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 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.

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

Title
  • 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.

  • Automatic Credit Reporting The credit card will automatically report your credit standing to the three major credit bureaus.

  • Free Credit Monitoring The credit card offers free credit monitoring services.

  • Online Account Access You can access your account 24/7 online.

  • Fraud Liability The credit card offers fraud liability protection.

  • Grace Period The credit card has a grace period before interest starts to accrue.

  • No Over-Limit Fee The credit card does not have an over-credit-limit fee.

  • No Late Payment Fee The credit card does not have a late payment fee.

  • No Minimum Interest Charge The credit card does not have a minimum interest charge.

  • No Returned Payment Fee The credit card does not have a returned payment fee.

  • Annual Fee Less Than $45 The credit card's annual fee is less than $45.

  • Annual Fee Less Than $55 The credit card's annual fee is less than $55.

  • Annual Fee Less Than $35 The credit card's annual fee is less than $35.

  • No Foreign Currency Transaction Fee The credit card does not have a foreign currency transaction fee.

  • No Set-up Fee The credit card does not have a set-up fee.

  • No Annual Fee The credit card does not have an annual fee.

  • No Cash Advance Fee The credit card does not have a cash advance fee.

  • Deposit Fully Refundable The security deposit is fully refundable.

  • Funds FDIC Insured The security deposit is FDIC-insured.

  • Deposit Earns Interest You can earn interest on your security deposit.

  • No Minimum Deposit The credit card does not require a minimum security deposit.

  • Apply By Phone You can complete the credit card application process over the phone.

  • Apply In Person You can apply for the credit card live in person.

  • Apply Online You can complete the entire credit card application process online.

  • Instant Approval The card offers instant approval for the credit card.

  • No Balance Transfer Fee The credit card does not have a balance transfer fee.

  • Transfer from Credit Cards You can transfer a balance from another credit card.

  • Transfer from Loans You can transfer a balance from a loan to the credit card.

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