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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.
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.
- Flexible payments
- Refundable deposits
- No annual fee
- Automatic credit review
- 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.
|Foreign transaction fee||0%|
|Authorized user fee||$0|
|Cash advance fee||3% ($10 minimum)|
|Late fee||Up 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.
- 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.
- 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.
- 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.
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I have used Capital One for DECADES, always had good credit, always paid ON TIME. I got a notice from Gmail.com...which shouldn't be affiliated with ANYTHING Capital One does. That my account had "suspicious activity" and they closed it. I only USED it for Youtube, but they also closed my account with Youtube. They said my comments didn't meet guidelines. Meaning if you DIFFER from their political agenda you are ousted. So I changed my email to an encrypted account for SAFETY. Well, Capital One happened to be using that former closed email and DECIDED that I was compromised. EVEN though I called and spoke to the FOOLS explaining WHY I switched my email account. But OVER and OVER they said I couldn't be verified.
I sent in their FORMS, but that wasn't ENOUGH. And my account was now restricted. OK, FINE, I paid it down this month, as I have EXCELLENT credit and have other options. But a "restricted account" from these FOOLS now blackens my stellar credit history. I will now BLAST them everywhere as it is ridiculous that a person who PAYS on time, can't be verified, please. EVERY one KNOWS they are perfectly capable of FINDING anyone and they HAVE all the info they need. FINE, other places, are easier to do biz with, have BETTER customer service.
My credit rating needed work so I applied for the Platinum card which is Capital One secured credit card. I was given $200 credit. I linked my checking account to my card and paid my entire bill each month. I was granted a raise in credit from $200 to $500 in 8 months. I used a lot of available credit one month but I nonetheless paid my monthly bill in its entirety. I discovered that I did something wrong. My credit rating dropped 42 points and my available credit was reduced to $100. Not long afterward I get an email telling me I am pre-approved for a Capital One Quicksilver Cash Back credit card with a $1000 credit line. I have no idea what's going on. I screwed up somehow with their Platinum card and lost a substantial amount of available credit plus lost 42 points on my credit score yet be approved for a better card with cash back.
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I have had Capital One credit card since I was a kid and that was over 20 years ago. I made my payments on time and paid off large balances to keep the card clear. I am dealing with some hardship due to the Covid 19 pandemic that affected my income greatly. I contacted them early on asking if it would be possible just for this time of the pandemic to reduce my minimum balance of over $300 to something more affordable like $80 so I will not be in default and they told me no.
Instead they reset my balance to zero for 6 months and after that time, they told me they could no longer assist me by resetting my balance to zero even though I started to make a payment of $50 to show that I want to make payments on my account in the hopes that things will improve in the economy hopefully next year and I can get my account current. They are not my only financial obligation, but I am doing my best during a pandemic I did not cause nor have control over and capital one is making me pay dearly for it by leaving me with my account in default. I was a loyal customer for over 20 years to capital one and during a time of hardship that is not only experienced by me but by millions around the world.
Capital one could only give me 6 months. What a ratio... 20 years:6 months. Speaking to the agents and supervisors was like speaking to people with icicles for hearts because they could care less. They have even hung up the phone on me when I persisted with asking for assistance. By the grace of God, I will get back on my feet and pay this account off and never use it ever, ever, ever, ever again. I don't recommend this credit card or anything capital one to anyone. Loyalty counts for so much more than a company like capital one could ever fathom.
I have been a cardholder since 2007 and just recently is asking for my drivers license front and back, utility bill, copy of social security card. Never have I had to deal with this with any credit card company. Especially not over 13 years later. There has been no issues with the card, I pay all the bills on time. So they would be no need to ask for all this information. It sounds very fishy and a scam. I've known companies where their employees have stolen peoples identities. After 13 years why are they asking for this information? I am closing my account and will NEVER do business with them again.
My account was changed from secured to unsecured, which is fine. Instead of returning my deposit they attached to account and increased credit limit. Not enough to make a difference of any kind, after over three years of on time payments. When asked about why, I was constantly told they could not disclose information because I closed account. So, credit takes a hit, no open account, and lost initial deposit!!
Okay so I've had a Capital One credit card for two years now and always managed my account either online or through the mobile app. Now all of a sudden they updated their security on both and I'm unable to verify my information due to the 2 factor verification process. The only option they give you to verify is either a text message or a phone call which neither work for me since I've put a block on my T-Mobile cell phone 10 years ago as to not receive text or phone calls from suspected scam or promotional offers, and the only option they gave me was to call T-mobile and take off the block which I refuse to do because I have this option on my phone for a reason.
I do not like getting text or phone calls from sales or promotional vendors. Very disappointing even after talking to a manager/supervisor which basically hung up on me in the form of transferring me to a department specialist which he knew only operate at normal business hours and I happen to be calling on a Sunday so they ended the call. So I called back in total was on the phone with cap one for almost 2 hours with no resolution. So basically they told me if I need to manage my account I have to call them or go through the mail to look at statements or pay my bill. Just a heads up if your thinking of getting a capital one account they dont offer online banking for people that have this block on their phone. Ally has an option to turn on or off 2 factor verification.
I disputed a transaction back in March from a charge 6 months prior. I did everything they asked. They temporarily credited me back the money. After that it was taken away 3 more times and credited 3 more times, even double by accident on their part. Each time I had to redispute the charge, and each time they asked me to upload documents in their so called secured email. I sent them all of the proof to show that the merchant was thieving my money. Yet after 3 times of credit and then taking away my credit I finally had to close the account. The dispute lasted a total of 1 year!
Capital One had promised me they had all of the proof they needed and it would be resolved, yet after 3 times of doing so they again took my credit away and are charging interest on it. They have no means to help their customers whatsoever at all. I paid and closed my account with them. They can only dream of getting monthly interest from me now. They are the worse credit card company on earth.
I do not like Capital One. The only reason I took out a credit card to build my credit up and that didn't even work so I went somewhere else and company that I went to built my credit up so capital one is lousy capital one credit card and don't let three or four years go past before they come back at you. I was charged off on my credit report three or four years later. The collection kept calling saying when I'm going to make a payment. They will call your house and they will write you so I end up paying them off and now I'm glad they off my credit report and I'm glad capital one is off my credit report and my score is good now.
Jennifer was my first account specialist. She could do nothing. Her supervisor Christiana was even worse. Neither could explain why a defunct, cancelled, cut up credit card is still being used to pay Autopays. Makes no sense to me. If I call my bank and cancel or stop an autopay, I sign a document, and it is done. Not so with this sorry company, Capital One. They just keep paying off of a "bogus" stolen card number. Who should I contact to report their actions?
Don't bother with Capital One, I had a card for years, my credit score is Excellent, I have never paid the bill late, I use the card monthly and pay off the balance and they downgraded my credit limit from $7,000 to $1500 because I don't use the card enough???? I am so mad because them lowering my credit limit has caused my score to drop by 50 points. Well I can honestly say that Capital One will not be in my wallet.
Capital One Secured Credit Card Company Information
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- Capital One Secured Credit Card
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