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Capital One Secured Credit Card

Capital One Secured Credit Card
Overall Satisfaction Rating 1.00/5
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Based on 16 ratings
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    Capital One Secured credit cards are best for rebuilding credit after a few financial missteps. Depending on your credit history, you could qualify for a partially secured credit card — Capital One Secured credit lines start at $200, but minimum security deposits can be as low as $49 for some applicants. If approved, you can choose your payment due date to be at the beginning, middle or end of the month, and select your preferred payment method.

    BOTTOM LINE

    A Capital One Secured credit card is a great low-cost way to rebuild credit. Cardholders won’t earn rewards, but they can increase their credit lines in as few as 5 months.

    PROS

    • Flexible payments
    • Refundable deposits
    • No annual fee
    • Automatic credit review

    CONS

    • Longer approval process
    • No rewards

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        Capital One Secured Credit Card review

        The Capital One Secured credit card can be an excellent credit-building tool if you pay the balance in full each month. Like most secured cards, Capital One Secured doesn’t earn rewards and the APR is relatively high, but cardmembers can qualify for an unsecured card with just five months of timely payments. Depending on your credit history, you could even be eligible for a partially secured credit card from the start.

        How does Capital One Secured credit card work?

        A Capital One Secured credit card works like any other Capital One card, except that it requires a refundable security deposit for collateral. A security deposit of $49, $99 or $200 is required for an initial credit limit of $200, meaning that some applicants qualify for a partially secured card.

        Capital One reports cardholders credit standing to all three major credit bureaus. Good credit standing is earned making payments in full each month and on time. However, be aware that missing or late payments will damage your credit score further.

        Capital One makes it easier to make timely payments with benefits like free account alerts and flexible payment schedules and methods. After five months of good credit standing, you could get a Capital One Secured card credit limit increase without making additional deposits. To get your Capital One Secured credit card deposit refund, you must close the account and pay your balance in full.

        Capital One Secured credit card benefits

        A secured Capital One card comes with many of the same account management, security, travel and retail benefits, plus apps and digital services that come standard on other Capital One credit cards. 

        • Account management: Get account alerts and the option to enroll in auto pay and keep track of monthly recurring transactions. Capital One Secured cardmembers can also add an authorized user to their account and track their spending.
        • Security: Using a virtual number to pay for online purchases helps keep your actual Capital One Secured card number safe. SureSwipe/Touch ID makes it easy and safe to sign in to your account with a fingerprint or customized pattern. If your card is ever lost or stolen, Card Lock is available to freeze your account through the Capital One mobile app instantly. Plus, cardholders aren’t held responsible for fraudulent charges.
        • Apps and digital services: CreditWise from Capital One lets you monitor your credit to see how it improves over time and gives you access to free financial education resources. The Capital One mobile app also gives you access to Eno, the intelligent assistant from Capital One.
        • Travel and retail: Enjoy the benefits of 24-hour travel assistance services, auto rental collision damage waivers and travel accident insurance and extended warranty protection for items purchased with a Capital One Secured credit card at no extra charge.

        Capital One Secured credit card rates and fees

        Like most secured credit cards, Capital One Secured has a high variable APR interest rate. In general, your APR won’t increase if you are late on payments, but APR could increase based on market conditions. Cardmembers can avoid paying interest by paying their balance in full each month. It’s possible to take out a cash advance with a Capital One secured card, but not advised. Capital One Secured credit card cash advance fees and rates are high, even by secured credit card standards.

        FeeAmount
        Annual fee$0
        Foreign transaction fee0%
        Authorized user fee$0
        Cash advance fee3% ($10 minimum)
        Late feeUp to $38

        How to apply for Capital One Secured credit card

        Capital One Secured credit card applications can be completed online or in a physical branch location. Even if you have bad credit, you could still be approved for a Capital One Secured credit card if you have enough funds on hand to pay the required security deposit.  

        1. Complete the application: You must provide personal and financial information, including your total annual income, monthly rent and employment status. To be eligible for a Capital One Secured credit card, you must be at least 18 years old, have a valid Social Security number and U.S. mailing address, and meet other financial requirements.
        2. Pay the security deposit: Approved applicants can pay their required security deposit online or at a physical branch location. Your personal credit history will partially determine the minimum Capital One Secured credit card deposit. It’s possible to make partial payments as long as you pay the minimum required deposit amount within 35 days of approval. If the deposit is not paid within 35 days, you won’t be able to open the account. Note that deposits must be at least $20 and in whole dollar increments.
        3. Get a Capital One Secured card in the mail: Your new card will be sent to you via mail after Capital One processes the required deposit. This usually takes 2–3 weeks, but expedited shipping is available for an additional fee.

        Capital One secured credit card FAQ

        How is a Capital One Secured credit card different from a prepaid card?
        Unlike a prepaid debit card, a Capital One Secured credit card helps you build credit with responsible use over time. The refundable deposit functions as collateral for the line of credit, so you must make monthly payments on your balance.
        Will my Capital One Secured card have the word “secured” on it?
        No, Capital One Secured credit cards don’t have the word “secured” on them — they look much like any other Capital One credit card.
        Can I be declined for a Capital One Secured credit card?
        Yes, you can be declined for a Capital One Secured credit card if you don’t have a bank account, if you have an unresolved bankruptcy on your credit report or if your monthly income doesn’t exceed your monthly rent or mortgage expenses by at least $425. Capital One will also decline applicants if they have applied for a Capital One card three or more times in the last 45 days, have more than two open accounts with Capital One or have a Capital One credit card charged off in the previous year.
        How long does it take to get your Capital One Secured credit card?
        After your application is approved and you pay the initial security deposit, you can expect to receive your Capital One Secured credit card in the mail within 2–3 weeks. For expedited shipping, an additional fee is charged, and the card usually arrives in 1–2 business days.

        Is Capital One Secured credit card worth it?

        The Capital One Secured credit card is worth it if you’re serious about building credit and are sure you will pay the full balance each month. Capital One Secured cardholders can qualify for a higher line of credit after just five months of on-time payments. Paying on time is easier with this card, thanks to the account alerts and flexible payment scheduling.

        Capital One Secured Credit Card Reviews

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        Page 1 Reviews 1 - 10
        Rated with 1 star
        Verified Reviewer
        Original review: Jan. 17, 2020

        I was cheated over fake internet website to purchase the gift cards. I thought I was calling to Apple store. But then I suspected a fraud. I immediately call to Capital One about it, the agent on the other side of the line from fraud department, after I told him the whole story, how I was cheated, promise to me that they will resolve the issue. I asked the agent if I have to report the fraud act to the police, his answer was it's not necessary, that they will deal with this problem themselves, so I was stupid enough to test him. In the beginning they removed the charges, then they put them back. When I call them again they told me that it's not their issue. The dispute department should handle this matter. So they transfer me to dispute department and the charges was removed again till they investigated this, but then charges was placed back again.

        To make story short. Now they want me to deal with issue myself, after 4 months passed they want me go to the police, which I offer to them in the beginning, when it was not too late and police could still catch those criminals and may be return my money. They connected me to the merchant over the phone to deal with them about an issue, put the charges back in my account and charged me the late fees. I don't know what the fraud departments and dispute departments for? If they don't do their job correctly and direct their customers to the wrong directions? Also why the stores sale those gift cards which criminals using for their purposes and nobody can't stop them for doing that? And why fraud and dispute department instead helping us helping those criminals and making us paying for their mistakes?

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        Rated with 1 star
        Verified Reviewer
        Original review: Jan. 14, 2020

        First of all - people who answered phone calls barely speak English. Understanding - even worse. "Zero fraud liability" is myth. They will reinstall disputable amount in the due date - so your payment becomes incomplete and you owe them interest. All your info, including security code - is on one side of card. If you like to be surprised - this card for you. Stay away, as far as you can!!!

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          Rated with 1 star
          Verified Reviewer
          Original review: Dec. 28, 2019

          My information was stolen from from the credit agency. So this product to protect my information was paid for by one of three top credit agencies. They really don't do much, everything is thrown back on the customer who did nothing wrong. MY information is on the dark web. They send me a email telling me so every month. So what? I am a sitting duck and whatever happens happens. They do alert when someone takes out loan but the alert consist of sending me an email and it up to me to do whatever has to be done. It's not the little guy who gets all our information stolen, it's stolen from big ten companies.

          They do not do enough to protect us. They really don't care either. I had my identity stolen and cutback made me pay for the charges saying the person who charged the items said I said he could. This was not true and after a two year court battle I proved this guy had broken into my home and stole my information and they still did not refund my money saying it had been too long and over the time limit for them to do anything.

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          Rated with 1 star
          Verified Reviewer
          Original review: Dec. 17, 2019

          I applied for a Capital One Cash Back credit card with the sole intention of transferring a balance from another credit card. The Capital One advertisement and link to the application on creditkarma.com stated zero interest for 15 months for balance transfers and new purchases. After getting the credit card, during the online balance transfer process, the website showed I would be charged a 15% annual interest rate on balance transfers. I called Capital One and spoke to a representative who verified that should not be the case as the offer was zero interest for 15 months. She stated she would get this corrected so I went ahead and transferred the balance.

          When I received my first statement I noticed a $32 interest charge. I called Capital One to speak to them and they stated the zero interest was for new purchases only. I told them that was not the offer I applied for but they didn't seem to care. I suggested they go to the Credit Karma website but the Rep said he couldn't do that and suggested I file a dispute with the credit bureau. He obviously didn't have a clue what he was doing. I spoke to two other people at Capital One and both of them stated there was nothing they could or would do to change the situation. This company commits fraud and doesn't care that they do so. I will never do business with this company.

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          Rated with 1 star
          Verified Reviewer
          Original review: Dec. 17, 2019

          I recently applied for a Capital One credit card and was planning to pay off my surgery with same card. Although, I got notified that card got shipped, card never got delivered. I called after 14 days (says on the website that you can complain about not receiving the card after 14 days) and the customer service said that they've been experiencing delays and complaints about cards not being delivered on time. They canceled the existing, non-delivered card, and issued a new one. I received new card after 3 weeks. I ended up paying my surgery with different card. I also ended up paying $150 balance transfer to Capital One card even though it wasn't my fault for not receiving the card on time.

          When I asked Customer service for the balance transfer fee to be waived, I was explained that it was not an option, that they were very sorry that I have received the card so late and wasn't able to pay off my surgery with their card as originally planned. They offered $15 in rewards. $15 in rewards vs. $150 for balance transfer that wasn't my fault. Way to go, Capital one. After many years of using Capital, this experience is very disappointing and upsetting. Jelena

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          Rated with 1 star
          Verified Reviewer
          Original review: Dec. 12, 2019

          After being with the bank for over 4 years, paying on time and in full, and using my own money, Secured credit card, the one time I ask the Representative to waive a finance charge, he would not. I asked for a supervisor to help waive the fee especially it’s Christmas time. She claimed she couldn’t. I asked to close the credit card. Not only they don’t listen and don’t care to have you as a full balance paying customer, they don’t deliver what you ask of them. I had the credit card secured for over 4 years, every time I would call to see when this will turn to “non secured”, no one would give me an answer. Actually the answer was “we don’t know”! How stupid!! Horrible customer service with horrible attitude and bad product/credit card!!

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          Rated with 1 star
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          Verified Reviewer
          Original review: Dec. 9, 2019

          I have been a cardholder with Capital One for almost 6 years. Not once in this time have I had a late payment or any other issue. I have been out of a job and on unemployment for about 6 months. It recently ran it out and I called to see about possible reducing my monthly payment or possible deferring it for a month. My new job is starting in January and I was just hoping for them to have a little compassion. Unfortunately they have none. They instead offered to give me fee suppression (whereby they don't charge a late fee for up to 3 months), which really of no help to me. I didn't think it was too much to ask to have a payment deferment or reduction for 1 month to get on more stable financial ground. But when you're dealing with a company that has no soul, apparently it is.

          Had these options never been mentioned (on their own website no less), I don't think it would bother me as much. But when you talk about how you as a company understand that financial hardship happens and you have options to deal with them, perhaps you should honor your own words. What's in your wallet? Well, if you are in a tough financial situation and it's Capital One, expect zero help from this soulless, disingenuous organization.

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          2 people found this review helpful
          Rated with 1 star
          Verified Reviewer
          Original review: Nov. 27, 2019

          First there was the breach, then I couldn't log in no matter what, that took 4 phone calls to get straightened out. About 2 hrs of my life I can't get back. Then my credit report dinged with all 3 bureaus because Walmart decided to dump Synchrony for Capital One. And it appears on my credit that I closed that Walmart account. Since when is the customer responsible for this kind of change?

          So I called the bureaus and they tell me it's not up to them to fix my credit in this situation, it's Walmart/Cap One's. So another phone call and I get told I need to send them a letter stating everything in writing. This bank cannot even rectify this over the phone. Now, I gotta spend a postage stamp on the problem. I cannot wait until the acct is paid off. I won't close it. I'll simply buy a candy bar now and then with the card so they don't shut it down themselves for inactivity. Because the last thing I want is Capital One detrimentally affecting my credit score ever again And I'm glad I closed my 360 savings acct, too. We're done.

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          Rated with 1 star
          Verified Reviewer
          Original review: Nov. 16, 2019

          My payments to Capital One credit card account were credited to "an account with Comenity Bank" on 10/16/2019. Capital one customer service, Kimberly, refused to credit the payments back to my account. She also refused to let me talk to her supervisor. I believe she took the money. I am available to testify in court.

          As Capital one has no branches, no email address, nobody I can talk to. I can only complain to socail media.

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          Rated with 1 star
          Verified Reviewer
          Original review: Sept. 20, 2019

          I have had a Capital One card for the last 10 years. Have excellent payment history. Had a fraud charge from s non existent company’s with a non existent website and they charged my card 167.00 and I reported it and the non existent company reported that they sent me something which they did not. Capital One charged my account and did not reverse charges. I closed my act. immediately and will not do business with a company that doesn’t protect its customers.

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            Capital One Secured Credit Card Company Information

            Company Name:
            Capital One Secured Credit Card
            Website:
            www.capitalone.com

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