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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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 **.
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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....
My husband passed away last year. We had a Capital One GM CARD. In trying to make sure all his bills were paid, I accidentally paid the last bill twice. They refused to give it back. Why? Because he’s dead and they can’t write a check to a dead person - even though I signed the check from our joint bank account.
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.
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!!
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