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Capital One Guaranteed Secured Mastercard® Review
The Bottom Line
Secured cards typically come with no rewards or benefits, even the ones with annual fees. This card has broken the norm and provides many great benefits to secured cardholders without any fees. So, if you are looking to get benefits with a secured card, this card is your best choice. The Capital One Guaranteed Secured Mastercard stands out as one of the better secured credit cards for building credit, particularly for those with limited or poor credit history. The card's biggest strength is its accessibility combined with genuine credit-building features at no annual cost, requiring only a $49-$200 refundable security deposit. What makes this card particularly valuable is Capital One's track record of automatically reviewing accounts for upgrades and credit increases after just six months, plus the "guaranteed" approval aspect that removes application uncertainty. However, this isn't a card for earning rewards or maximizing benefits - it's purely a credit-building tool with a high APR that makes it unsuitable for carrying balances.
APPLY NOW
on Capital One's website
Welcome Bonus
N/A
Rewards Rate
No Rewards
Annual Fee
$0
Interest Rates
29.9%□ / 29.9%□
Rewards
No Rewards on this card
Insurance
Coverage
Travel Accident
$250,000
Baggage Delay
$100/day up to 3 days.svg)
Car Rental Damage & Theft
Up to 31 days
Purchase Protection
120 days
Extended Warranty
double up to 2 years
Benefits
Details
Price Protection
60 days, Up to $100 per item, $500 per year
Eligibility
Credit Score
PoorAnnual Income
N/A
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Card Details
Interest Rates
Purchase APR
29.9%□
Cash Advance APR
29.9%□
Balance Transfer APR
29.9%□
□ Quebec rates: Purchase 21.9%, Cash advance 21.9%, Balance transfer 21.9%
Fees
Annual Fee
$0
Additional Cards
$0
Eligibility
Minimum Individual Income
N/A
Minimum Household Income
N/A
Credit Score Estimate
Poor
Type
Card Type
Secured Credit
Reward Type
None
Pros & Cons
Pros
- No Annual fees
- Great list of benefits for a card with no annual fee, especially the price protection benefit, which is not offered by many other credit cards.
- Low barrier to entry with minimum security deposit as low as $49
- Reports to all three major credit bureaus
- Automatic account reviews for credit increases after 6 months
- No annual fee keeps costs low
- Includes Purchase Protection and Extended Warranty Coverage
Cons
- High APR of 29.9% - well above average
- No rewards program whatsoever
- Low initial credit limits that frustrate many users
- Limited additional benefits compared to premium secured cards
- Not suitable for carrying balances due to high interest rate
Capital One Guaranteed Secured Mastercard®
4.1
FinlyWealth Rating
on Capital One's website