Capital One Secured Card. How to Obtain a Capital One Secured Card. For many people who have not built a credit history or who have a bad history, secured cards are ideal to get started.
It is much better to be approved for an unsecured card, but without a good track record this option is sometimes not possible.
It is important to keep in mind that there are differences between a prepaid and an secured card.
Which one should you use? It all depends on what your purposes are.
Prepaid vs. Insured Cards
Prepaid Cards are purchased and charged with a limited amount of money. Then they are used to make purchases, when the money is used, they are filled with more money. These are convenient for not having to use cash when buying.
Some important points about prepaid cards.
- These do NOT help you build credit. Prepaid cards will not report your credit activity to the credit bureau.
- If you lose your card with money you may not recover it
- Some of these cards have an expiration date
- Some of the prepaid cards contain many charges and fees when using them.
Secured Cards allow you to make a deposit as a guarantee to make your purchases. In general, you are only permitted to use the credit limit as you have deposited, but on some cards it is possible to charge more than your deposit.
Some important points about the secured cards.
- Some insured cards can report your credit activity to the credit bureau.
- If they report your activities, these cards can help you make or rebuild your credit.
- These are convenient because they provide online banking or online banking
- You can use them to make recurring payments.
If your goal is to build credit for the future, a secured card is the best option. It is always important to do your research to ensure that your option reports your purchasing and payment activities to the bureaus. In addition, you must use this card with responsibility to be able to get one approved without guarantees.
The Capital One Secured Master Card
This is one of the options for people who start credit or rebuild their damaged credit. By using this card, your deposit can be returned when you are entitled to a promotion to the card without a guarantee or traditional. Your deposit will guarantee a credit line, but after making the first 5 payments in a timely manner, you can request an increase in your credit limit. The interest rate for your purchases and transfers is 24.99%. This level is very high, but the card characteristics are insured in the market. The fee for late payment is $35.
The Capital One insured card does not charge an annual fee. The required initial deposit can be $49, $99 or $200, depending on your credit history. If you make your payments on time and use this card responsibly, you can raise your credit score and even graduate to an unsecured card. After using the card for six months, ask for your credit report to verify tickets, activities and payments with the bureaus.
How to Obtain the Capital One Secured Card
If your goal is to rebuild or start making your credit this card can help you take control using your credit responsibly.
Visit the Capital One site.
- Choose the option Master Card Capital One secured card.
- Fill in important information as needed, personal data, financial data, contacts, etc.
- If you speak Spanish, you can choose options in Spanish so you can see more information about your credit card in Spanish.
- Complete all the information on the site.