Detailed review of Capital One Secured MasterCard credit card

Detailed review of Capital One Secured MasterCard credit card



Requirements for Capital One Secured MasterCard application


capital one secured mastercard credit card


The Capital One Secured MasterCard has some notable requirements, as well as a variety of deposit ranges that commence small and has the capability to escalate your credit line. Similar to all secured credit cards, the Capital One Secured MasterCard needs a refundable security payment.


However, unlike a majority of secured cards, that set your credit limit equivalent to your deposit, the this card consents for a lower deposit built around your credit score. For instance, your deposit could be $49, $99 or $200 for a beginner credit line of $200.


After you check your application status, you are able to grow this limit up to $3,000 by creating more than the lowest deposit required prior to opening an account. Significantly, if you can't pay your security deposit straight up, Capital One will allow you to repay it in installments, as long as you pay the total amount owing 80 days from the day of approval. This is a boundless advantage for those on a fixed income and for bill payments. If you're approved for the Capital One Secured MasterCard, the constant APR will apply right away; there's no introductory period with 0% interest. However, majority credit cards for appalling credit don't offer a 0% preliminary APR nevertheless and thus, you're not ignoring something. However, if you ensure that you pay your monthly balance wholly and on time, the interest rate won't matter as it won't accrue as you don't have a balance transfer.

Capital One Secured MasterCard credit card benefits


Like most secured cards, this card doesn't offer rewards. There are a few secured cards that do offer rewards, however, such as the Discover it Secured Card No Annual Fee. This card pays 2% cash advance on up to $1,000 spent per quarter on banqueting and fuel, and 1% back on all other acquisitions. It has an annual fee of $0. However, a minimum collateral deposit of $200 for the Discover it Secured Card with no annual fee much higher than the Capital One Secured MasterCard's $49 or $99 ranges for individuals who succeed. Unlike the Capital One Secured MasterCard, the Discover it card provides a credit limit equivalent to your deposited security in most cases and not a penny more.


capital one secured mastercard


If you're trying to build your credit, the Capital One Secured MasterCard is one of the better options available. It has got admiration for devising a low minimum collateral deposit, and for offering a credit limit higher than the actual value of the security deposited on application for those who qualify. Regardless of the card you choose, using a secured card dependably can aid you to construct your credit score. Continue with it, and you are bound to graduate to a card with lower fees and interest, greater and no security deposit at all.

Capital One Secured MasterCard credit card's fees


With the capital one credit card app, the card allows individuals in all credit score arrays, comprising students and small business owners, implying you will have an assorted collection of bids from which to pick during application. However, it’s advised to associate these cards to offers from other major vendors in order to ensure that you get the best possible deal. The Capital One Secured MasterCard isn’t the best card in the market in terms of APR, but it’s an excellent option if you don’t transfer a balance. Plus, Capital One doesn’t instruct foreign transaction fees on any of its cards, hence in a situation where you have damaged or very restricted credit and you need to travel overseas, this card can save you money.


capital one secured mastercard benefits


Capital One has its own credit tracker not to mention, its credit simulator, alerts technology and a grade overview. The rating outline provides you a grade on definite aspects deliberated by your score. Capital One discovered majority advertising of credit card offers in the initial '90s. As an outcome, Capital One Mastercard has relished in excessive growth, converting the company into the fifth largest credit card vendor in the United States.