The Capital One Secured MasterCard has been a popular card among a wide range of financial customers. Even though the card offers low rewards with no special program, its low interest rate, reasonable annual fees and shorter path to an increased credit line make it an excellent choice for responsible cardholders, especially with responsible use. In particular, the card's ability to quickly increase credit lines makes it an attractive credit card for consumers just starting out in their own credit transactions.
The card is easy to apply for and acquire by cardholders who meet the qualifications. You need not prove that you are financially responsible by having a good credit rating or by having a bank account with a current balance. The card will still be useful to you even if your credit rating is less than perfect. The Capital One Secured MasterCard is accepted at most major department stores, at grocery stores and at some ATMs.
To open the card, you will need to fill out the application form available at your nearest ATM. Upon receipt, you will need to wait for at least thirty minutes before you receive a response from the company. In case of approval, you can receive a card number within thirty days. However, the card will have a zero balance and you will not be eligible for cash back rewards.
The card does not require any spending limit and will not accumulate any debt after the first year. If you use your card wisely, you can get to know the benefits of credit and build up a strong credit score. Once you have achieved the required credit scores, you can apply for the card you have been considering.
In order to get the maximum benefit from the cards, it is advisable to maintain the balances on the cards. Over time, you can start building up a large balance. In the first few months of using the card, you can slowly pay down your balance to zero and you can earn rewards such as airline miles, cash back and frequent flier miles, which will eventually help you to build up an active credit history.
It is important to remember that the card will not have any cash back benefits when you use the card to make purchases. As soon as you use the card to make a purchase, you must pay the balance at the end of the month. Otherwise, the charge card company will automatically deduct a certain percentage of the total from your account. You cannot deduct any amount from your card when it is being used for emergency purposes.
Before you make a purchase with your card, you should also consider the credit limits that apply to your card. There is no credit limit for purchases made on your monthly statement. Therefore, there is no point in applying for a card that requires a high limit when you are only going to use the card on a small number of purchases each month.
The Capital One Secured MasterCard allows you to build a savings account with a low credit limit. This means that if you pay off the balance each month, you are still eligible for the same rewards and rates offered to cardholders who have a much higher limit. When you accumulate a significant balance, you will also enjoy a higher credit limit and be eligible for rewards that the cardholder with a lower limit would receive. So be disciplined in paying off your card, and you will be able to build up a stronger credit score.