Capital One Guaranteed Secured Mastercard Review

Annual Fee
Purchase APR
Cash Advance Interest Rate
Regular Balance Transfer Rate
Recommended Credit Score
740 850 670 739 580 669 0 579
Guaranteed access to credit, may help you establish or re-establish your credit history.

The Capital One Guaranteed Secured Mastercard delivers relief for cardholders who may have had financial troubles in the past and who need help building their credit scores. Guaranteed approval means that most applicants who apply are accepted by Capital One, provided they meet basic eligibility requirements and can provide security funds.

The card’s interest rates are standard/average compared to most Canadian credit cards. Adding authorized users to the card is free, though the primary cardholder pays a $59 annual fee. As a secured card, it’s largely designed as a means of accessing and building credit, but comes with a few added benefits including Zero Liability and global customer support.

Application Process and Eligibility Requirements

Applicants are guaranteed approval unless one of the following conditions applies to them:

  • They’re not yet the age of majority in their province or territory
  • They’ve already applied for a Capital One account/product within 30 days prior to their application
  • They’ve had an account with Capital One that was not in good standing in the year prior to their application
  • They have an existing Capital One account at the time of their application
  • They can’t provide the requested security funds for the card

The amount of security funds required depends on an applicant’s credit score and other application criteria. The lowest amount that a cardholder will be required to deposit is $75 and the highest is $300. But note that it’s possible to receive a credit limit of up to $2,500, so long as the cardholder increases their security deposit proportionally.

Feature Breakdown

  • $59 annual fee
  • Guaranteed approval (conditions apply)
  • Possible to build credit w/responsible use
  • Credit limit between $300 and $2,500
  • Security funds required of between $75 and $300
  • Purchase APR: 19.8%
  • Balance transfer rate: 19.8%
  • Cash advance rate: 21.9%
  • Mastercard benefits like Zero Liability, 24/7 support

Aside from the card’s easy approval process, its other shining feature is its fast reporting to credit bureaus, helping those who make timely payments to boost their credit score. Cardholders should be mindful of the card’s 19.8% interest rate, and should be vigilant about making at least their minimum payment every month to keep up their credit score momentum (though we always recommend paying off the balance in full whenever possible).

The card comes with some peripheral benefits such as Zero Liability, meaning that the cardholder isn’t on the hook for problems arising from unauthorized users or fraud. They’ll also be able to call Capital One support from anywhere and at any time for help.

Who’s the Card For?

The Capital One Guaranteed Secured Mastercard is intended for those who have a weaker credit history or score (or no credit history at all), making it difficult for them to obtain cards with lower interest rates or attractive rewards and features. These applicants can easily be approved for the Capital One Guaranteed Secured Mastercard and given a solid credit limit, plus a path to better credit via Capital One’s frequent reporting to credit bureaus.

Author Bio

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