Capital One Secured Credit Card
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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
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.
|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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I have used Capital One for over 20 years. I have excellent credit and pay my bill in full every month. For the third time already this year, I have been notified of suspicious activity and have had my card shut down. I have called whenever I've received an "alert" and no amount of explanation that it was a legitimate error by a vendor saves me from, "we are shutting your card down." Now, once again, I have to wait 10 days to get a new card and then get the privilege of going to all automated payment accounts with an updated card number. I've begged them not to shut down my card because of a vendor error like the wrong billing address but they won't stop despite my long term customer loyalty nor the fact that the card is actually in my hand. My other credit card vendors don't behave this way so I am moving on.
I have had my Capital One credit card for years and have traveled all over the world with no issues. Over a year ago I got a card for my Daughter to use while she traveled throughout Europe and Asia. The card is constantly getting declined, I receive the conf code to accept the charge and it still gets declined. I have called many times to try and find out why and how we can fix it. I'm told there is nothing wrong with the card, no restrictions and there is plenty of available balance. It just handed again, she is in Bali and tried to get a $12 Uber and we tried several times and still the card was declined.
I called Customer Service again, talked to 3 different people and all they can tell me is it was declined due to policy. I asked all 3 of them multiple times what is the policy so we can fix it for next time. I was told they cannot tell me that? I'm just trying to figure out how Capital One can leave my daughter stranded for $12? Every time the card is declined the charges have been for less than $100 and most times for less than $50. Why do they send me a verification code if that will not resolve the issue?
Since all of this I have switched my main credit card to Chase and I have had no issues. Next time my Daughter is in the States I will get her a Chase card so we can avoid the lack of customer care from Capital One. If you plan on traveling out of the country I would avoid this credit card company. Unfortunately I had to rate them a 1 star since there wasn't a lower option available.
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I could not get in touch with this company no live agent to chat with in regards to my account. I was wrongfully billed. Inaccurate information and now I have to go ahead and file a fraud on my account. Due to this issue I have a 0 balance but it shows I owe which isn't reporting the right info on my credit report or on my billing statement which I have bank records to show I paid in full. Horrible service. Do not ever get this card. They will not report accurate information on your credit report and cheat you out of money.
Oh gosh. Horrible customer service, low APR to start then increases to a whopping 30 apr, no easy access to get cash back. My account paid in full - but I still get incorrect payment statements due. Will never use again.
I needed to dispute a service that wasn’t provided by a merchant. Capital One told me the only way to go through with the dispute would be to fax over a bunch of information. The information requested was time intensive and complex. One of the things they requested, was “A second opinion on company letterhead from another merchant in the same field that states how the service was defective or did not match the description of your sales invoice.”
It's things like this that make me hate Capital One. They make it nearly impossible to dispute a charge. On top of that, they kept rejecting my claim because they said I didn’t include items like a sales receipt, which I did include. Another time they rejected it because I didn’t put the case number on a document, which is insane because you have to log into Capital One and respond to that case. Their customer support is difficult to understand and didn’t give good guidance fighting my dispute. After this awful experience, it’s obvious Capital One doesn’t want to stand behind their customers and I will never use my card with them ever again.
I have used Capital One for over a decade and have two credit cards with them as well as a car loan that is now paid off. To say I am disgusted and appalled at the way they are doing business now is an understatement. I am posting this review wherever I can so people know what they're getting in for. I started with a smaller card and then added the Venture card and worked really hard to get my credit scores all past 800, and have added other cards that aren't Capital One. I contacted them once about their interest being so high and asked if it could be lowered based on credit rating and they lowered it for a year then jacked it back up. I worked really hard to fix my credit and get it in a great position, and I keep my card usage low and pay them off quickly. I started using my Chase & Discover cards more because the interest rates are almost 10 points lower, but I did use my Capital One for smaller purchases.
Recently, Capital One started sending, well basically, extortion emails telling me that if I didn't use the credit limit they gave me, they would lower it. I was stunned! Especially in this day and age, trying to twist their customer's arms into putting themselves in debt is not only bad service, it's just asinine. A couple of days ago, they did lower my limit by 5000, tanking my credit score 30 THIRTY points in the process. There should be laws that stop companies from doing this sort of thing! Strong arming people into using their high interest cards to force debt on consumers is not just questionable business practices, it is flat out extortion by use of psychological pressure and practices like this should be looked into and stopped.
We've have had a Capital One Credit Card for 14 years. In those 14 years I paid the balance due the majority of the time in full. I was late (24 hours) twice in that period. We maintain a 840 credit score with zero personal debt. We recently were out to dinner with two other couples. They paid their bill with their credit cards as we did ours ($65.00). The only difference? Our Capital One credit card was denied, twice!! As soon as we returned home I contacted Capital One. I was informed they had received our payment ($7,500.00) but they would not credit our account until Monday and our unpaid charge was made over the week-end.
I expected to be charged a late fee for my 24 hour shortcoming but not to have my card cancelled and not to pay my bill. Unlike many people complaining I'm not expecting any "favors" from Capital One. I'm not even expecting a (deserved apology). I'm only hoping those that are considering a different credit card company think about how I was treated. Is this what you'd expect from a business you have been loyal to for 14 years and a company that has made thousands of dollars from your purchases? Today customer service is becoming unique....Being rude & greedy is still offensive.
I just recently reached out to Capital One to lower the interest rate for my Quicksilver Credit card. They informed me that, "You cannot request to have your interest rate lowered." They stated they do periodic reviews of people's accounts to see if a reduction is appropriate. My credit rating is 826 and I have been with them for years. I think they are under the impression that the consumer works for them when actually they work for us, so I fired them and I would recommend that if you have a high interest rate (28.9%) you do the same because they are not going to lower it. There are no perks or cash back that can justify that rate, especially if you have excellent credit.
Our family was on vacation last August in Aruba. We were approached by a cosmetic sales rep outside the restaurant where we had dinner. She wanted to give us a free demo of a new piece of equipment that would remove age spots, roseaca and fine lines. We went along with the pitch, and the ultra-violet light from the item seemed to work well. We made a purchase (dumb move) based on the promise the merchandise would be shipped to us from Miami, FL (Home Office) to our home. She would be notified by the shipper when it had arrived, and she would set up a Zoom meeting with us to show us how to do the procedure at home. The box arrived, no call from her.
A few days later, I tried to call the shop in Aruba and found it had been closed down. I called the Miami, FL phone number on the shipping label but got nowhere. The person who answered didn't know my rep, and said all sales were final, no returns/refunds allowed. This purchase was over $2800! When we contacted Capital One to dispute the charge, they asked for documentation which we provided. The sales rep lied, saying she tried to call us more than once, but the documentation she provided showed an incorrect cell number for me. Bottom line: We received the merchandise (useless unless you know how to use it), so Capital One denied our dispute. WILL NEVER HAVE ANOTHER CAPITAL ONE CARD OR PRODUCT AGAIN.
I closed my Capital One Secured Credit card on January 24th over the phone with an employee named Steven. Steven informed me that following the account closure, the security deposit would be refunded and it would first apply to any outstanding balance and the remaining security deposit would be sent to me via check. Regardless of how many attempts I make to contact Capital One secured Credit card or any department, they refuse to honor this agreement and Steven's word of issuing a full refund for my security deposit.
Capital One Secured Credit Card Company Information
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- Capital One Secured Credit Card
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