Capital One® Secured Mastercard® Review
Capital One® Secured MasterCard® possesses all the valued features of a secured credit card and more. Regardless of the high APRs, the low penalty fees, no foreign transaction fee, and the ability to transfer a balance make this card a very attractive option.
Security deposit options
Typical secured credit cards require a single designated amount as their minimum security deposit; however, the Capital One® Secured MasterCard® allows you flexibility depending upon your credit. Instead of the traditional $200 or $300 minimum security deposit, the Capital One® Secured MasterCard® offers a $49, $99, or $200 minimum security deposit. Your security deposit can get you a line up to $3,000.
Track your credit score
If you’re interested in building and monitoring your credit, the Capital One® Secured MasterCard® offers the Capital One Credit Tracker, which provides a variety of credit tools and information to keep you up to date about your credit score. This service has additional features to guard you against any identity theft.
Balance transfers are accepted
None of the top secured credit cards allow you to transfer an outside balance to the card, except for the Capital One® Secured MasterCard®. This may be beneficial if you have poor credit and want to transfer an outside balance and start making payments to re-establish your credit at a quicker rate.
Low late payment fee
Capital One® Secured MasterCard® requires a late payment fee of up to $19, which is significantly lower than the $35 standard fee found with many competitor cards. If you find that you are occasionally late with your payments, this may make the Capital One® Secured MasterCard® a good choice for you.
No foreign currency transaction fee
If you like to travel around, the Capital One® Secured MasterCard® is one of the rare secured credit cards that will not charge you a foreign transaction fee. This is great if you are traveling or living outside of the United States for a period of time.
High standard APR and cash advance APR
Compared to the other secured credit cards we’ve reviewed, the Capital One® Secured MasterCard® has the highest standard APR with a rate of 22.9% — nearly three times more than the lowest APR offered by a secured credit card. Furthermore, the cash advance APR is a very high 24.9%. However, the considerably low fees associated with this card may still make it a solid choice for some.
Deposits and Limits
- Maximum Credit Limit: $3,000
- Minimum Credit Limit: $200
- Minimum Security Deposit: $49, $99 or $200
- Cash Advance Rate (APR): 24.9%* Variable
- Grace Period: 25 days
- Standard Balance Transfer Rate (APR): 22.9%* Variable
- Standard Rate (APR): 22.9%* Variable
- Annual Fee: $29
- Balance Transfer Fee: $0
- Cash Advance Fee: $10 or 3% per advance
- Foreign Currency Transaction Fee: $0
- Late Payment Fee: Up to $19
- Minimum Interest Charge: $0.50
- Over-Limit Fee: $0
- Returned Payment Fee: Up to $35
- Set-up Fee: $0