If you are looking for a card which can help you to repair your poor credit score or to build a new credit score then Capital One secured MasterCard is a good option for you. It has no hidden charges and annual fee is $0.
The ongoing APR is 24.99% (variable), which is high. But it is a good secured card from a reputable company. It has a range of deposit options.
They start low and have an ability to increase your line of credit.
- Flexible security deposit options: – Like all other secured credit cards, in Capital One Secured MasterCard you need to deposit a security amount which can be used as collateral. It is completely refundable amount. Other secured cards set your line of credit equal to your security deposit. But it provides lower deposit option but those options will be based on your credit score. You have three options of deposit $49, $99 or $200, for a minimum credit line of $200. This limit can be increased up to $3000 by making more than the minimum security deposit before opening the account. Moreover, if a person cannot pay the complete security deposit at once then Capital One provides an option to pay this in instalments, as long as the full amount is provided within 80 days of your approval. It is a great benefit for people on fixed income.
- High APR: – If a person is approved for Capital One Secure Credit card, the ongoing APR will apply right away. There is no introductory period with 0% interest. However, most of the secured card providers do not offer a 0% introductory APR anyway, so that does not make any difference. And if one pays off the balance every month on time and in full, the interest rate will not matter because interest will not accumulate.
- No Rewards: –Most of the secured card providers do not offer rewards. And Capital One Secured MasterCard is not an exception. It does not provide any type of rewards or cash backs.
- Accepted Worldwide: –wherever you see the MasterCard logo, you can use this card exactly as a regular credit card.
Initial credit line in this card is $200. You can get a higher credit line up to $3000.
Unlike a prepaid card, it builds credit when used in a responsible manner. And regularly being reported the three major credit bureaus. One can get access to a higher credit line after making first five monthly payments on time, without requiring any additional deposit.
It has some features that are worthy of attention.
- Fraud Coverage
- Personalized payment
- 24/7 customer service
- Warranty Extension
- Rental car insurance coverage
- Travel accident insurance coverage
- Travel assistance services
- Roadside assistance
- Price protection
Ratings and Reviews:-
91% of reviewers recommend this product.
Average Customer Ratings
Rate and fee information:-
APR for purchases and transfers
APR for cash advances
Grace period is 25 days. No charge will be there on any purchases made, if the user has record of paying all balances in full and on time. Charges will be applied on cash advances.
Transaction fee (Cash advances)
Either $10 or 3% of the amount of each cash advance (greater will be considered).
Penalty fees (Late payment)
Up to $35