compensated when you click on or are approved for offers from our partners. How we make money.

Apply online for Capital One® Secured Mastercard®
About Our Ratings
Credit Needed
Limited, Bad

Capital One® Secured Mastercard® Review

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 (credit-worthiness depending, of course), you may want a different card.

Top Features

Regular APR
26.99% (Variable)
Annual Fee
$0

Full Review

Brooklyn Lowery Site Editor

Capital One® Secured Mastercard Essentials

With no annual fee, a free credit tracking tool, Platinum Mastercard® benefits and Apple Pay capabilities, the Capital One® Secured Mastercard® 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.

Capital One® Secured Mastercard®’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, which will be based on your creditworthiness.
  • 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 Capital One® Secured Mastercard®

The Capital One® Secured Mastercard® 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 Capital One® Secured Mastercard®, 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 Capital One® Secured Mastercard® 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 Capital One® Secured Mastercard®, is the option to select your own due date, making bill management just a little bit easier.

Potential Downsides of the Capital One® Secured Mastercard®

The Capital One® Secured Mastercard® 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 Capital One® Secured Mastercard® Compares to Other Secured Cards

Capital One® Secured Mastercard® vs. First Progress Platinum Select Mastercard®. Both cards report to all three major credit bureaus, but Capital One® determines your security deposit based on your creditworthiness, while First Progress® doesn’t require a credit history or minimum credit score for approval. Both cards require a refundable security deposit, but First Progress® matches your credit limit to your deposit amount (from $300- $2,000). Though it has a lower APR than the Capital One® Secured Mastercard®, 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 Capital One® Secured Mastercard® is the better pick.

Capital One® Secured Mastercard® vs. Citi® Secured Mastercard®. Neither the Capital One® Secured Mastercard® 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. The card has perks similar to the Capital One® Secured Mastercard®, including roadside assistance, rental car insurance and travel accident insurance. If you’d like the same card benefits as the Capital One® Secured Mastercard® but want a higher credit limit, choose the Citi® Secured Mastercard®.

Capital One® Secured Mastercard® 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 Capital One® Secured Mastercard® 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.

This page was last updated on January 29, 2019

This card compared to other bad credit cards

Regular APR
26.99% (Variable)
23.90% Fixed 
19.39% (Variable) 
Annual fees
$0
$0 - $99
$35
Rates and Fees
CardRatings.com Editorial Staff

Capital One® Secured Mastercard® details

Balance Transfer Intro APR
N/A
Balance Transfer Intro Period
N/A
Purchase Intro
APR:
N/A
Regular APR
26.99% (Variable)
Annual Fee
$0

What Capital One says about this card

  • No annual fee, and all the credit building benefits with responsible card use
  • Unlike a prepaid card, it builds credit when used responsibly, with regular reporting to the 3 major credit bureaus
  • You will get an initial $200 credit line after making a security deposit of $49, $99, or $200, determined based on your creditworthiness
  • Get access to a higher credit line after making your first 5 monthly payments on time with no additional deposit needed
  • Easily manage your account 24/7 with online access, by phone or using our mobile app
  • It's a credit card accepted at millions of locations worldwide

Credit Card Consumer Reviews:

  1. No reviews available for this card.   Be the first to review!

Write Consumer Reviews:





E-Mail will not be published









Start Here

Search. Compare. Apply.

Apply online for Indigo® Platinum Mastercard®

Indigo® Platinum Mastercard®

  • Account history is reported to the three major credit bureaus in the U.S.
  • An opportunity to build and access credit
  • Choose your custom card design - Free
  • Unsecured credit card, no security deposit required
  • Quick pre-qualification available with no impact to your credit score
  • Online servicing available 24/7 at no additional cost
  • Mobile account access at any time
Credit Needed:
Good/Fair
Apply online for OpenSky® Secured Visa® Credit Card

OpenSky® Secured Visa® Credit Card

  • No credit check necessary to apply. OpenSky believes in giving an opportunity to everyone.
  • The refundable* deposit you provide becomes your credit line limit on your Visa card. Choose it yourself, from as low as $200.
  • Build credit quickly. OpenSky reports to all 3 major credit bureaus.
  • 99% of our customers who started without a credit score earned a credit score record with the credit bureaus in as little as 6 months.
  • We have a Facebook community of people just like you; there is a forum for shared experiences, and insights from others on our Facebook Fan page. (Search "OpenSky Card" in Facebook.)
  • OpenSky provides credit tips and a dedicated credit education page on our website to support you along the way.
  • *View our Cardholder Agreement located at the bottom of the application page for details of the card.
Credit Needed:
Fair/Poor/Bad/No Credit