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Capital One Secured Mastercard Summary
With the Capital One® Secured Mastercard®:
Unlike a prepaid card, this card will help you build credit when used responsibly, with regular reporting to the 3 major credit bureaus.
You'll 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
This card comes with no annual fee, and all the credit building benefits with responsible card use.
Before you can use this card, you must make a security deposit of at least $49. The exact amount, and your corresponding credit limit, depends on your personal creditworthiness as assessed by Capital One.
Increase Your Credit Line
This card won’t earn you cash rewards. Instead, use it to rebuild your credit to apply for better credit cards later on.
If you make your first five monthly payments on time, you’re automatically considered for a credit line increase. Further credit line increases are possible with continued timely payments.
This card comes with no bonus, however, with the Capital One® Secured Mastercard®, you can use it to build your credit! This card is great for those with bad or limited credit. On top of that, you will have no annual fees to worry about!
If you’re doing great with payments, you can get access to a higher credit line after making your first 5 monthly payments on time! Provide feedback in the comment section below by telling us your thoughts and experience with this card.
Learn more about this card and find out how you can apply here.