Capital One Secured Credit Card

Capital One Secured Credit Card

 3.6/5 (70 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.

Capital One Secured Credit Card Reviews

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Page 1 Reviews 0 - 10
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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    Rated with 1 star
    Verified Reviewer Verified Buyer
    Original review: Jan. 21, 2022

    Don't think to be backed up by the bank if for some reason you used their card to pay for services or products and you don't get what you paid for. I bought some Lifepo4 batteries from Alibaba which came banged up and not performing like advertised and after over a month disputing the transaction with Alibaba and trying to get a refund by sending back the batteries or getting a replacement, I opened a dispute using Capital One who dropped it because I couldn't provide all these:

    *Second Opinion
    *Proof of Return/Cancellation

    *Any additional information related to your dispute

    Response to the Merchant's Documentation

    Where am I to get a second opinion about batteries that are banged up and not performing like they should with pictures to prove my saying, I even offered to send a video as proof testing the batteries? How am I to send a proof of Return/Cancelation if Alibaba Website is not cooperating at the first place?

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    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 6, 2022

    After 7 months of correspondences, Capital One denied my dispute. They blamed it on Master Card rules and regulations. I bought a car part online in May 2021. I received the item damaged in July 2021. I filed a dispute with the seller. Having been a customer with Capital One for over 5 years, I had never needed to file a dispute, but I expected them to protect me and my purchases. I can't even begin to tell you the hoops that I needed to jump through for the process of this dispute. Hours of phone calls, faxes and letters, and pictures for evidence that was requested. After following all of their detailed instructions, I was asked to take this damaged part to a retailer of comparable experience in the automotive field as the seller and have him state on a company letterhead 1) what the seller did wrong

    2) why the part was unusable.

    Seriously!! I could not believe what I was being asked to do by these people, but Capital One blamed it on Master Card regulations. Even the auto place that I took the part to couldn't believe it when I told them what I needed from them. I did all that was requested and then Capital One asked for it again, stating that the auto place I had taken the part to, put the statement that was requested on an estimate slip.

    The estimate slip did have the company letterhead at the top, Capital One customer service told me that was not good enough because it was an estimate. I guess Capital One thinks that mechanics have stationary laying around the shop with their logo on it. An estimate is what they have! This went round and round for 7 months. I will never use Capital One or Master Card again for that matter. I will be sure to give Citi bank and Visa my business. Better customer service by far. I think that word of mouth is a real good way to make or break your business. I'm fortunate to know a lot of people and work with a lot of professionals and I share the experience that I've had with Capital One/ Mastercard with them.

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    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 2, 2021

    I called Capital One regarding an account I didn’t open. This account Is no contract with my signature. The time was open I was sick. They said they send me mail which I never receive it before. I’m requesting Capital one to remove this account from my credit report. This account is affecting me. I called Capital one to talk to ask a few questions and the representative told me that I was having a stop and desist and they couldn’t do nothing with that. So I said to the representative of Capital to authorize to delete the stop and desist to talk about what happened to me Immediately. I authorized the representative of Capital one to delete the stop and desist.

    He started this and attempt to collect a debt. He didn’t even let talk. He continue this is an attempt to collect. He was so rude. He didn’t even want me to talk about the reason I was calling. He said to me you call to pay. I start it lying from the beginning. First I never say that and second I told him that I didn’t open this account. He was rude. I ask for a supervisor. I wait and then I couldn’t communicate with the supervisor. At the end I hang off because this people they don’t want to listen to reason. They don’t want to listen to nothing. Just Pay me that is all. I ask for help to the Bureau of Consumer Finance. This is one of the most ruthless credit card companies. When you talk to them they don’t treat you with kindness or humanity Just like a number like someone that owe money to the mafia. Pay me or pay me.

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    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 14, 2021

    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.

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 13, 2021

    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!

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 4, 2021

    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.

    2 people found this review helpful
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    Capital One Secured Credit Card Company Information

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