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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. Apply Here

Cliff Brody

Cliff Brody

Secured Credit Cards Expert

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Updated: June 24, 2014

The Good

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 CreditInform, 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.

The Bad

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.

The Details

Deposit and Limits
Maximum Credit Limit $3,000
Minimum Credit Limit $200
Minimum Security Deposit $49, $99 or $200
Rates
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
Fees
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

Features

Credit Limit

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  • Fund Account Online - You can fund your account online.
  • Increase Credit Limit with Additional Security Deposit - You can increase your credit limit by depositing more money.
  • Increase Credit Limit with Good Payment History - You can earn credit limit increases based on your credit and payment history.
  • No Approval Required for Credit Limit Increase - You do not need additional approval for credit limit increases.

Benefits

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Penalty Fees

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Rates and Fees

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Security Deposit

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Application

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Balance Transfers

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