A Secured MasterCard® is a great opportunity to build credit.
What is a secured credit card?
A secured credit card works like any other credit card except that it requires a non-interest-bearing security deposit, which is held as collateral for your account.
As a cardholder, your status is regularly reported to the three major credit bureaus. You may earn a credit line increase based on your payment history and creditworthiness—with no additional security deposit required. As an added benefit of this card, you can monitor your credit with Capital One's free Credit Tracker, a service that provides you access to a credit score as well as credit tools and information.
A secured card gives you a line of credit to make purchases. As you know, this is particularly useful when you can't use cash or don't have cash handy. And because this is a credit card, you can choose to pay off your balance in full each month or over time.
How does it work?
Once you're approved, all it takes to get started is a minimum, refundable security deposit, which you can pay all at once or over time. You can make your security deposit online or over the phone.
When you've made your minimum security deposit, your card will be sent to you with a minimum credit line of $200. If you want to increase your credit line, simply deposit more than your minimum security deposit and your line will increase equal to your additional deposit up to your maximum approved credit line. You can do this all at once or over time.
Your card status will regularly be reported to the three major credit bureaus. Based on your payment history and creditworthiness, you may qualify for a future credit line increase with no additional security deposit required.
As with any other credit card, you're responsible for making at least your minimum monthly payments each month.
Can I pay my security deposit over time?
Yes, you can make partial payments as you are able. Just make sure you’ve made your full minimum deposit within 80 days of being approved. Once we’ve received your deposit, your card will be on its way.
How can I increase my line?
Your minimum security deposit gets you a $200 credit line. For every dollar you deposit above that, you get an additional dollar toward a larger credit line—up to your maximum approved credit line. You may also earn a credit line increase based on your payment history and creditworthiness.
Why does Capital One require a security deposit?
The security deposit is used as collateral against your credit line. The security deposit is only refundable if you close your account and pay your balance in full.
How is this card different from a prepaid card?
A secured card is a credit card. We report payment information to the three major credit bureaus—providing the opportunity to build your credit with responsible use. Missing payments may hurt your credit score.
Prepaid cards are not like secured credit cards. Prepaid cards are like debit cards. Since they do not report to the major credit bureaus, prepaid cards cannot help you build your credit.
How can this card help me build my credit? Do you notify the credit bureaus?
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|Purchase APR||22.9% variable APR|
|Transfer Info||22.9% variable APR; No Transfer Fee|
|Minimum Security Deposit||$49, $99 or $200 refundable deposit based on your creditworthiness|
|Credit Line||$200 - $3,000. Minimum security deposit gets you a $200 line. Deposit more to increase your line.|
|Additional||Rates & Disclosures|
MasterCard® is a registered trademark of MasterCard International Incorporated.