Designed for those who have bad or no credit, the Capital One Secured Mastercard doesn’t come with any bells or whistles. Nor does it cost anything to carry. It can help build your credit with responsible use. Compare with other top card bonuses here.
The benefits of the Capital One Secured Mastercard include the following:
- Flexible Security Depost: All secured credit cards require a security deposit which sets your credit limit. Unlike most secured cards, the Capital One Secured Mastercard might let you deposit a smaller amount, depending on your creditworthiness. For the minimum credit line of $200, your required deposit may be $49, $99 or $200. If you want a higher limit (up to $3,000), make a bigger deposit before you activate your account. If you can’t pay your deposit all at once, Capital One allows you to pay in installments. You just have to pay the full amount by a certain time frame after you’ve been approved. Your deposit will be placed in an interest-bearing, secured, savings account. When you close your account, you’ll receive a deposit refund plus interest.
- Credit Line Increase: Credit cards designed for people with poor credit often come with low limits. With the Capital One Secured Mastercard, you’ll be rewarded with a higher credit line if you make your first 5 monthly payments on time.
- Few Fees: You won’t have to pay any annual, balance transfer or foreign transaction fees. However, I would advise against transferring any credit card debt to your Capital One Secured Mastercard, because of its high APR. Unless, of course, you’re currently paying a higher penalty APR.
*Check out Capital One bonuses for Checking & Savings accounts.
READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.
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