Capital One Secured Credit Card Low Fee MasterCard
The Capital One secured MasterCard is a real credit card. Monthly payments are reported to all three credit bureaus in the United States (Equifax, Experian as well as TransUnion). As long as you make on-time payments on your card and not surpass your credit limit, your credit score will improve. On-time payments will allow you to apply for unsecured credit cards later. Typically unsecured credit cards come with greater credit lines as well as a rewards program.
If you are just starting and want to develop your credit history, or if you have had credit issues from the past, you might be on the look-out for the ideal secured credit card. Secured cards are excellent for building as well as fixing your credit history. Identifying which secured credit card from the many cards available could be more complex.
Whether you pay the minimum, the complete balance, or something between, make certain it’s constantly on schedule.
While the Capital One secured credit card will just need you to pay the minimal payment to maintain your account in excellent standing, it’s ideal to pay your balance completely to stay clear of interest as well as avoid debt
Points Credit Fast Likes About the Capital One ® Secured MasterCard ®
- 24.99% variable APR might appear high, yet in fact rather low for a secured credit card.
- No balance transfer charge, which permits you to move your existing card balances to this card without paying any type of charge. Keep in mind that if you do move balances from one account to this card, you need to pay the balance transfer APR, which is 24.99% variable APR.
- 24/7 accessibility to handle your account online, by phone or with the mobile app.
Additional Benefits of the Capital One Secured MasterCard Credit Card
No yearly charge. There is no annual charge, which is unusual amongst credit cards for bad credit. Most all secured credit cards bill an annual fee. Various other secured cards could charge more than $100.
The Capital One ® Secured MasterCard ® sticks out as one of a minority of secured cards with low fees. Cardholders can receive credit limit increases without depositing an extra security deposit to their initial payment.
The minimal refundable security payment is $49, $99 or $200. This depends on your credit score and also various other application details you provide to Capital One. They will provide you an initial credit line of $200.
Make certain to make your complete minimum security down payment within 80 days of being approved for the Capital One secured credit card. Once your full payment is received, you will get your card quickly.
There are no application costs with the Capital One Secured credit card. If you are not approved, you do not lose your money on that fee. A few secured cards bill you an application charge, however not this card.
Five Star Rating for the Capital One Secured Card
CreditFast gave the Capital One Secured MasterCard five stars because there was no other secured credit card that offered lower fees. The secured credit card that took second place was the Discover it® Secured Credit Card. We recommend readers review the Discover secured card offer as well. There was a time when secured credit cards had astronomical fees. Today with the Capital One ® Secured MasterCard ® this just is not true anymore.
Other Credit Cards Offered From Capital One®
- Capital One® Platinum Credit Card (average, fair credit needed)
- Journey® Student Rewards from Capital One® (average, fair, Limited credit needed)
- Capital One® Platinum Credit Card (average, fair, Limited credit needed)
- BuyPower Card from Capital One® (good, excellent credit needed)
- Capital One® Quicksilver® Card (good credit needed)
- Capital One® VentureOne® Rewards Credit Card (good credit needed)
CreditFast has reviewed the best secured credit cards on the market. Some of the credit card offers are from our advertising partners. CreditFast has objectively reviewed the features and benefits of each secured credit card. We have chosen credit card offers based on our editor’s recommendations.