Review of the Capital One Secured Credit Card (2017)

This will be one of the credit offers you receive as you march onto/back to college. But, is it a good student credit card? How does it compare to the rest?

College will be starting up again, and for many freshmen, possibly like yourself, you may receive this offer in the mail. But, being bombarded with credit card offers, does this one stand out?

Here are the cards benefits:

  1. One of the lowest minimum security deposits ($49, $99, or $200). The smallest credit line they will offer you is $200, so if you make the $200 deposit, you have a solid chance of getting a credit line above $200.
  2. Get access to a higher credit line after making your first 5 monthly payments on time with no additional deposit needed. (Capital One is very good about this, make onetime payments and get rewarded.)
  3. $0 Annual Fee. (Crucial, because why should you pay them for a credit card with 0 cashback)
  4. Extended warranty! (You’ll get additional warranty protection at no charge on items that are purchased with your credit card.)
  5. Price protection! Reimburses you the difference in price on eligible items should you find a lower price for the same item within 60 days from the date of purchase when you pay with your credit card.

Yes, unlike the Discover Secured Card, this card will send you the difference if you can find a lower price on qualified products. That all being said, you don’t get any cashback. Which I personally find more useful, 2% back on $10 food purchases here and there do stack up. Price drops aren’t common, and if they do drop, on most items it’s not a whole lot.

Should you get this card?: I see this card as slightly better than the Citi Secured Mastercard because of the lower security deposit minimum. That being said, the Discover Secured Card still tops it because of it’s ability to give you cashback on all purchases. But, if you value price protection over cashback, this is the secured credit card for you. It is a good beginners student credit card.

I highly recommend taking a look at your other top secured credit card choices before making a choice: Citi Secured Mastercard & Discover Secured Card.

Apply here: https://www.capitalone.com/credit-cards/secured-mastercard/

Tags: Student Credit Cards, Best Secured Credit Cards, College Credit Cards, Capital One Student Credit Cards

 

Leave a Comment

Your email address will not be published. Required fields are marked *