Guaranteed Secured MasterCard

Card Details

Bank Name: Capital One
Network Type: Mastercard
Card Type: Personal
MRC Rating My Rate Compass's ratings are determined by our editorial team. Our editors rate credit cards objectively based on the benefits and features the credit card offers, interest rates, the fees, and how a credit card compares with other cards in its category.: (3.7)

Fees

Annual Fee: $59
Additional Card Fee: $0
Purchases Interest Rate: 19.8%
Cash Advance Interest Rate: 19.8%

Eligibility

  • You're a Canadian resident
  • You've reached the age of majority in your province or territory

Recommended Credit Score

Poor or No Credit (0-669)

Guaranteed Secured MasterCard Review

Welcome Bonus:
 
Guaranteed Secured MasterCard snapshot
Capital One Guaranteed Secured MasterCard Review


Top features at a glance: Guaranteed credit card approval Establish or repair your credit Increase your credit limit up to a maximum of $2,500 simply send in more security funds and we'll increase your limit by the same amount.
Guaranteed Secured MasterCard Rewards
Guaranteed Secured MasterCard Features
Priority airport services
No
Airport lounge access
No
Concierge service
No
Balance protection(Optional)
No
Purchase Security & Extended Protection Insurance
NO
Flight delay insurance,Baggage Insurance
No
Vehicule rental insurance
No
Travel accident insurance
No
Travel medical insurance
No
Guaranteed Secured MasterCard User Reviews
Total Reviews: 0

Rating: 1 2 3 4 5 ( 4 )

Application Experience: 1 2 3 4 5

Rewards/Features: 1 2 3 4 5

Customer Service: 1 2 3 4 5

Convenience: 1 2 3 4 5

Likelihood to recommend: 1 2 3 4 5

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Guaranteed Secured MasterCard FAQs
 

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Advantages:

Mastercard Global Service If your card is lost or stolen, this service provides emergency card replacement, emergency cash advance, 24/7 telephone access and referral to the closest ABM.

Zero Liability If you're worried about unauthorized charges being made to your account, relax. As a Capital One cardholder, you're protected.
 

Editor`s Review:

The Guaranteed Secured Mastercard is Capital One's third guaranteed-approval credit card. This card carries an annual fee of $59 and an annual interest rate of 19.8% on purchases, balance transfers, and cash advances.



The Guaranteed Secured Mastercard is quite similar to the standard Guaranteed Mastercard and the low-rate version of the same card. Like its counterparts, applicants for this card must have reached the age of majority in their province or territory and not applied for a different Capital One account in the 30 days preceding the application for this card. The applicant also must not have an existing Capital One account. The difference comes with respect to the fourth criteria regarding past Capital One accounts not in good standing. While both the standard and low-rate versions of Capital One's Guaranteed Mastercard require the applicant not have had a delinquent Capital One account in the year preceding application for the card, this card does not. This card, instead, replaces that requirement with the requirement that cardholders provide security funds as collateral, thereby providing access to a credit card even for customers with a past account delinquency in their credit history. After an applicant has been approved for this card, he or she will send Capital One either $75 or $300, which Capital One will hold as collateral on the account.



The bottom line: This card is specifically designed for Canadians who have had a delinquent Capital One account in the year preceding application for this card. Recognizing that everyone can experience financial hardship from time to time, Capital One offers this card as a useful and convenient way to rebuild damaged credit. While an account delinquency can result in an applicant's immediate rejection by other credit card companies, this card provides a way for cardholders to get their finances back on track along with several additional benefits, all with the backing, technology, and resources of a major international financial institution

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Author Bio

User
Mohamed Konate

Mohamed Konate is a personal finance expert, blogger, and marketing consultant based out of Toronto. He is a former financial services professional who worked for many years at major Canadian financial institutions where he managed the marketing strategy around various financial products ranging from credit cards to lines of credit. Mohamed is passionate about personal finance and holds a Bachelor in Business Administration from the University of Quebec (Montreal) and a Master in International Business from the University of Sherbrooke (Quebec).He is also the author of the Canadian Credit Card Guidebook.