Capital One Secured Mastercard Credit Card Reviews
The Capital One Secured MasterCard
The Capital Secured Master Card is specially designed for people who have poor credits and look for opportunities to improve and rebuild their credit. The APR rate and other fees are higher and the reward it provides is limited compared to other cashback credit cards. But it absolutely is better than prepaid cards which require you to pay a full amount for the same credit limit.
Who the Capital One Secured MasterCard is for
It is mainly for people who have a low credit but still want to enjoy the convenience of carrying a plastic credit card instead of cash.
Credit rate requires: Poor or Bad (Below 660)
How does this card work?
if you made a minimum deposit,you will get a minimum credit line of $200.if you want to increase your credit line, every dollar you deposit above that, you get an additional dollar toward a larger credit line—up to your maximum approved credit line.
Pros
No balance transfer fee. CapitalOne is among the few banks who do not charge any money for balance transfer, which can cost a lot. However, it is unneccesary to transfer the balance from other cards since you do not want so many balances on a card from which you get barely nothing in return.
Security deposit required, but not the entire amount. For example, you do not have to deposit a full $200 for the minimum credit line of $200. The deposit for the minimum $200 credit limit ranges from $49 to $99. But if your credit is rather bad, you’ll have to pay a full $200. By depositing more money, you can add your credit line to the maximum $3,000. if your keep a good credit behavior, your can increase your credit line without paying extra deposits.
Enrollment in CreditInform monitoring program with a monthly fee of $8.99.
Automatic reporting to 3 major credit bureaus, which is helpful in restoring a bad credit worthiness.
APR
Minimum Security Deposit
$49, $99 or $200 refundable deposit based on your credit
Credit Line
$200–$3,000. Minimum security deposit gets you a $200 line. Deposit more to increase your line.
Fees
Annual fee: $29.
Late payment fee: $19.
Returned payment fee: Up to $35.
22.9% variable on all purchases.
This is a good card for people whose credit is poor and who want to rebuild it by adopting a smart money management. If you continue to present good credit behaviors, chances are that you may refresh your poor credit records and relieve the limitation on your credit line.