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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- Flexible payments
- Refundable deposits
- No annual fee
- Automatic credit review
- Longer approval process
- No rewards
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.
|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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On 7/23/21, my wife made reservations at the Great Neck Inn for a wedding we had on 9/4/21. On 8/22/21 my wife added an additional night. We checked in on 9/4/21. We arrived around 2:00PM and the person at the front desk said that rooms would not be ready until 3:00PM. We noticed that there were crews in the lobby cleaning up what appeared to be a flood. Large trucks were outside, which looked like they were pumping out sewage from the garage. There were terrible smells throughout the hotel lobby and especially the stairwells. There were terrible diesel oil fumes coming into the hotel from the trucks that were pumping out the water that was in the garage. It was also very noisy.
At approximately 3:00PM, I went to the front desk to ask if any rooms were ready and they said yes, they assigned me a room on the 4th floor and they said they have no elevator service. The elevator machine rooms were all flooded out and would not be back in service for quite some time. I asked for a room on a lower floor and they told me nothing was available. I asked if someone could help me with my luggage, they had the bellhop help me out. Unfortunately, my wife and I had to also carry our own luggage along with the bellhop for 4 flights of stairs.
Once I was in the room I called the front desk asking for the manager. A gentleman named Anthony, called me back and left a voicemail. In his voicemail, he said he could move us to a lower floor since we had a newborn grandchild but could not do so until a room became available. That never happened nor did he ever get back to us. I told him that the hotel smelled like fuel oil and was very musty and didn’t realize it was going to last for days.
I was sick from the smell and asked if they could do anything for us, like give us a reduced rate. He said the rooms were already discounted and because they contacted the Bride's Mother, the night before that the hotel had a flood and had no elevator service they were not responsible. I said that I personally should have received a phone call by someone on your staff to give me the opportunity to go to a different hotel. Unfortunately, the hotel assumed no responsibility. I have voicemail and a bill which I am attaching. I also called the front desk and asked to speak to the General Manager. They told me, "He has your cell phone number," and will call me back. I never received a call from the General Manager after being promised that he would return our calls. He totally ignored me and never got back to me.
Since the Manager never called me I filed a dispute with Capital One Quick Silver Disputes Department. I submitted documentation on 3 occasions and each and every time the disputes department sided with the merchant. They asked me for a second opinion from another hotel. I reached out to a General Manager of a Hilton hotel who prepared a letter stating he would never treat his hotel guests like we were treated and therefore recommended some sort of accommodation.
I submitted the letter and before the disputes Manager could read it, she said it was invalid. I then argued with her and she said, "Let me read it over again," and put me on hold. Well, fifteen minute later she came back to me stating, "Your second opinion was valid." She then said, "Let's try to get the manager on the phone," we called and the Manager was not available. She said she would call me back the next day. I never heard from her. I called 3 days later and she wasn't available so I spoke to another manager. He read all of the notes and said all he can do is off me $100, which he tried very hard for me to accept so I could go away. He said then, "Master card has certain requirements for merchants and you will lose."
I found that he tried to close out this case and the previous manager tried to do as well. However, I said I wasn't going anywhere. I found myself helpless against the disputes department because they side with the merchant in most all the cases. I felt the only thing I could do is take the $100 off the bill, close out the case and write a negative review Of Capital One Silver Disputes Department.
I have had a Cap One Venture card for several years. I spend several thousand dollars a month and pay off my card every month. I was traveling out of the country and was 6 days late so they declined my card for a 14 dollar payment. I have 300.000 points which would make the card payment for a couple years by itself and they canceled it!
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I recently made a automated electronics payment for $50. However I received a email stating that I agreed to make a balance payment of $859.23. I immediately called Capital One and the agent said there is nothing she can do since it was made through the automated system. I ask if they record verbal payments over the phone and she giggle and said yes. "Well you can find out I said $50 not $859.23." She said I need to call my bank. The bank did not see the amount and it did not process the next day.
Therefore I call capital one and the next CSR inform me once it process through the bank I can call them to request a refund. I ask her about the process and timeline to get the money refund since it was a error cause by their automatic system she respond over all 15 to 20 days.. I never had this problem with Walmart credit card until they merge it with capital one. This is very discouraging. I DO NOT RECOMMEND ANYONE USE THEIR AUTOMATED SYSTEM.
Opened an credit card account. Had this card for over a year then they upgraded my card but no limit increase but I had to phone about my address and the associate started changing my info on file. She said she's filling my occupation as a fire fighter when clearly I wasn't and I kept telling her all my info is the same. There was suppose to be no change. I told her that she's committing fraud so she just transferred me cutting me off and some other associate answered so I asked him to repeat all my info on my account and yes it was all changed. I told him that she was committing fraud on my account which they can use the recording as proof but after that he tells me I'm in good standing so he transfers me over to another department to increase my line of credit cause I'm in good standing.
Manager tells me, "No we can't increase it at this time." So she put me on hold and then tells me she might increase it by a few hundred but I would have to wait 10 days for an answer for further review and that's a maybe if I get it but I was never late on payments, kept it good standing and did all this for nothing. All they did was change the color of my credit card so I'll be closing this account soon. I wouldn't recommend this company for one.
Beware. Before you apply and get fool how they did me. First of all, the customer service sucks. They have no knowledge of what they doing or saying to you. They butt you on a so call 3 min hold that turns in to 30 minutes. They closed my account on 8/18/2021/ when I made my payment ahead of time, my first payment was due 9/7/2021 but they closed my account, talking about fraud alert. There was never no fraud on my account but please think twice before you apply for a Capital One Credit Card. A straight rip-off.
Took all my miles - 170,000. Closed account for 1 missed payment. Stay away from this company. Legalized robbery. 10 years with them. Bam all gone. No forgiveness. Off to the credit guillotine. Run away from this company.
Their customer service department is somewhere in Central America. It's like talking to a trained monkey or a trained parrot. There is something lacking in the communications. I'm not sure if they understand me and I have to interrupt them when they are reading their lines to get my point across.
They do NOT report to credit bureaus! I made my CL 1k to help w/ utilization. Only thing they contributed was an HARD INQUIRY! DON'T WASTE YOUR TIME!!! Go w/ Credit One! 40 points instantly! Capital One hasn’t even gained me a SINGLE point!!! I called and questioned the nonreporting and they talked in complete circles! Making zero sense! Trying to explain they do report. IT'S ONLY ON THEIR CREDITWISE phony app!!!! Which means absolutely nothing because lenders don’t look at “creditwise” when deciding if you get a mortgage or car or anything else! And the phony score on credit wise is NOT what’s on Experian!!! Don't trust Capital One! How can they be trusted dropping a hard inquiry but not a single positive report on your behalf? I’ll bet the min I skip a pmt or close that phony account it’ll be dropped on all 3 bureaus like that inquiry!!! TRASH **.
Capital One, credit card department, has the worst customer service. Hold is forever, Finally, reach a representative, she's rude and unknowledgeable. I want my deposit. I'm responsible. I pay my statement balance every month. I've had my card over a year. Cap1 Sent me a pre-approved silver card. I consider that an upgrade eligible for my deposit. I asked the representative when will I receive my deposit or will it be applied. In a shell, I was told whenever they feel like it. I asked for the policy in writing. I immediately disconnected and unable to get through to that department's call center again.
After 20 plus years of being a client… After 20 plus years of being a client with multiple credit accounts this crappy company could not step in to help get a refund for Bookit.com A company that went out of business because of the pandemic and we got screwed for 5 grand in travel... Pathetic!!.. Open credit card accounts elsewhere. I will be doing the same....
Capital One Secured Credit Card Company Information
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- Capital One Secured Credit Card
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