Secured MasterCard from Capital One is one easy way to build credit. The Capital One secured credit card offers a lot more benefits than you can find on other secured credit cards. Come to think of it, you have a messed credit card history and a poor credit score, and you’ve been told it will take you years and a huge cash security deposit to rebuild your credit. All of that isn’t true.
With a refundable minimum security deposit of $49, $99, or $200, you’ll get an initial credit line of $200. You can also pay by installment, with the option to choose any date of the month that is convenient for you to pay.
More so, your credit limit also stands an increment chance within 6 months with zero percent annual and balance transfer fees. Is this not great news? Yes! I know it is. Lots of users have said so.
What is a Capital One Secured Credit Card?
To start with, a secured credit card is a type of credit card offered to customers with poor credit who have defaulted on a loan more than once and have been declined credit card issuance in the past months.
A secure Capital One credit card is an easy alternative for such a person. This card will help them rebuild their credit and get back to being poor credit cardholders. If for nothing, it will help rebuild credit from average to good. Also, if you are well managed and have shown discipline, over time you will become an excellent credit.
However, a Capital One secured credit card is issued upon an initial cash security deposit with a bank account for which you are an authorized user. The security deposit is usually refundable and paid as a bet in the event you default on paying your credit card bill.
Capital One Secured Credit Card Features
There are lots of reasons why cardholders look to rebuild their credit history with a secure credit card. Some of these are card features and benefits that aren’t made available by other secured credit card issuers. Let’s share with you some benefits and features of a secured credit card from Capital One:
- Firstly, Capital One secured MasterCard requires no annual fee.
- 0% balance transfer fee
- Zero percent foreign transaction fee.
- Also, enjoy email alerts about your card activities.
- Add an authorized user and track their spending through email alerts.
- Make payments through autopay every month when you set it up.
- Customer service is available 24/7.
- In the event of a lost or stolen card, unauthorized deals made within the period of the lost or stolen card aren’t billed to you.
- Access a higher credit line with no additional deposits after the first five monthly payments without payment default or late payment.
- Pay your bill, view your balance, and make transactions on the go with the Capital Mobile App.
- Earn cash back rewards, points, and miles.
- Get a warranty on items purchased with your Capital One credit card without any further payment.
How to Apply: Capital One Secured Credit Card Application Procedures
If you have made up your mind to go for a secured MasterCard from Capital One, then you will need to make the following details available for the signup process: First visit 1, 2, 3, 4, and key in the following required detail: If your application is accepted and approved, you will be mailed your credit card within 2 to 3 weeks after you’ve made a cash security deposit with an account you have authorized access to.
- Firstly, first name and last name
- Social Security Number.
- Also, date of birth.
- Also, home address, apartment, suite
- Phone number
- Also, email addresses
- Employment status
- Also, annual income
- Monthly rent or mortgage
- Bank account details.
When you have duly supplied the required details in the appropriate field, you can hit the continue button and follow through with the rest of the signup process to complete your signup.
To manage your card activity, transactions, balance transfers, and a lot more, you will need to login to the Capital One MasterCard online management portal with your account credentials, username, and password. To do that, visit the official Capital One credit card site, tap on the login button, and key in your account.
- And tap on the sign-in button.
Capital One secured MasterCard has three activation processes: telephone activation by calling the customers’ service support line, mail activation, and online activation. The instructions on how to activate your secured MasterCard from Capital One are enunciated below.
- Firstly, visit the official Capital One credit card site.
- Also, tap on the login to access your online account.
- Also, when you are logged in, navigate to the activation section and tap the activation button.
- Lastly, enter the required card details and click activate.
Credit Card Payment: How to Make Your Bill Payment with a Secured Credit Card from Capital One
When your credit card bill payment period is due, you can make your payment online by logging in. Also, you can set auto-payment to make your monthly bill payment without calling for your attention.
- Firstly, visit the capital on one web page.
- Sign in with your login details.
- Lastly, navigate to the bill payment section and follow the guide to pay your bill.
Customer care support
You can contact customer service in the event you want further clarity before you can apply for a secured MasterCard. This ranges from capital one to other inquiries and help. They are always set to give you the help that you deserve.
Conclusion on the Capital One Secured Credit Card
A quick way to rebuild your credit is through the secured MasterCard that Capital One offers. This card was built for people with limited or bad credit. It is a way to build good and healthy banking behavior to access a higher credit line. Just like other financial houses that offer secured credit cards for rebuilding credit, applying for a Capital One secured MasterCard requires a cash security deposit. It must be from an authorized bank account of the credit card applicant.
However, the beauty of a secured credit card from Capital One is that you don’t need to pay a cash security deposit equivalent to the credit limit you will be offered. Customers can pay a refundable security deposit of $49, $99, or $200 and gain an initial credit line of $200. Customers also stand a chance to receive a higher credit line. Additional deposits are made, and a credit card is issued.
What you don’t often see from other secured credit card issuers is that customers can access a higher credit line with no additional deposits after making their first five monthly payments without any default or late payment experiences. You would also enjoy using CreditWise to manage and monitor your TransUnion VantageScore 3.0 credit score for free.