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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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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.
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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!
Trying to activate the card following their instructions takes in an endless loop to account summary. All links, instructions, and steps lead to the same place, their help center provides no insight, from what I can tell there is no possible way for me to even activate my new card. So far since switching to Capital One it's been nothing but poor UI experiences, slow communication, and failing products. Terrible experience.
I have been a happy customer of Capital One Quicksilver card for more than 15 years until today. With excellent credit score above 840 and credit limit to more than 15K, for years I have been paying out a full statement balance for the past 15+ years (3 to 5 K on average). However, when difficult times with Covid19 pretty much impacted the whole world, after a quick call to Customer Service, been informed that during these difficult times Capital One cares and offers to defer payment by waiving late fees and interest charges. I was not able to pay out a full statement Balance for March 2020 (instead I paid half $2500) and was very surprised to see accumulation of $76 in interest. It was to my surprise when customer service representative notified me that they will NOT waive accumulated interest.
Escalation to management did not help either. This situation shows a true face of the company, their vision and goals. During pandemic when most are opening their hearts to helping each other, extending a hand to more needy one, this company will not budge for as little as $76 dollars to take off your bill so you may have this extra to spend on food or donation to whoever is in need. Some examples, CITI COSTCO waives all late fees AND INTEREST during Pandemic to aid their customers with hardship. Insurance companies offer some cashbacks on fully paid premiums. I personally volunteer in my local community offering help to people with filing for unemployment or different type of state aid. I have closed ALL my cards with Capital ONE company and I will ensure to share my negative experience to warn others.
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I've been a customer for 8 years on a $200 secured credit card. I have contacted Capital One several times to ask if my card could be upgraded from a secured account to a unsecured credit card. They said, "No one with Capital One can review your account to see if my account could be upgraded. Capital will do that randomly and offer it." I ask, "When would that be? Cause it's been 8 years!!!" They could not give me an answer, and could not refer me to a department or someone that could help me with this request.
I paid $200 for my card and am having to pay interest for it. I am never late. I used if for emergencies like now because of the corona virus and am not able to pay the full balance. I called Capital One about the interest they charged me and they are not changing their policy for charging us the interest; now we need help the most. Capital One don't care about us just their profit.
Capital One sucks! I been a cardholder since 2015 and pay my bills on time. Last year, I put in a request to lower my interest rate on my credit card and they declined with no explanation. Last month I paid my card in full. I just received a new bill yesterday stating I owe them more interest. I called customer service and as usual, I was on hold for over an hour. They try to play it off it is related to the Coronavirus. In reality, it is their lack of customer support service they provide. I had the same issue last year when I called for lowering my interest rate (no Coronavirus then). After speaking to the customer service person and the supervisor Justin (he hung up on me) to no prevail. They said it had to with when they calculate the interest rate. I paid the amount based on my bill and what their website told me I owe. I therefore cancel my card and will have nothing to do with Capital One for any type of banking needs.
I've had a Capital One credit card for a couple of years. I've always paid early. Recently, I had to split March's payment into two payments. My payments are due on the 8th of the month. Here are the payment dates: February's payment made on January 20th for $100. March's payment(s) : 2/11/20 - $30. 2/21/20 - $26. Since my due date is the 8th, I assumed this was acceptable. Instead of giving me credit for the 2/11 payment for March. They credited me for a double payment for February. Then charged me a late payment fee of $27. I'm over limit now also. I called once to get it straightened out & was told I would have to call back. I called back, still not resolved. This girl told me I had to pay over a double payment or I would be charged for something else. She said she would do a 1 time reverse on the 27, but I would still not be up to date. DO NOT pay early. It confuses them.
Horrible service! They don’t communicate well about the process of your account status. Spent a month wondering where my card was after they withdrew $100. They don’t let you know that you have to prove your identity to activate your card. Gave them $100 to start a credit card account just to have my account restricted. I can’t even get my $100 back due to “identity concerns”. Like what?? I Sent them my ID, my social, and a bill like they asked. Where was the concern at?? Guess what? They don’t know!! I can’t get in contact with nobody that can help me aNd like they said to me “it is what it is”. Would definitely not recommend and definitely did not expect to get scammed. So disappointed!
Capital One Secured Credit Card Company Information
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