"Capital One Secured Card"
Capital One® Secured Mastercard® for Young Adults Review
Written by: w998afr on 2010-11-28
Overall Satisfaction
Customer Service
Rewards
Account Management
Delivery Time
w998afr's review: 
First, the previous review is incomplete, there are two (2) secured cards with capital one. one is labeled young adults and the other is labeled secured card. both are basically the same.
analysis: the card is a good card compared to the other secured cards.
the negative: their customer service department irritates me -- they seem to have a problem with answering the question and transferring you without fully understanding the problem.
the second negative: method of deposit is done via checking account transfer. they do offer a "regular mail option" but getting them to give you the address is like pulling teeth. keep it simple.
1) setup a checking account. 2) do the online application... All you need is your routing number and accounting number. you do not even need a check number.
the third negative: method of deposit is done via "trial deposit"... This method sucks because you have to read the printout and it's not easily found on the website how to confirm the trial deposits put onto your checking account. example:
> trial deposit 1 - $0.19
> trial deposit 2 - $0.20
> trial credit - $0.39
you have to enter both the trial deposits the next day on their website which confirms you are the owner of the checking account. just make sure you make and keep the printout otherwise you may not find where to confirm the deposit amounts on the website. once confirmed however, it doesn't take long. average 1-3 day process.
the fourth negative: credit line increases take 15 days before they credit to your account. make a note of it because "customer service" has no idea when you made your deposit and it took several days for it to show up on my current checking account. I switched banks and added a second "private" checking account and it posted much quicker so all is not their fault. I still think they should have a record of pending deposits though.
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SUMMARY:
I am recovering from bankruptcy. year 1 = capital one secured card. I will have a secured balance of $3,000 by the end of the year. year 2 = wells fargo secured card. they go from $300 to $10,000 line of credit. year 3 = Citibank secured card. last I heard, you can have a line of credit all the way up to $25,000 plus they have a better image their previous two.
PERSONALLY:
when all is said and done -- who ever I have credit with won't even think about dropping my line of credit. now that I BK7 all my debts, I can now save. I am compulsive person so my new habit is saving. I will have $50,000 in the bank within three years. from I am seeing, being a compulsive saver -- or I am now -- but not before -- seems the bankers treat me a little better. I have $4K in one bank alone. we acquired an unsecured line of credit shortly after getting our secured card.
IN SUMMARY -- just save -- remember that money talks and bs walks so SAVE
First, the previous review is incomplete, there are two (2) secured cards with capital one. one is labeled young adults and the other is labeled secured card. both are basically the same. analysis: the card is a good card compared to the other secured cards.
the negative: their customer service department irritates me -- they seem to have a problem with answering the question and transferring you without fully understanding the problem.
the second negative: method of deposit is done via checking account transfer. they do offer a "regular mail option" but getting them to give you the address is like pulling teeth. keep it simple.
1) setup a checking account. 2) do the online application... All you need is your routing number and accounting number. you do not even need a check number.
the third negative: method of deposit is done via "trial deposit"... This method sucks because you have to read the printout and it's not easily found on the website how to confirm the trial deposits put onto your checking account. example:
> trial deposit 1 - $0.19
> trial deposit 2 - $0.20
> trial credit - $0.39
you have to enter both the trial deposits the next day on their website which confirms you are the owner of the checking account. just make sure you make and keep the printout otherwise you may not find where to confirm the deposit amounts on the website. once confirmed however, it doesn't take long. average 1-3 day process.
the fourth negative: credit line increases take 15 days before they credit to your account. make a note of it because "customer service" has no idea when you made your deposit and it took several days for it to show up on my current checking account. I switched banks and added a second "private" checking account and it posted much quicker so all is not their fault. I still think they should have a record of pending deposits though.
=====
SUMMARY:
I am recovering from bankruptcy. year 1 = capital one secured card. I will have a secured balance of $3,000 by the end of the year. year 2 = wells fargo secured card. they go from $300 to $10,000 line of credit. year 3 = Citibank secured card. last I heard, you can have a line of credit all the way up to $25,000 plus they have a better image their previous two.
PERSONALLY:
when all is said and done -- who ever I have credit with won't even think about dropping my line of credit. now that I BK7 all my debts, I can now save. I am compulsive person so my new habit is saving. I will have $50,000 in the bank within three years. from I am seeing, being a compulsive saver -- or I am now -- but not before -- seems the bankers treat me a little better. I have $4K in one bank alone. we acquired an unsecured line of credit shortly after getting our secured card.
IN SUMMARY -- just save -- remember that money talks and bs walks so SAVE
1 Comment
Comment 1 by wanderer
Re: Capital One Secured Card 
on 2010-12-01
Congrats. In my experiences the banking relationship did not always guarantee a bank card experience. In fact I can't think of one. Other posters have had offers from their checking account banks and did obtain cards that way so it is personal.
on 2010-12-01 Congrats. In my experiences the banking relationship did not always guarantee a bank card experience. In fact I can't think of one. Other posters have had offers from their checking account banks and did obtain cards that way so it is personal.
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Disclaimer: This content is not provided by Capital One. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Capital One. Review content is powered by Finance Globe.
Disclaimer: This content is not provided by Capital One. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Capital One. Review content is powered by Finance Globe.
