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Capital One Guaranteed Secured Mastercard®
Credit cards

Capital One Guaranteed Secured Mastercard®

Updated 01.12.2022

About Capital One Guaranteed Secured Mastercard

One of the most popular credit cards from Capital One Canada is Guaranteed Mastercard. However, it has two variants: the Gold one and the secured one. Guaranteed Secured Mastercard is an option for customers who have bad credit or don’t have it. Generally, this card Is not so different from the Guaranteed Mastercard except for the security funds requirement. The rest conditions are the same. Customers only need to make a security payment and use their credit card as a regular payment method.  

Capital One Guaranteed Secured Mastercard features

The main feature of this credit card is that with its help, customers can build and rebuild their credit. In addition, Capital One Canada makes regular reports to credit bureaus of Canada, so if customers use it responsibly, their credit will increase. 

Moreover, the main difference between the Gold Guaranteed Mastercard and the Secured one is that the second one has a real guaranteed approval. When customers apply for the Guaranteed Mastercard, the bank checks their eligibility. If customers easily fit the bank’s requirements, they are approved for Gold. Still, if not, they are automatically approved for the Secured one, the only difference being that they will have to pay security funds. Security funds act as collateral, proving that customers will use their cards responsibly. The bank will inform customers about the security funds amount after applying. To receive the card, customers need to send in their funds through their banks' online banking site or by cheque or money order. Also, security funds will be fully returned if they decide to close their account and have the balance paid off.

Customers will enjoy the Gold card perks, such as purchase assurance against loss, damage or theft. In addition, the bank claims that all covered items will be replaced or repaired, or the purchase price will be reimbursed at the insurance company’s discretion. This protection extends for up to 120 days. 

Also, the bank offers some travel insurance packages. For example, customers will be protected by Common Carrier Travel Accident Insurance against accidental loss of life or dismemberment for up to $250,000 while traveling, or they can protect themselves from rental car damage or theft by Car Rental Collision/Loss Damage Waiver. 

Also, the bank offers such perks as: 

  • Baggage Delay insurance;

  • 24/7 Travel Assistance;

  • Price Protection Service;

  • Extended Warranty; 

  • Mastercard protection services. 

Pros and cons

The benefits of Capital One Guaranteed Secured Mastercard are:

  • 100% guaranteed approval;

  • A range of travel insurance coverages;

  • Security funds may be returned;

  • Responsible usage leads to a credit score increase. 

Nevertheless, here are some weak sides of a Capital One Guaranteed Secured Mastercard:

  • The annual fee of $59;

  • Balance protection and some other services are not included;

  • Security funds are required.

How to apply for a Capital One Guaranteed Secured Mastercard 

Customers don't need to apply precisely for this credit card. They can apply for the Guaranteed or Low Rate Mastercard, and if they are not eligible for those, they will be automatically approved for the Secured one. All application processes can be done online only by visiting the bank’s website. Customers must choose the required credit card’s webpage and click the “Apply Now” button. Afterward, they will be redirected to the application form, where they should read the disclosures and enter their full name, birthdate, mother’s maiden name, SIN number, and contact information such as an address, province, city, email address, phone number, and employment status. Finally, they need to enter their financial information, such as the type of real estate ownership, annual income, other sources of income, and information about their mortgages. 

However, customers are required to make a security payment to receive their Capital One Guaranteed Secured Mastercard. This payment acts as collateral and proof of responsible usage. To obtain the card, customers must send in their funds through their bank’s online banking site or by cheque or money order.

How much security funds should I pay?Usually, the amount of security funds varies between $75 and $300. Before customers approve, they will not know how much precisely they should pay. The bank defines a certain amount and depends on customers’ eligibility.
Are there any other differences from the Guaranteed Mastercard?No, the only difference between the Secured Mastercard and the Gold one is that it requires security funds. However, customers can enjoy all the same perks and services.
How can I track all my credit card spending and changes?Customers can track their credit cards via online banking or mobile apps. They will be able to manage their limits, check their expenses, pay the bills and manage their accounts.
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