Almost no secured credit cards have credit requirements, but applicants still need to fill out detailed credit card applications. Similar to prepaid credit cards, secured credit cards are obtained only after a cash deposit has been made.
The Capital One Secured MasterCard starts with a $200 credit limit, and once you have been able to show that you are working towards keeping your account current you may be able to get credit limit increases.
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Capital One has a B+ rating from the Better Business Bureau. It is possible to transfer a Capital One Secured MasterCard account into an unsecured line of credit; however, this will require time and an improved credit rating.
Capital One Secured MasterCard Fees
In addition to the security deposit, the Capital One Secured MasterCard has an annual maintenance fee. This fee is $29. The APR is 22.9% for cardholders with the best credit scores, but the interest rate can also go much higher. Cardholders only pay $19 when late fees are assessed.
There is no fee for Capital One Secured MasterCard accounts that exceed the limit, but they may be closed. Secured credit cards should never go over the limit as this goes completely against how they are supposed to work for credit building purposes.
Capital One Secured MasterCard Benefits
Most secured credit cardholders are not able to get personal credit cards because of their low credit scores. Being approved for the Capital One Secured MasterCard credit card does not guarantee that you will have an easier time being approved for other credit cards. Your security deposit may or may not be equivalent to your credit limit, but cardholders are responsible for sending in the minimum payment amounts due by the close of each billing cycle.
Capital One Secured MasterCard account holders have the ability to design their own credit cards in addition to choosing from several default designs. Credit cards from Capital One have several security options that protect cardholders from being held liable from theft and fraud.
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