Secured capital one credit card reviews
- 1 Review of the Capital One Secured Credit Card (2017)
- 2 Capital One Secured MasterCard Review (Updated 2016)
- 22.214.171.124 Things We Like About The Capital One Secured MasterCard
- 126.96.36.199 Things We Do Not Like About The Capital One Secured MasterCard
- 188.8.131.52 Who The Capital One Secured Card Best Suits
- 184.108.40.206 How The Capital One Secured MasterCard Compares To Similar Cards
- 220.127.116.11 Should You, Or Shouldn’t You, Our Final Verdict
- 3 Capital One Secured MasterCard
- 4 Capital One Secured Credit Card Overview
Review of the Capital One Secured Credit Card (2017)
This will be one of the credit offers you receive as you march onto/back to college. But, is it a good student credit card? How does it compare to the rest?
College will be starting up again, and for many freshmen, possibly like yourself, you may receive this offer in the mail. But, being bombarded with credit card offers, does this one stand out?
Here are the cards benefits:
- One of the lowest minimum security deposits ($49, $99, or $200). The smallest credit line they will offer you is $200, so if you make the $200 deposit, you have a solid chance of getting a credit line above $200.
- Get access to a higher credit line after making your first 5 monthly payments on time with no additional deposit needed. (Capital One is very good about this, make onetime payments and get rewarded.)
- $0 Annual Fee. (Crucial, because why should you pay them for a credit card with 0 cashback)
- Extended warranty! (You#8217;ll get additional warranty protection at no charge on items that are purchased with your credit card.)
- Price protection! Reimburses you the difference in price on eligible items should you find a lower price for the same item within 60 days from the date of purchase when you pay with your credit card.
Yes, unlike the Discover Secured Card, this card will send you the difference if you can find a lower price on qualified products. That all being said, you don#8217;t get any cashback. Which I personally find more useful, 2% back on $10 food purchases here and there do stack up. Price drops aren#8217;t common, and if they do drop, on most items it#8217;s not a whole lot.
Should you get this card?: I see this card as slightly better than the Citi Secured Mastercard because of the lower security deposit minimum. That being said, the Discover Secured Card still tops it because of it#8217;s ability to give you cashback on all purchases. But, if you value price protection over cashback, this is the secured credit card for you. It is a good beginners student credit card.
I highly recommend taking a look at your other top secured credit card choices before making a choice: Citi Secured Mastercard Discover Secured Card.
Tags: Student Credit Cards, Best Secured Credit Cards, College Credit Cards, Capital One Student Credit Cards
Capital One Secured MasterCard Review (Updated 2016)
The Capital One Secured MasterCard is a secured credit card designed for those who would like to rebuild their bad credit rating. Secured credit cards are very effective at helping individuals to both improve their credit score, as well as to establish a credit score for those who do not have any credit established. The following review will provide an in depth analysis of the Capital One Secured MasterCard.
Things We Like About The Capital One Secured MasterCard
- No annual fee: This card does not charge an annual fee, which is great because most secured credit cards feature an annual fee, which can be as high as $100.
- Reports to the 3 main Credit Bureaus: Your activity on this card will be regularly reported to the 3 main credit bureaus (Equifax, Experian, and TransUnion)This will allow you to improve or establish your credit score if you make all your payments on time.
- Doesn’t always require a security deposit: The best thing about this card that differentiates itself from the competition is, you can qualify for a credit line without having to put down a security deposit. If your credit is decent with a good payment history, you might not have to put down a deposit. Also, depending on your score, you might only have to put down a portion of what your credit limit will be. For example, you might only have to put down $500 to get a $1500 credit limit.
- Credit limit up to $3000: If your credit score is damaged, your credit limit will be based on the amount you put down as a security deposit. So if you put down $3000, your credit limit will be $3000. The credit limits range from $200 to $3000.
- Increase credit limit: If you constantly make your payments on time, you will receive a credit limit increase without you having to add another security deposit.
- Flexible Security Deposit Options: You can make your security deposit all at once, or over time. You will have 80 days to make your security deposit in full. You can make your security deposit online, or even over the phone.
- No application fee: This card does not charge an application fee, while many other secured credit cards will charge you an application fee.
- No balance transfer fee: You will not be charged a fee if you transfer balances from another credit card over to this card. Some other secured cards will charge a balance transfer fee, but not this one.
- No foreign transaction fee: This card will not charge you a fee when you use your card in other countries, or when you use it to pay for any foreign currencies. Most secured cards do charge a foreign transaction fee, but not this one.
Things We Do Not Like About The Capital One Secured MasterCard
- No interest on security deposit: You will not earn any interest on your security deposit, this really is not to big of an issue, as the interest earned is usually very minimal anyway. However, some secured credit cards do allow you to earn interest on your security deposit which is placed in a savings account.
- High interest rate: The A.P.R. on this card is 24.99%, most secured credit cards do have higher interest rates then normal credit cards, however there are some with a lower A.P.R. such as the Open Sky Secured Visa card. You can avoid this high interest rate all together by making your payments on time.
Who The Capital One Secured Card Best Suits
- Those with bad/limited credit looking to build their credit score, as this card reports regularly to the three main credit bureaus.
- Those who cannot qualify for a traditional, non secured credit card because of their credit score.
How The Capital One Secured MasterCard Compares To Similar Cards
Open Sky Secured Visa Credit Card
This is another secured credit card that is very easy to qualify for. You can literally qualify for this card in minutes as the bank does not run a credit check, making this card ideal for individuals with bad credit and no credit yet established. This card is easier to qualify for then the Capital One Secured card. Like the Capital One card, this card also regularly reports your credit score to the 3 major credit bureaus allowing you to build you credit if you make your payments. This card does have an annual fee of $35, while the Capital One card does not. Like the Capital One card you credit limit can range anywhere from $200 to $3000, as your credit limit will be equal to your deposit. The A.P.R. on his card is 17.39%, which is quite lower then the 24.99% seen on the Capital One Card. Overall the cards are very similar, although we would have to give the edge to this card as it has two big differences, being the Open Sky card is easier to qualify for, and has a lower A.P.R.
This is another secured credit card that has some differences then the Capital One Secured Card. This card allows you to move up to a regular, non secured credit card within 12 months if you continually make your payments, while with the Capital One card, it might take a longer time to move to a regular card. Furthermore, this card has a lower A.P.R. at 19.24%. This card has an annual fee of $29 which isn’t to expensive. The credit limit for this card ranges from $300 to $5000, which will be the amount you put down as the security deposit. This card also pays interest on the security deposit, as your deposit is kept in an savings account that pays interest. This card also regularly reports to the 3 main credit bureaus. The downside to this card is it can be difficult to qualify for, especially if you have a lot of debt in unpaid balances, bankruptcies, or a high debt to income ratio. Overall this card has some better features then the Capital One Secured credit card.
Wells Fargo Secured Visa Credit Card
This secured credit card has a very high credit limit, as the credit limit ranges from $300 to $10 000, which is the highest out of all the secured credit cards. It has a decent A.P.R. at 18.99%. This card has an annual fee of $25. You can qualify for this card with limited/bad credit, just like the Capital One Secured Card. This card allows you to potentially upgrade to a regular, non secured credit card if you make your payments regularly. This card also reports to the 3 main credit bureaus. This card does not charge a penalty A.P.R., while the Capital One card does. Overall this card is very similar to the Capital One Secured card, with the biggest difference being the lower A.P.R.. and the high credit limit of $10 000.
Should You, Or Shouldn’t You, Our Final Verdict
This is a high quality secured credit card that will help you improve/establish your credit score. It does not have any annual fees or applications fees, making it a low cost card allowing you to build your credit. This is a well balanced credit card with the only problem being the high interest rate of 24.99%. However if you make your payments in full you will have not to pay any interest at all, which you should always do especially with a secured credit card. The best feature this card offers that makes it the first choice for many is the fact you can qualify for a credit line without putting down a security deposit. None of the other secured credit cards in this article offer this feature. The high A.P.R. with this card is basically offset due to the fact it virtually has no fees associated with it, this is especially the case if you will make the payments on time together.
However with that being said, if you do no mind putting down the full amount as a security deposit, you could benefit from some of the other cards in the form of a lower interest rate, and a higher credit limit. It all depends on your situation. The bottom line is, this is one of the most popular secured credit cards that you should definitely look into if you are looking for a secured credit card, you really cannot go wrong with this card.
Capital One Secured MasterCard
Not the worst choice, but there are better.
Advertiser Disclosure: This post contains references to products from one or more of our advertising partners.
We give kudos to the Capital One Secured MasterCard for not charging an annual fee and being one of the only secured cards that potentially lets you deposit less than your credit limit.
If you can’t afford a $200 security deposit all at once, Capital One Secured is a great option for its installment plan. This makes the Capital One card a solid choice for someone trying build (or rebuild) their credit history.
This feels like a credit card that is trying to help its users achieve more. Besides its fee and security deposit structure, the Capital One Secured MasterCard also includes access to its CreditWise tool, which allows users to monitor changes in credit over time.
You#8217;ll also be allowed to #8220;graduate#8221; to a higher credit line with no additional deposit after making your first five monthly payments on time.
The annual percentage rate is higher than some other secured cards we#8217;ve reviewed, which could prove a problem if you don#8217;t pay on time.
This is a fine starter card, but in the end we find the Discover it Secured card is a superior choice for a secured card because it offers cash-back rewards for your spending.
If you have bad credit a limited credit history, the Capital One Secured MasterCard is a great first step card to help build up your credit score. If you qualify, you can put down as little as $49 to get a credit limit of $200. Or, if you have to put down $200 to get a limit of $200, this card lets you pay that amount in installments.
If you maintain a good payment history, after five months you can gain access to a higher credit limit. This card also will report regularly to the three major credit bureaus so you can improve your score.
- Start with an initial credit line of $200 and get access to a higher credit line after you make five on-time monthly payments.
- You can pay your initial deposit in installments, unlike most other secured credit cards.
- This card reports to all three of the major credit bureaus so on-time payments can help build up your credit score.
- There#039;s no annual fee.
- You#039;ll earn no rewards.
- This card comes with a high APR, but that’s typical of secured credit cards.
- You#8217;ll pay no annual fee.
- There is no foreign transaction fee on purchases made outside of the United States.
- Purchase APR is a variable 24.99%, which is high.
This card comes with Platinum Mastercard benefits, including travel and auto insurances and protections.
You can increase your credit limit up to $3,000 by making additional deposits up to the amount you want.
Capital One Secured Credit Card Overview
Your credit is an important part of your financial situation. It follows you through your life and impacts so many aspects of what you do, from purchasing a car, a house, and in some cases, what type of job you can get. Building your credit safely and securely starts with making smart decisions. One way you can help build your credit safely is with a secured credit card. Chase is one credit card company that offers a secured credit card so you can build your credit, whether you are just starting out with little to no credit history.
Capital One is a very diverse financial institution that offers a wide array of financial services and products to consumers, from individuals to businesses and commercial patrons. Capital One is one of the most well-known names in the financial business, and one of the most trusted. They are a Fortune 500 company and although a lot of their business is offering credit through credit cards and other services, they do have branch locations in select states.
About Capital One credit cards
Living life strictly on cash is difficult. So many things in life require the use of a credit card, but if you are just starting out and trying to build your credit, or your credit score has taken a hit for one reason or another, it can be difficult to attain a credit card. Many creditors do not see you credit worthy or consider you a high risk for them to issue you a card. Today, there is another option to the traditional credit card that allows you to build your credit with no risk to credit card companies as well as it gives you more control over your credit.
Capital One offers a variety of credit cards with different limits, restrictions, APRs, perks and rewards. Depending on what your needs are, there is a credit card that fits your situation and your life. One card Capital One offers, has become a popular card over the years because it has the benefit of being easier to obtain if you have little to less than perfect credit. It is known as a secured credit card.
Difference between secured and unsecured credit
Secured credit is different from unsecured credit. What are the differences between the two?
Unsecured – With unsecured credit, a creditor is giving you a line of credit to use with the expectation that you will repay what you use on a monthly basis. You will usually have an interest charge attached to the payment for the use of the money they loaned you for your purchase. You may or may not have an annual fee attached to the card as well.
Secured – Secured credit helps you build credit but gives the creditor more security in knowing they will not be out any money, or as much money, should you default on making your payments, this is because with a secured credit card, it is required that you make a security deposit to the account before you are able to use the card. The amount of security deposit will vary depending on your creditworthiness, but typically ranges from $49 to $200. Once the security deposit is made, you are able to make charges on the card. Each creditor has different card usage terms and regulations attached with their secured credit card so you will want to know all the details about the card before you apply, to make sure it meets your needs and expectations.
About Capital One Secured Credit Card
Capital One’s terms and regulations are straight forward when it comes to their secured credit card. Once you are approved for the card, this is what Capital One will expect of you as part of the terms agreement and the benefits you can expect from a Capital One secured credit card:
In order to use your credit card, Capital One will require you to make a security deposit. The amount will vary on your credit history and credit rating. The amount will either be $49, $99 or $200.
Once you have made your deposit, no matter what the amount was, your credit line of $200 will be open to use. You may get an increase in your credit line after you have successfully made an on-time payment for five straight months without having to make an additional deposit. The amount of increase will also vary from person-to-person and their credit status.
You can always check on your account status by using one of the convenient connections to your account, 24 hours a day. Check on your account by phone, online or use the Capital One mobile app.
- Regular reporting to credit bureaus
Capital One regularly reports to the three major credit bureaus which can help boost your credit score. As you make your regular monthly payments on time, this goes on file with the credit bureaus and will help your credit score climb.
One of the best benefits of using a Capital One secured credit card is that you won’t have to worry about vendors not accepting it. Capital One is one of the most widely accepted cards of any. It is accepted at millions of locations and by millions of businesses worldwide which means using your card is hassle-free.
There is an annual percentage rate attached to the card which is set at 24.99%. This means that when you make a charge on your card, there will be a 24.99% interest charge attached to it. If you use your card for a cash advance, you will have an interest charge of 2.99% attached.
Building or rebuilding your credit doesn#8217;t have to be painful or hard to do when you have the right creditor helping you along. Capital One is a highly trusted name in credit and they want to help you live the life you want by giving you a head start in building your credit safely and securely with as minimal risks to both you and them, as possible,