Capital One Secured Credit Card

Capital One Secured Credit Card

 3.7/5 (128 ratings)
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About Capital One Secured Credit Card

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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.

Overall Satisfaction Rating

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Pros

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

Cons

  • Longer approval process
  • No rewards

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.

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.

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Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: Sept. 15, 2022

After reading several other reviews I am now aware that I am not the only one that Capital One has perpetrated this fraud upon. Like the other reviewer I too had my cards restricted after earning the 200.00 reward. I have had to send my Drivers License (front & back) 3 times now, I have had to send a bill with my name & address 2 times and I sent them 3 months of bank statements, and now they tell me that my bank has a high call volume and they can't contact them to verify my address! I see now that this is just a scam and that they won't be unrestricting my cards just as the other reviewer stated they did to him. Hopefully I can find an Attorney willing to start a class action suit against these crooks!!

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Rated with 1 star
Verified Reviewer
Original review: Aug. 29, 2022

I been a customer of Capital one world elite (black card) for over 10 years and easily have spent over 6 figures. They are terrible at disputing charges and dealing with fraud. And on top of that running their own fraud scheme since their agents have 0 accountability when the voice is recorded! I called in 3 weeks before my annual fee was up to verify there wouldn't be an annual fee of $120. The agent was very confused on whether or not there would be a fee but after problem solving and speaking with his supervisor he advised there would NOT be a fee. I told him if there is a fee, I would cancel the card now so I don't get charged the fee because there are MUCH MUCH better reward cards out there and better customer service and it's not worth the annual fee since there are no bonuses or any other perks offered for this card anymore.

He advised if I did get charged a fee, I can call back and get re-imbursed since he made a note on my file and there's an audio recording! Well no surprise, new agent and the note stated that he advised me that my card is different than the other no fee card. I explained to the new agent, to pull up the audio recording instead because he assured me many times what I explained. Is there no accountability at all in this company? Isn't it the duty of the customer service/professionalism to know their products and know that I would NOT get an annual fee? Why would that be on me, when I'm calling in to ask what their policy is.

I still cancelled the card after getting charged 120$, it's crazy Capital One would nickel and dime a customer of over 10 years, they rather get your $120 instead of getting thousands of fees from me swiping their credit card. Avoid like the plague, you can easily google many other rewards cards with no fees or lower fees with 10x the rewards and perks!

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    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 11, 2022

    I had a credit card with Walmart for years, I have a great credit score and just because I didn't use the card for a while I tried to reopen and they denied it. What makes me so angry was that I never closed my account, my account was in good standing. I wanted to reactivate my card and I was denied for no good reason just because Capital One could!!!! Well Walmart lost a very good customer. Then the fraud department had me on hold for hours to verify my identity!!! I should of sent my DNA! Once they did a rep said "Sorry ma'am we can't reopen it". I will never have anything to do with Walmart or Capital One!! They are a bunch of clowns!!! Goodbye Walmart. Hello Target.

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    Rated with 1 star
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    Verified Reviewer
    Original review: July 28, 2022

    I've always had great credit and payoff my Capital One Walmart card monthly and on time but they refuse to let me have a different Capital One credit card. When you call New Accounts to tell them, they don't care that you weren't approved and have no answers for you. That's pathetic service.

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    Rated with 1 star
    Verified Reviewer
    Original review: June 29, 2022

    I have tried to close my Capital One credit card online; that is paid in full with an overpayment returning to me. I have been redirected to 5-6 different people since Tues. June 28, 2022 through Wed. June 29, 2022 @ 12:20 noon (ct). I have gotten the same response of "Why are you closing your account?" At this point in time I do not have to explain why I am closing my account. I want capital one to close my credit card today & for whatever reason they are not /will not close out my card. Not because I owe them any money. They actually owe me. Today is Wed. June 29, 2022 @ 12:26 noon (ct). Signed, RUTH

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    Rated with 1 star
    Verified Reviewer
    Original review: June 21, 2022

    Date Credit card was open 04/27/2022. I made a purchase for $179.00 May 3, My first payment May 13/2022 I called and spoke with a representative, who I ask, what method of payment, the representative said bank information (PULL THE CALL). Capital One restored amount available back to $200.00. I made another purchase, this time $100.00. Received a letter Freedom Credit payment return on 03/16/2022 due to invalid account number. I have been established for 6 year with my bank. Never this problem. I could not understand why my bank information was invalid. I call my bank, the Teller said account show no electronic payment. I called capital one to receive some clarity and spoke to a Representative who couldn’t tell me no more than what I am telling her? (Pull the call) Account invalid. I told the representative that I want to clear the balance.

    I use PNC PREPAID amount 339.66 on May 19-2022. THAT payment was return 05/23/2022. No transaction code. I spoke to a supervisor on May 24-2022, I ask her, "Can we do a conference call with PNC," (pull the call). She said yes so that’s how I found out that PNC Prepaid do not allow electronic payments. Supervisor looks up different location for capital one, café chestnut street made a payment of $ 50.00 that day. Payment due 06/15/2022. Capital one has me as fraternal after speaking to numerous representative and supervisor (no one care). STEAL, why would I call in trying to rectify my account. A representative took the wrong account number down and she caused my account to close.

    No one will listen to me and try to assist. Capital, go by a script and do not go out of the box. Capital do not care about their customer Me. Capital one close my account on May 25-2022. 05/26/2022 place my account collection. Place on my credit report. Payment not due until 06/15/2022. I need my account Investigate And all calls pull.

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    Rated with 1 star
    Verified Reviewer
    Original review: May 18, 2022

    Specifically Brandon (would not give last name) fraud manager in the United States made me (their customer) feel disgusted with his treatment of me. Furthermore, he stated that the call was being recorded, and I let him know I was recording as well, and he said he would not allow me to record the call, but he can record me? In fact, if I kept recording (totally legal in Wisconsin), he would have to end the call. So there is of course much more, but I will be cutting up my cards and cancelling service with them. Poor customer service and a waste of time.

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    Rated with 1 star
    Verified Reviewer
    Original review: May 10, 2022

    I booked an studio apartment in Hawaii. When I got there it was terrible, it was dirty, kitchen area was disgusting, and the furniture was dirty and old. I told the owners I could not stay there. They gave me back part of my money. I tried to dispute the rest with Capital One ($1000) and they would not honor my dispute. I had pictures and evidence. They said I needed to prove that I talked to the owner twice trying to get back the additional money. All I had was evidence of a call to her after I had left. They would not accept that. They wanted me to prove the negative, which is impossible. I appealed their decision, went through everything all over again and they still denied my dispute.

    I moved out of the apartment, paid for another one and lost my money on this one. I had a great deal of documentation. Even the will from the booking agent who overcharged me. It was $500 more than the receipt that she sent to the owner of the studio apartment. It was a terrible situation. The booking agent was stealing from owner (a 80 year old woman) and overcharging me; and the studio was unlivable. Once I have my card paid off, I am canceling. I have been with this credit card company for over 15 years…I am leaving now. They need to stand behind their customers, especially their long term customers.

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    Rated with 1 star
    Verified Reviewer
    Original review: April 18, 2022

    Capital one is charging me for interest fees and a late fee on an account that I closed on February 9, 2022. I paid the complete balance owed per the rep and added that the account be completely closed. The customer service reps weren't able to rectify the charges but agreed that I paid the full balance and had already paid interest fees for the balance I paid. It's easy Capital one, credit the current account charges and complete close the account please and thank you.

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    Rated with 1 star
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    Verified Reviewer
    Original review: April 13, 2022

    Terrible card. Had for 5 years 800+ credit score and would not raise my credit limit of $3500 despite zero balance and always pay off monthly. Amex gave me $20K instantly and Citi $20K as well. Cancelled this useless card.

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    Capital One Secured Credit Card Company Information

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