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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.
Pros & Cons
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.
| Fee | Amount |
|---|---|
| Annual fee | $0 |
| 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.
Capital One Secured Credit Card Reviews
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Reviewed Nov. 7, 2023
Paid off my card and was told I could use my card in 10 days just to be lied to and find out my card was charged off, then they said I would be refunded and still haven't been refunded my money back. This card is horrible.
Reviewed Oct. 30, 2023
I have been a long term customer with this credit card company. Due to medical hardship, I asked if they would be willing to lower the interest rate to assist with payments. Nope. No help. They will do nothing. If you make payments, they will offer no assistance.
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Reviewed Oct. 27, 2023
I have had a retail credit card managed by Capital One for several years. My account has been paid off without fail monthly during that time. Recently I made a clothing purchase online and used the card but had to return the item because of fit. Unfortunately, the returned item was not received by the store in time to meet Capital One's closing date....because of USPS delays during a holiday weekend. I called both Capital One and the store to alert them to the issue. As a result of that call a $29 late payment fee and interest accrual (for something I returned successfully per the store) were waived. But Capital One continued to hold the return item in the second billing cycle and billed a second time, this time with a $40 late fee and more interest, APR about 30%.
When I became aware of this situation, I called Capital One again. The agent was not helpful and said I owed what amounted to about 11% of the purchased item even though I had returned it. Obviously, I was not happy. I have since paid off the bank fees and closed the account. And I also closed another retail card account managed by Capital One. I will never use their services again. Buyer beware.
Reviewed Oct. 21, 2023
The customer service was horrible! I contacted Capital One because I was going to make a purchase, and earlier in the day, I had submitted a payment to the card so the purchase could be made. The app said the payment would be "posted" the same day. I received an email that said the payment would be "posted" the same day. Approximately 2-3 hours later, nothing was posted. I called to find out why, and the person I spoke to did try to help, but when she was told it couldn't happen by her "support team" she could only regurgitate the same line over and over - which was not what I was asking.
I asked to speak to her supervisor and was transferred to Mark. Mark was not helpful at all in trying to resolve the issue of why a $200 payment on the 9th was posted the same day, and neither of the two I made today would. He did say only one payment could be made per day, to which I replied "That's fine, I only need the first one." When it became clear Mark was not going to assist me, I asked for his boss, to which Mark replied that he didn't have one. Not quite sure I believe customer service only has ONE management level - especially if that ONE level has no authority.
Reviewed Oct. 19, 2023
Low credit line Secured card with no chance of upgrade or increase over one year as I had the card. Not what I signed up for. Offshore call centers with people reading scrips every time I called. One trip to the store due to inflation will wipe out your whole credit line to zero. They post your payment quick and if you're lucky it will show up a week later on your card after they take it from your bank in one day. After one year they start hitting you with major fees for everything after they say it is a no fee account. Capital One has become a predatory lender in my opinion only and since they are closing so many branches I closed my account so I did not have to travel 105 miles to a branch.
Reviewed Oct. 16, 2023
I had to contact Capital One to report identity theft activity to my account and since then I'm unable to verify myself to them so I can reestablish my credit cards and account. After many times sending my DLs and information still they are unable to help.
Reviewed Oct. 11, 2023
Capital secured credit card lowers your credit score. I was excited my credit was going to go up/ better with Capital One Secured Credit Card. They don't help with your credit score. Capital One Secured credit card they take your money. They don't even give you a grace period for your payments. They keep charging you, you can never catch up unless you pay it all in one lump sum. If you pay minimum payment early they still charge you late fees. If you're a day or two or even 3 days late they still charge you late fees. They really hurt your credit score. I canceled my Capital One Secured Credit Card, even though it'll hurt my credit score, my credit score is going down anyways because of Capital One Secured Credit Card so why not cancel them. I can still try to build up my credit. Capital One Secured Credit Card
Reviewed Oct. 9, 2023
They had a special savory one MasterCard spend $500 $200 off. I got approved when I call to see what happened with my benefits and my reward I was told I did not qualify for that and I meantime they send me the credit card with a large amount of available to spend so I question why am I approve if they do not want to approve the special that they have so they are falsely advertising stuff to open up the credit card. Can’t wait to close this credit card. Nothing but a scam.
Reviewed Oct. 3, 2023
Capital One is the worst! Over two months ago my replacement credit card never arrived, so when they sent an email to verify its arrival I responded that it hadn’t. The next I heard from them was an early morning phone call; to my wife, not me the actual account owner, who then told them to call me. Well, they then told me that over $2000 was charged to my account and asked me to prove who I was to rectify the issue. They asked for a government-issued id with a picture, social security card and proof of residence. I was sent a link to send the documents to which I immediately did. Next morning another call saying they couldn’t read some of the docs so I sent them all again.
Now two months later another early morning call to my wife from Capital One who once again asked why call her and not me. Another call ten minutes later to me this time telling me that fraudulent charges were made on my card and I needed to verify who I was again to prove that I hadn’t made those purchases. They would not even tell me where, when, or the extent of the charges made tellingly me they couldn’t tell me. I explained to the representative, who I could barely understand cause her accent was so thick (calling me from Columbia South America, I live in the USA by the way) that all this had been done already two months ago with all the requested documentation already sent to them. However, I was told that I needed to send them again. No reason why or explanation was given and that “they” couldn’t answer any of My questions without the documentation.
Once again I sent them all the requested documents to their “secure” fraud investigation site. Today my wife got called again instead of me and told them to call me. When they eventually called me (again someone I could barely understand) I was told that I needed to resend some of the documents because they couldn’t read them (perhaps if they had representatives from the USA they might be understandable and could read documents in English!).
I have to add at this point that I have high-end equipment and all of the documentation I have sent are 100% perfectly clear and easy enough for my three-year-old grandson to read. Of course, the exact same documentation they said they could not read this time had been received by them two months ago and verified by me (I called Capital One’s fraud division) that they had gotten them and were all acceptable. So here I am, two months later exactly where I started off. Lost card, no replacement, and fraudulent charges to my account.
To say that Capital One is INCOMPETENT is an understatement! If I could afford it, I’d take out a full-page newspaper ad in The NY Times to let the world know how bad Capital One is. PS: I had some fraudulent activity on my Amex card years ago and it was immediately resolved with one 15-minute phone call and a replacement card was mailed and received within three days of the phone call. This Capital One account was only opened as a completely independent account to write checks and to receive government-issued payments. Date of experience: August 10, 2023
Reviewed Sept. 27, 2023
They Charge very high weird interest irrespective of your very good credit. You will not recover fraudulent charges on your account, what they do is to temporary credit your Credit Card Account and take back the money after few days. They just give you false impression that they made efforts to recover your money, the fact is once your account has been charged by any fraudulent organization, Capital One cannot fulfill their promise of recovering your money. My Account was fraudulently charged by Ridesafely.com, but Capital One could not recover my about $1500 and more, Capital One asked me to provide evidence which I did, but at the end, it was as if Capital One & Ridesafely.com had a collabo.
Finally, once Capital One gets any negative information about your credit whether by error or by omission, Capital one will instantly and drastically reduce your credit line by 50% or more, with little or no priority communication. Their online platform works excellently well, and they communicate very well via email, but they are the worst credit card company I have known, they don't care about their customers.
Capital One Secured Credit Card Company Information
- Company Name:
- Capital One Secured Credit Card
- Website:
- www.capitalone.com
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