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Capital One Guaranteed Secured MasterCard credit card reviews

Capital One Guaranteed Secured MasterCard credit card details and credit card application link.

The Capital One Guaranteed Secured MasterCard gives access to credit like all other credit cards with one minor difference – the prospective client is required to provide collateral in the form of security funds before he or she gains this access. The credit card is ideal for people without credit history or for those who want to rebuild their credit history. The latter may include individuals who have filed for bankruptcy recently, are new to Canada, or never had a credit card, line, or loan. Your payment data is forwarded to the credit bureaus when you apply for the Capital One Guaranteed Secured MasterCard, and you start paying off the card on a regular basis. The difference between this card and pre-paid cards is that this one has a credit limit, and you don’t have to keep depositing money in your account. With prepaid cards, payment data is not reported. Thus, you can neither build nor rebuild your credit history.

The annual interest rate on purchases, balance transfers, and cash advances is 19.8 percent. The ideal Capital One Guaranteed Secured MasterCard holder has a household income of over $20,000, and approval is 99 percent guaranteed. The annual fee is $59. Approval is 100 percent guaranteed unless you have applied for a credit card at Capital One within the past 45 business days, have (had) an account at the bank in poor standing over the past year, and currently hold an account at Capital One. After you are approved, the bank will mail you a statement with your credit limit and the security deposit you are required to make. You must provide these funds to them – just do not send cash or a post-dated check. The security deposit ranges from $75 to $300. The credit limit is usually $300, but it may be higher. Should you decide to close your account, rest assured that your deposit is fully refundable as long as the balance is paid off in full, and the status of the account is satisfactory.

In short, the Capital One Guaranteed Secured MasterCard is a good choice for people who maintain a low monthly balance and low monthly expenses. If you have a balance exceeding $3,000 a month, and your household income is over $50,000, this card is not for you.

Another benefit is increasing the clients’ credit limit in cases of good performance. Capital One reviews accounts on a regular basis and decides on credit limit increases in some cases. Good performance includes, but is not limited to, making the minimum payments on the card on a monthly basis.

If you definitely chose to go with a secured credit card, you can also look at the offer of the Home Trust Company. The HomeTrust Secured Visa is intended for individuals who aim at rebuilding their credit history, allowing them to make purchases, rent a car, reserve a hotel room, and go on a vacation. The card goes with a minimum credit limit of $500, maximum credit limit of $10,000, security deposit between $500 and $10,000, and annual fee of $49. The interest rate on purchases and cash advances is set at 19.99 percent. The NSF is $45 while the overlimit fee stands at $29. The minimum payment is $10 or 3 percent of the balance, whichever is greater.

Credit Card Details
NameCapital One Guaranteed Secured MasterCard Apply Now
Interest Rate19.8%
Annual Fee$59
Cash BackNo
Low InterestNo
Auto and GasNo
Instant ApprovalYes
Balance TransferYes
US DollarNo
No Annual FeeNo