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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Before you put your security deposit down on this card, you might be interested to know that Capital One is not returning any security deposits whatsoever. In fact, the supervisor that I spoke with just told me that they haven’t returned any deposits in over a year and that they stopped returning deposits a year ago. After putting $1000 on my secured capital one card, all they have done for me is raise my limit by 300 lousy dollars. They frequently mislead their customers and they make you jump through hoops to prove that your contract specifies that your security deposit would be returned if (after a year) they determined that you have been a responsible card holder.
What a horrible joke. But hey, don’t take my word for it. Do your research and see what other customers are saying about the secured credit card. On the other hand, at the same time that I got this secured credit card, I also got to others. One through Citibank ($1500) and one through Discover ($2500). I’ve already got my security deposit back through Discover and I just got a confirmation email that Citibank is processing the return of my security deposit with them.
I have 2 credit cards and a savings account with Capital One. While on vacation internationally in Greece, my card was used fraudulently, unauthorized by myself. The server had charged a $4961.40 transaction before charging our $34.99 dinner. Due to the transaction being chip inserted, capital one has completed their investigation and says this charge is not fraud. When I called and spoke to multiple supervisors, they were not able to provide any further details about the transaction other than that they were made a minute apart. They did not reach out to the merchant for a signed copy of the transaction. Capital one is very difficult to deal with once they have completed their so called investigation. They do not believe their customers and deal with investigations properly like they should.
Every time I reach customer service no one speaks English and they tell me that my issue is resolved and it is not. I have been speaking to their customers service for months and I cannot get my issue resolved. I will never use this company again and I am so upset.
While traveling, I received a fraud alert from Capital One, which led me to freeze my card. The alert was wrong, but I could not reactivate my card or receive a new one while abroad because I didn't have my SS card on me. The service I received was awful. No apology for their mistake. I will have no credit card for the rest of my trip. I have cancelled my card and will never use their services again.
I have an excellent credit score & held accounts at Capital One for several years. However when applying for credit, because my credit was frozen it caused some problems - I unfroze my credit for 3 days before I called, and you all wanted 10. It seemed that all you customer rep & manager could do was read from a script. They couldn't use a promise from me to adjust the freeze. If I still want your card I will have to adjust the credit freeze first then wait on hold for another 45 minutes!!! Would be nice if there was some individualized service or personal banker we could work with. In fact we had the same issue when my wife didn't receive a debit card - the script must have said that it needed to be activated (which was repeated several times from the rep even though he was told each time that we didn't receive the card). Maybe if the reps would listen there wouldn't be a 45 minute wait to talk to someone.
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I applied for credit limit increases on my Best Buy card, Mastercard, CareCredit card, CarCareOne card, Capital One card and one other. All approved my request except Capital One. I was told I had maxed out my card too recently. I paid off my card one year ago. So I have to wonder if the card company sees me as a liability and for how much longer. I've been using the card to buy small items and promptly pay it back off. Every other card company likes that...all except Capital One. There goes my loyalty.
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