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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.
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.
- Flexible payments
- Refundable deposits
- No annual fee
- Automatic credit review
- Longer approval process
- No rewards
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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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Okay so I've had a Capital One credit card for two years now and always managed my account either online or through the mobile app. Now all of a sudden they updated their security on both and I'm unable to verify my information due to the 2 factor verification process. The only option they give you to verify is either a text message or a phone call which neither work for me since I've put a block on my T-Mobile cell phone 10 years ago as to not receive text or phone calls from suspected scam or promotional offers, and the only option they gave me was to call T-mobile and take off the block which I refuse to do because I have this option on my phone for a reason.
I do not like getting text or phone calls from sales or promotional vendors. Very disappointing even after talking to a manager/supervisor which basically hung up on me in the form of transferring me to a department specialist which he knew only operate at normal business hours and I happen to be calling on a Sunday so they ended the call. So I called back in total was on the phone with cap one for almost 2 hours with no resolution. So basically they told me if I need to manage my account I have to call them or go through the mail to look at statements or pay my bill. Just a heads up if your thinking of getting a capital one account they dont offer online banking for people that have this block on their phone. Ally has an option to turn on or off 2 factor verification.
I disputed a transaction back in March from a charge 6 months prior. I did everything they asked. They temporarily credited me back the money. After that it was taken away 3 more times and credited 3 more times, even double by accident on their part. Each time I had to redispute the charge, and each time they asked me to upload documents in their so called secured email. I sent them all of the proof to show that the merchant was thieving my money. Yet after 3 times of credit and then taking away my credit I finally had to close the account. The dispute lasted a total of 1 year!
Capital One had promised me they had all of the proof they needed and it would be resolved, yet after 3 times of doing so they again took my credit away and are charging interest on it. They have no means to help their customers whatsoever at all. I paid and closed my account with them. They can only dream of getting monthly interest from me now. They are the worse credit card company on earth.
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I do not like Capital One. The only reason I took out a credit card to build my credit up and that didn't even work so I went somewhere else and company that I went to built my credit up so capital one is lousy capital one credit card and don't let three or four years go past before they come back at you. I was charged off on my credit report three or four years later. The collection kept calling saying when I'm going to make a payment. They will call your house and they will write you so I end up paying them off and now I'm glad they off my credit report and I'm glad capital one is off my credit report and my score is good now.
Jennifer was my first account specialist. She could do nothing. Her supervisor Christiana was even worse. Neither could explain why a defunct, cancelled, cut up credit card is still being used to pay Autopays. Makes no sense to me. If I call my bank and cancel or stop an autopay, I sign a document, and it is done. Not so with this sorry company, Capital One. They just keep paying off of a "bogus" stolen card number. Who should I contact to report their actions?
Don't bother with Capital One, I had a card for years, my credit score is Excellent, I have never paid the bill late, I use the card monthly and pay off the balance and they downgraded my credit limit from $7,000 to $1500 because I don't use the card enough???? I am so mad because them lowering my credit limit has caused my score to drop by 50 points. Well I can honestly say that Capital One will not be in my wallet.
Due to being unemployed by the COVID and the pandemic unemployment ran out end of July, my income dropped dramatically. I was unable to make my minimum payment by the due date 8/12/2020. I called to let them know I would make a payment on the 17th. Which I did. They still charged me a late fee of $25. The company has a choice to help in this matter but they choose not to. Customer service who was very polite, said they can’t waive the late fee. It’s so disheartening they won’t help when this whole COVID and being out of work is not my fault. All other businesses are waiving late fees. Why can’t Capital One?
After years of having this card, I forgot to pay my bill which was only $25 and received a late fee plus a significant decrease on my credit score. Turns out Capital One reported my account as “delinquent” due to one missed payment which was paid off immediately after I realized. I called capital one to have this resolved and they advised they are not able to adjust credit reporting. Now my credit report has been negatively impacted after years of taking care and building my credit m.
Horrible customer service. Because of an illness I fell behind on my payments. Reached a settlement with Capital One but because I made one payment too early they deactivated my card. Customer service rep Joy ** said sorry there’s nothing she could do, it’s too bad I made a rather large payment early. I find this totally unacceptable. I made repeated calls. Was told they mailed me a letter instead of emailing which I never got. Said they reviewed my recorded call but would not provide me with the recording.
I have been a customer for more than 4 years, my two credit cards in great standing, never my payments have been returned. I made a payment on my credit card the July/13, the money 715 dollars was taken from my account on the 14th, but today 16 my money it is no available on my credit card. The payment was made to cover my Sprint bill payment. I called them but they said they can not do anything for me. I work for a bank and I understand holds in some account and some types of customers, but in this case this is outrageous and abusive mostly in this pandemic times. I can’t understand why they put a hold in my account and I called them 4 times but anybody cares about me, they don’t care that Sprint is gonna charge me a late payment fee and my account will have this bad precedent in my account. I think this is discriminatory and outrageous.
If I am an excellent customer with impeccable history, my money it is not available to make my sprint bill payment? They don’t even provide me with a good reason for this hold and I have the proof that the money was taken from my account on the 14th and my bank told me that they release the funds to Capital One. I can’t understand why they put a hold in the money they already have.
The CapitalOne Platinum MasterCard is not worth the hassle that comes along with it, not to mention the customer service reps who all seem like they’ve gone through a rigorous “customer dis-service” training. I made a payment on my actual due date but was charged a $25 late fee because it did not post until the following day. I called CapitalOne to find out why my payment didn’t post on the due date, and to request that the late fee be waived since I paid on time. The first customer service rep sounded sleep or drunk, I’m not sure which, so I had an extremely difficult time understanding him. The only thing I understood was he was transferring me.
The next rep identified himself as a senior rep but I had no idea what department I had been transferred to. I explained the situation to that rep and after his review of my account he informed me that I had assessed a late fee because I made my payment past the cutoff time on the due date. Normally that would make sense had I not previously made payments on my due date around the same time that posted on the same day (which I have proof of). Needless to say the senior rep couldn’t explain that as he moved on in a nonchalant manner to the issue of the late fee being waived. The rep shocked me by saying that the late fee would not be waived because they previously waived a late fee of $38 for me back in February of this year.
My first response was “Wait, What, that’s not true!! I advised the rep that I’ve never had a late fee waived. However, I did advise him that back in February CapitalOne randomly charged me a late fee before my payment due date (which I have proof of) and CapitalOne realized it and had to reverse those charges. Nonetheless, the rep refused to assist in any way. While other companies are working with customers during these tumultuous times of the pandemic, CapitalOne is inconveniencing their customers by randomly charging undue late fees during the worse times in people’s lives, not to mention employing customer service reps who have a very loose relationship with the truth. I would NEVER refer anyone to CapitalOne!
Capital One Secured Credit Card Company Information
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- Capital One Secured Credit Card
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