Home
Credit Cards
Credit Card Reviews
Capital One Guaranteed Secured Mastercard

Capital One® Guaranteed Secured Mastercard review

Scott Birke
Cory Santos

Feb 28, 2025

While we adhere to strict editorial guidelines, partners on this page may provide us earnings.

Overall rating

First year value

$0

Get this card if you:

  • looking to improve your credit score
  • want a low security deposit card
  • value purchase protection and extended warranty coverage

At a glance

The Capital One® Guaranteed Secured Mastercard® is designed for individuals with limited or poor credit, offering guaranteed approval (subject to conditions) and the opportunity to rebuild credit through responsible use. Cardholders are required to provide a security deposit, and benefit from features such as purchase protection and extended warranty coverage, though the card carries an annual fee and a standard interest rate.

Highlights

$59

Annual fee

Interest Rates

21.9%

Purchase APR

21.9%

Balance transfer APR

21.9%

Cash advance APR

Eligibility

Poor

Recommended credit score

Quick overview of the Capital One® Guaranteed Secured Mastercard

Nearly every time we apply for a credit card, we run the risk of our credit score also being affected. Enter ‘Guaranteed Approval’ cards, like the Capital One® Guaranteed Secured Mastercard, which guarantees applicants get one version of this card depending on their financial situation.

It’s a good option for those who don’t have the best financial history and are looking to improve their credit without paying a high annual fee. Some applicants with higher credit scores will be offered an unsecured version of the card, called the Capital One Guaranteed Mastercard, while those with weaker credit will be referred to the Capital One® Guaranteed Secured Mastercard. There are few practical differences between the two, aside from the fact that cardholders of the latter need to provide security funds, and cardholders of the former do not.

Who's this card for?

  • Those who need access to credit but who also have a poor credit score (or exhibit a history of bankruptcies or consumer proposals) will appreciate guaranteed approval.

Cardholders are guaranteed to be approved for at least one version of the card as long as they meet these basic requirements:

  • They’re the age of majority in their province or territory of residence.
  • They don’t already have a Capital One® account/product or a pending application for a Capital One account/product.
  • They haven’t applied for a Capital One® account/product in the 30 days prior to their application for the Capital One® Guaranteed Secured Mastercard.
  • They can provide the security funds required *in the event that they’re approved for the secured rather than unsecured version of the card.
  • They haven’t applied for a Capital One® account/product in the 30 days prior to their application for the Capital One® Guaranteed Secured Mastercard.

Pros and cons

Pros

Pros

  • Guaranteed approval for those with weak credit

  • Helps build or repair credit history with responsible use

  • Low annual fee

  • Purchase and travel benefits for available for those who qualify for the unsecured card version

Cons

Cons

  • High interest rate

  • Limited extra features for secured cards

  • Security funds are required for the secured version

How does the Capital One® Guaranteed Secured Mastercard work?

The Capital One® Guaranteed Secured Mastercard operates like any other credit card with one difference: it requires a security deposit to open. This security deposit acts as collateral against the credit card and as the credit limit, with whatever amount you pay when opening the account serving as your credit line:

  • Example: If deposit $500 your limit is $500.
  • The card requires a minimum deposit of $75

Capital One reports your payments to the credit bureaus regularly, meaning if you make your payments on time and keep your credit use low, you can quickly build your credit history and eventually apply to an unsecured credit card.

Read more: Best credit cards for fair credit Canada

Interest rates

Here's how interest rates stack up with the Capital One® Guaranteed Secured Mastercard:

  • Purchase APR:  21.9%
  • Balance transfer APR: 21.9%
  • Cash advance APR: 21.9%

While APR with the card isn't industry-leading it is very competitive for a secured credit card. Secured cards tend to have interest rates that are comparable to what an applicant with "fair" credit can expect, and this is due to the security deposit, which helps Capital One hedge their bets on your credit journey.

Tips for building credit

Building a positive credit history may seem daunting, but it doesn't have to be. Improving your credit requires consistency and a solid game plan. Here are 4 tips to help you boost your credit health:

  • Never charge something to your credit card that you can't afford to pay back immediately
  • Pay your statement balance in full when possible
  • Keep your credit utilization below 30% of your overall credit
  • Avoid applying for any new credit cards until your score improves

Key features of the Capital One® Guaranteed Secured Mastercard

  • $59 annual fee
  • Guaranteed approval (conditions apply)
  • Establish and repair credit
  • Purchase, cash advance and balance transfer rate: 21.9%
  • Mastercard benefits including Zero Liability
  • Extra purchase and travel benefits for unsecured cards

Capital One Secured Mastercard insurance coverage

Protection
Coverage
Extended warranty
1 year
Purchase protection
90 days
Rental car coverage
$75,000
Travel accident
$250,000

Price Protection gives cardholders a 60-day window of time after their purchases, during which they can request reimbursement for the difference between what they paid for an item vs. a lower price that they see for the same item with another vendor. If a cardholder buys a set of speakers, for example, and 40 days later sees the same set for $50 less, they can be reimbursed for that $50 difference. In fact, they can be paid a per-item difference of up to $100, until a cardholder has been reimbursed $500 total annually. The next year, the cardholder will get another $500 cap of Price Protection. Purchase Assurance and Extended Warranties are added benefits that help cardholders cover their new purchases against damage and theft for 120 days, and lengthen original manufacturer warranties by up to two years.

Travel benefits for unsecured cardholders include common carrier travel accident insurance, as well as travel assistance (essentially an emergency concierge), coverage for delayed baggage and rental vehicle insurance. Regardless of which Guaranteed card an applicant is approved for, they’ll benefit from Mastercard’s Zero Liability feature and 24/7 customer service.

How does the Capital One Guaranteed Secured Card compares

$153

First Year Value

$0

Annual Value

Learn More Apply Now On Neo's Secure Site

The Neo Secured Mastercard is another secured card to consider thanks to its lower annual fee, security deposit requirement and the ability to earn cash back rewards based on your Neo bank account (Neo Everyday Money).

Capital One Guaranteed Secured Mastercard® Neo Secured Mastercard
Annual fee:
$59 		Annual fee:
$59 ($5 monthly fee)
Minimum deposit:
$75 		Minimum deposit:
$50
Rewards:
N/A 		Rewards:
Earn up to 4% on gas and groceries when you have $10,000 in your account.
Earn up to 1% on everything else when you have $10,000 in your account.
- Apply Now

Disclosures:

  • Neo Credit and Neo Secured Credit cards are issued by Neo Financial™ pursuant to license by Mastercard International Incorporated. 

$0

First Year Value

$0

Annual Value

Learn More Apply Now On Capital One's Secure Site

The Capital One® Guaranteed Mastercard® is Capital One's other "guaranteed" credit card, replacing the old Capital One Low Rate Guaranteed Mastercard. The unsecured version offers the same credit-building features, like regular reporting to Experian and TransUnion Canada and access to Capital One's CreditWise® credit monitoring tools.

Capital One Guaranteed Secured Mastercard® Capital One® Guaranteed Mastercard
Annual fee:
$59 		Annual fee:
$59
Minimum deposit:
$75 		Minimum deposit:
N/A
Starting credit limit:
$75-$300 		Starting credit limit:
$300
Rewards:
N/A 		Rewards:
N/A
- Apply Now

Is the Capital One® Guaranteed Secured Mastercard worth it?

There are no real quick fixes when it comes to building (or rebuilding) credit, but a secured credit card is a great way to start the journey when other banks might say no. As such, the Capital One® Guaranteed Secured Mastercard is a solid option to consider. The card's annual fee and minimum deposit are higher than some other options but Capital One has an established reputation as a credit builder across North America, making the card a decent proposition. Still, with no chance of automatic graduation to the Capital One® Guaranteed Mastercard, it might fall short where others shine.

Read: Best Capital One credit cards in Canada

Scott Birke Content editor, Money.ca

Scott Birke is a financial content editor at Money.ca.

Cory Santos Credit card expert

Cory Santos is a finance writer, editor and credit card expert with nearly a decade of experience in personal finance. Cory joined Wise Publishing from BestCards, with bylines in numerous print and digital publications across North America, including the Miami Herald, St. Louis Post-Dispatch, Debt.ca, AOL, MSN and Medium as well as financial podcasts like KOFE Talk.

Explore the latest articles

Pensive thoughtful middle aged lady looking away

How much notice should you give before retiring?

Deciding how much notice to give for your retirement can be a difficult decision

VH
Vawn Himmelsbach

15 of the most expensive dog breeds in Canada
AT
Amy Tokic

Help! My husband isn’t saving for retirement
VH
Vawn Himmelsbach

How to safeguard your financial future
RK
Romana King

Disclaimer

The content provided on Money.ca is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.

†Terms and Conditions apply.