Capital One Secured Mastercard

Best Credit Card for Building Credit

Capital One Secured Mastercard

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  • Almost everyone is approved, even folks with a FICO in the 400s or 500s
  • Prequalification tool lets you determine eligibility before you apply
  • Reports to 3 credit bureaus each month

Your initial credit line is usually just $200, but current customers say responsible cardholders are eligible for an increase eventually. However, you have to wait approximately 6 months with this Capital One secured credit card.

  • No annual fee, and all the credit building benefits with responsible card use
  • Unlike a prepaid card, it builds credit when used responsibly, with regular reporting to the 3 major credit bureaus
  • You will get an initial $200 credit line after making a security deposit of $49, $99, or $200, determined based on your creditworthiness
  • Get access to a higher credit line after making your first 5 monthly payments on time with no additional deposit needed
  • Easily manage your account 24/7 with online access, by phone or using our mobile app
  • It's a credit card accepted at millions of locations worldwide

Application Process: The last thing you need is a hit on your credit report when you’re in the process of building credit. Luckily, Capital One offers a helpful prequalification tool that shows you which cards you currently qualify for. If you’re feeling confident, you can skip the prequalification process and apply immediately - but we don’t recommend it.

Features: You can do a lot with this secured credit card from Capital One. It’s accepted worldwide, so you can finally book that cruise to the Bahamas. Speaking of taking a vacation, we’re psyched that this credit card offers 24/7 travel assistance and roadside assistance services. You can also use it to reserve vacation lodging and automobile rentals.

APR: This Capital One secured credit card has a variable APR of 24.99% for purchases and transfers. That’s a high APR, but unfortunately, it’s the norm for people with poor credit.

Bonus Offers: Capital One doesn’t have any bonus offers at the moment, but it doesn’t hurt to ask a representative if anything special is going on.

Annual Fee: There’s a $0 annual fee, which is surprising since many credit cards have one. However, you have to put down a deposit of $49, $99, or $200 upon approval since this is a secured credit card.

Card attributes
  • Variable APR
  • Cash Advance APR
  • Bonus Offers
  • Rewards Rate
  • Annual Fee
  • Intro APR

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