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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
- Flexible payments
- Refundable deposits
- No annual fee
- Automatic credit review
- Longer approval process
- No rewards
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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- 4,568,019 reviews on ConsumerAffairs are verified.
- We require contact information to ensure our reviewers are real.
- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
Reviewed Nov. 25, 2024
I decided 4 years ago at the age of 50 to fix my credit. I knew the only place that offers such an opportunity is Capital One. I filled out the application and sent in $300. for a security deposit. 4 years later my credit number has increased and today I received a message from Capital One saying my credit has improved so much that they are sending me my security deposit back. I've worked hard for this but I couldn't have done it without Capital One. Thank you!
Reviewed Oct. 11, 2024
They advertised a $50 deposit. I applied and it dropped my score from a 701 to a 685. Then it went from the $50 deposit to a $200 deposit. What a waste of my time and credit. Will not use this company.
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Reviewed Oct. 2, 2024
I’ve been with Capital One for many years. Here recently I’ve hit a rough patch in life and missed a payment. 1st time in years I’ve done this. So I got a new card and activated the card. The guy informed me of my missed payment and told me my balance. I said I get paid on Friday and I will make a payment. Well I ordered my food and went to pay and decline. I don’t have another form of payment so I called to find out what’s wrong and then was informed since I owe I can’t use the card. As a consumer I think that’s what the guy should had informed me the 1st time however the lady Grace was very rude and unprofessional and unpleasant.
I get and understand the terms and conditions but not everyone knows or keep up with that and sometimes needs a reminder. But Grace rudely reminded me of my flaws. It’s not what you say but how you say it Grace. I hope that capital one will get better people to represent them. However when I pay this card off I will be canceling it and I’m not worried about it going on my credit because as a customer for many years or recent customer should not get the treatment Grace gave.
Reviewed Sept. 25, 2024
Long story short I had a credit card with Capital One and in 2020 during the pandemic after losing my job, I was unable to make my payment for 2 months in a row. The first month I got a hold of them and they said not to worry about it and they deferred my payment for a month. The second month came around, and I could no longer get a hold of them. Because the account showed I was late because of the first month, it added several late fees to my account that I was told would be waived given the situation. Because I was delinquent, the app would not allow me to contact customer service until I was paid up to date. Which I was not going to do, given they told me I would not be charged the late fees. But I couldn't get ahold of customer service, because they blocked me from me being able to contact customer service because my account was late.
The only other option was to call them, which would seem impossible because everyone and their mother was calling because it was the pandemic. I spent no less than an hour a day every day for 6 months trying to get a hold of these people only to sit on hold. The last two times I contacted them I sat on hold for no less than 6 hours. After 6 months I was hundreds and hundreds of dollars in late fees on my account. It would not let me pay a minimum, without the late fees. It would not let me contact customer support in the app because of the past due balance. And I couldn't get a hold of anybody because of the pandemic. So my card got defunct and to this day, nearly 5 years later I have never been able to get a hold of them. So now I have a credit card that had less than $500 on it, ruin my credit because this company refused to let me contact them. They were so greedy, they greeted themselves out of money from me.
Reviewed Sept. 22, 2024
They charge the max interest rate no matter how good your credit score. Their service which alerts you of credit score always inaccurate. They take your account and then just change account number. i.e I log in and it will say credit card ending in 4 numbers and those numbers change and they don't send email or any explanation of why they did that. Which seems shady.
Reviewed Aug. 27, 2024
Capital One credit card charges interest from day one of your purchase. You will never pay them off. My bank paid them in full through a low interest loan I had to get from my credit union. I still had interest showing on the card so I paid it. I checked a few weeks later and they had more interest charged. I had not used the card. I called and closed the account. The Capital one card is Criminal! You might as well get money from a loan shark. Stay far away from this card. You can not use the credit card and pay it off. You will accrue interest daily. A never ending cycle of debt.
Reviewed Aug. 21, 2024
I have been trying for months now to change the due dates on my Capital One credit cards (have 4) and despite several attempts to do so IT HAS NEVER HAPPENED. This feature is offered on the website and even customer service has supposedly done this for me and IT'S USELESS TO TRY AT THIS POINT! Capital One used to be a great card and the customer service was at one time great as well but since there have been several times I've dealt with overseas help it's to no avail. Speaking American English and understanding it are two different things and that seems to be the issue that has been holding capital one back from being as great as it once was.
Reviewed June 5, 2024
I have been a Capital One customer for 20 years. I ALWAYS pay in Full, every month. I also have CDs with Capital One. My most recent payment, by check, did not arrive. I reached out the day before my due date, and was not offered any waiver of fees or interest until the payment arrived. My credit score is above 830! HORRIBLE CUSTOMER SERVICE, and Will cash out when my CDs are due, and cut up this card, which I don’t really need anyway! Done.
Reviewed May 3, 2024
This bank is absolutely garbage. Took them over 1 week to get my new accounts after fraudulent activity. I was without money for 1 week and they also restricted my credit card. The branch ambassador was not knowledgeable at all! Told me I wouldn't have access to any of my bank accounts unless they took the restriction off of my credit card. I had to send them my driver's license, a copy of my utility bill, and show them a physical copy of my social security card for verification. I had everything except my social security card and without that I couldn't get the hold off my credit card. Because I didn't have the physical copy of my social security card for verification all my accounts remained looked! I ordered a new social security card that's going to take 2 weeks to arrive, but of course I'm not going 3 whole weeks with no money! So I closed the account.
After I closed the account I left and called another bank, and they told me the credit card doesn't affect any other accounts and gave me access to both my checking and savings account with no problem. I basically closed my credit card account for nothing! Thanks to that genius for giving me false information. Pathetic.... Oh and I had a 4,000 credit limit and when that account got closed due to fraudulent I applied for another card. I got approved but for only 300!!
Reviewed April 15, 2024
Applied for a Capital One secured credit card. Was approved then The problems began immediately. Trying to enter a deposit amount, I ended up depositing $550, instead of my intended $50. Calling customer service, was told to call back in a week to get my refund of $500. Called back a week later. Was told that it would take 14 to 21 days to refund my $500. Was told that the card would arrive and 12 to 14 days, and also told that I hadn't been approved yet, that my application was still being processed. I canceled the application. still waiting on my $550 refund now. I don't understand how a bank in 2024 can't immediately refund money back to my account. Not happy. Would not recommend this card for anyone. Not even my worst enemy.
Capital One Secured Credit Card Company Information
- Company Name:
- Capital One Secured Credit Card
- Website:
- www.capitalone.com