Capital One Canada Secured Credit Card Review

Capital One Secured Credit Card

Capital One Secured Credit Card Reviews


The Capital One Secured Credit Card is a really good choice for anybody with no credit or has run into some credit debt problems in the past and needs a financial tool to help build or improve your credit score with the major credit bureaus.

There are a couple versions of the Canadian Capital One Secured Credit Card offers available for you to apply for and we’re going to begin by showing you the benefits of applying for these secured MasterCard offers and then we’ll get into a deeper review of the offers and the benefits you get when you apply online today.

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Secured Credit Card Frequently Asked Questions

What is a Secured Credit Card?

A secured credit card works just like any other credit card with the only difference being the credit card company requiring you make a security deposit.

The amount of the security deposit you place determines your amount of available credit.

Secured cards are specifically designed for people with either no credit or bad credit as a way to restore or establish your credit score and because you’ve got poor or no credit the card issuers require a security deposit in the event you fail to pay your credit card bill.

It’s important that you know you are required to make minimum payments on your card just as you would any other credit card and the security deposit is not used for paying your minimum amount owing

Remember that the security deposit is there as protection for the issuing company in the event you fail to pay your bills. Make sure you pay your bills on time to restore your credit rating.

What Happens To My Security Deposit?

The security deposit you place on your secured credit card is held by the issuing credit card company for a time period set forth in the terms and conditions of the card application.

In most cases, the security deposit you place is held by the bank until you close your secured card account.

Tip: Place the minimum deposit required by the card company and use it to make small purchases and pay your bill in full each and every month.

Within a few months, check your credit score and once your credit rating is restored to good status, apply for a regular credit card and cancel your secured account to get your security deposit back.

Remember a secured credit card is a financial tool for building or restoring your credit.

Who Should Apply for a Capital One Secured Credit Card?

The people that should apply for a Capital One Secured credit card are those with no credit or bad credit and understand the value of having a good credit rating.

Anybody that wants to one day apply for a mortgage or car loan in the future will benefit from building their credit score using a Capital One Secured credit card as a credit building tool.

Which Capital One Secured MasterCard is Right For Me?

There are two Capital One secured MasterCard offers available to you. Both give you the opportunity to build your credit.

The first is the Capital One Canada Guaranteed MasterCard and the other is the Low Rate Guaranteed MasterCard.

The difference is the Low Rate offer gives you a purchase interest rate of 14.9% however to get the lower interest rate there is a higher annual fee of $79 whereas the Capital One Guaranteed MasterCard has a lower annual fee and an interest rate of 19.8%.

If you plan to pay off your entire balance owing each month then you should apply for the Capital One Guaranteed MasterCard – Which is what we recommend when you’re in the process of building your credit score.

If you think you’re likely going to carry a balance on your card then it’s worth paying the higher annual fee to get a break on interest rates and the Capital One Canada Low Interest Guaranteed MasterCard would be the better offer for you.

If you have any questions about the Capital One Canada Secured credit card offers please go ahead and submit your questions on this blog review page.

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