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This Is Why Capital One Secured Credit Is So Famous! | capital one secured credit

Luckily, the Capital One Secured Credit Card offers an accessible alternative for raising your credit profile, with corresponding required monthly deposits of as little as $49. However, it may be a bit tricky to get this deal, mainly because the requirements are so stringent and the approval ratio so low. Nevertheless, by following the detailed guidance of their web site, you can significantly improve your chances of success. The credit card features a high credit limit that's good enough for those with less than perfect credit, although the annual percentage rate (APR) is a bit higher. Still, given the lower interest rates, even after the requisite deposits are made, it will still prove to be a huge benefit when used for expanding your credit card purchases.

The Capital One Secured Credit Card website tells potential applicants about the exact procedure needed in order to increase their credit limit and raise the required deposit amount. You'll be qualified for a higher credit limit after making the required deposit. This can either be done electronically or by mailing in the application form along with the required deposit by mail. In case of electronic deposit, you only need to make a single payment, by using your debit card, into an account linked to the card. The other method requires that you make the required deposit, either by regular bank transfers or directly using your credit card.

Once you have made the required deposit, your new credit limit will be immediately credited to your card. This is the main advantage of this type of card – increased credit limit without the need to deposit any money. The cardholder also receives an additional 2% interest rate on the balance amount. The customer can use the funds to make purchase online via the internet or through traditional cards. He can also use the funds for traveling expenses, as airfare and hotel bills are often paid with these cash advances.

As with all secured cards, the customer needs to cancel the card before it expires to avoid any late payment penalties. Anytime the customer fails to pay the balance due, he will be charged an annual fee. Also, if there is a period during which no payments have been received, then the annual fee will be charged as well.

There are some disadvantages of using the capital one secured credit card, too. One of them is the high annual fee. This is quite common among secured cards. The other disadvantage is that the customer is required to make regular payments on-time. If the payments are delayed, there will be a heavy interest charge imposed. The customer may also be charged for the foreign transaction fees.

As with all credit cards, the customer can earn rewards if he spends money with his secured card. He can earn up to two percent cash back from every purchase or cash back from the ATM. There are a variety of reward programs available, too. These include gasoline reward programs, movie theater reward programs and hotel reward programs.

If you are concerned about your credit building, you should know that secured cards are also available for people with lower credit utilization. The credit building required for these types of cards is not as difficult as that for standard cards. The credit building required for these types of cards is much lower than that of standard cards. The lower the credit utilization, the lower the interest rate. The interest rate will remain the same for the life of the account. However, if you do use up your available credit limit, you will usually be required to pay an annual fee.

One advantage of the secured cards is that there are no overdraft fees. As long as you maintain your monthly balance, you will receive the funds that you had used in the account. It is also possible to have a higher credit line than the amount of deposit you have received. If your credit line is higher than the amount of deposit you have received, you will be required to pay an annual fee.


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