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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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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.
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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!
I recently found out that because I have two late payments dated back in 2016 on Secured Platinum Mastercard I am no longer eligible for a credit increase as of July 2020. I have had no late payments since then and my balance has been paid in full. My only option was to get a new credit card if I wanted a higher limit, which I already had done years ago. I find this policy to be completed unrealistic for anyone to uphold. I am now stuck with a credit card that is basically useless as I can not make any high purchases without it affecting my credit score. For Capital One to not forgive their clients after 4 years is ridiculous. I will be sure to share my experience and never recommend this company to anyone after almost 5 years of service.
In this moment of Covid 19 in which I am not working. I called customer service because the maintenance fee of $59 appeared and I looked for the possibility to help me with this charge, but there was no positive response from the bank, I have never been late in payments. We all hope that if you have a relationship with a bank for years, it will help you at least a little when you need it. I find it very bad.
Capital One did not protect my daughter as promised! They closed her account because some woman made a mistake and reported her for fraud, then later confesses to us that she made a error. My baby just graduated with honors two weeks ago, she pay her own college tuition, never take a penny from us or anyone, she believes in working hard and paying your own way! She loves and believes in that bank more that any other bank, but the let her down in the worst way possible. She is now so stressed, and broken. My entire family use that bank because of her, now we don't know anymore! I'm so disappointed in their protection they claimed to their customers. This kids feel embarrassed, betrayed and is broken. She's in shock wondering why they did not protect her after told by the person involved that it was a error she made. Smdh????
I paid off 2 Capital One credits cards last month, so I was a bit surprised when I saw additional interest charges on a statements the next month. I called Capital One on June 8, 2020. I was on the phone with a representative for over 30 minutes. He said that they would credit the charges on both cards as a courtesy for being a loyal customer. Was told it would take 2- 3 days. On June 13th I called Capital One again because the promised account credit had not come through. The rep that I spoke with said she would research. She came back and said that she saw the credit request in the system, but it would take 3- 5 BUSINESS days. Suggested that it may come on Monday (6/15), but wanted to send my file to escalation. Transferred me to a 2nd rep where I was told that there was NO WAIVER for a credit to my account(s). I explained that if that is correct; 2 of their rep are lying to their customers.
After more run-a-round, I paid the fees and asked her to close both credit card accounts. She happily cancelled my cards without any apology or attempt to retain a loyal customer. FInally, I asked where I could report this & receive a response from Capital One since all calls are recorded. She said that she would file an INTERNAL report, but I would not be contacted or receive any other information about it. She suggested that I could fill out a survey, if I received one. I never write reviews, but I am blown away by the lack of integrity and customer service at Capital One so it seems this is the only way I can be heard. I wrote off CHASE BANK in 2008 due to integrity issues and now CAPITAL ONE will join the club. The cost of gaining a new customer is exponentially more than the $32.35 credit it would have cost to retain me as a customer. Contrary to their commercials; they have proven that they don't care about their customers.
I paid off my balance with Capital One of several thousand dollars because the interest rate was ridiculous and we are trying to cut all unnecessary expenses because my husband works on commission and his income has decreased significantly during the COVID pandemic. We used our tax refund and paid it as soon as we received the statement with the total amount owed with interest from the previous month so we could pay the entire balance.
We just receive our statement for the next month and it has $41 dollars in interest owed. I called and asked them If they could credit the bill since we paid the previous month as soon as we received the statement and it was paid in full. They said no. They said that waiving interest is not something they are offering during the pandemic and that they can lower the minimum payment. I explained that I have no problem paying what I owe but I do not owe interest on a balance that I already paid and since this is not actually money was spent by me, used by me or loaned by them then can’t they waive the “interest” for the 8 days that the statement was in the mail to me? The answer was NO! No discussion and no consideration.
You can call any of the phone numbers listed on their website and never get to an actual person. You are shuffled from one place to another and then told that there will be a 30 minute wait and put on hold that never gets answered. They play the same 10 second tune over and over, designed to annoy you into hanging up. Capital One has no email address available to address problems with their credit cards. They are the most consumer unfriendly company in the market.
Let me start by saying I’ve been a customer with them for over 10 years. They close your accounts without letting you know, terrible customer service experience and don’t appreciate your loyalty base. I spoke with Senior Account Specialist Shaquille and he was not a professional person. He made my years with the company feel like nothing. The company is not loyal to their customers like others: Discover, Chase, Barclays Rewards, American Express, etc. I do not recommend them at all. If you have a credit card with them, end your relationship right away. I am closing all my account with Capital one ASAP!
Capital One Secured Credit Card Company Information
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- Capital One Secured Credit Card