Capital One Secured Credit Card – Rebuild Your Credit Fast
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When it comes to secure credit cards, the Capital One Secured Credit Card is by far one of the most attractive choices for first-time credit applicants and people who have a tainted credit history. This is because the Capital One Secured Credit Card extends some very reasonable terms and conditions to its users as well as a number of other benefits that you typically won't find with other credit card providers.
Reasonable Interest Rates
Because secured credit cards carry virtually no risk to the provider due to the existence of a cash deposit in a customer's account, one would expect lower interest rates. Yet, many providers of secured credit cards give no consideration to that fact at all and ruthlessly charge their customers outrageously high interest rates. With the Capital One Secure Credit Card, that problem doesn't exist as the interest rates are extremely reasonable.
Capital One Secured Credit Card – Rebuild Your Credit Fast
Application fees
There are many providers of secured credit cards who will charge applicants an application fee. A legitimate provider will only charge this application fee if the customer is approved and will usually charge the fee to the secured credit card that is being issued. The Capital One Secured Credit Card, on the other hand, does not charge an application fee. Why would you pay another provider that extra application fee if there is no reason to?
Credit Limit
Providers of secured credit cards make more money when their customers actively use the cards to make purchases. Therefore, some shady secured credit card providers will allow their customers huge credit limits of more than a thousand dollars. The Capital One Secured Credit Card, however, comes with a maximum credit limit of $750 to help keep a customer from spending more than he can afford to. Capital One realizes that over-spending is often the reason why many of its customers got into financial trouble in the first place and wants to help them rebuild their credit by curbing the tendency.
Capital One Secured Credit Card – Rebuild Your Credit Fast
Savings Deposit
The Capital One Secured Credit Card does not require that you deposit a huge sum of money into your savings account as a guarantee. It understands that first-time applicants and people with credit problems may not have a lot of money to spare. Refundable security fees on some Capital One Secured Credit Cards are as low as $75.
Reporting to Credit Bureaus
In line with its mission to help customers rebuild their credit rating, the administrators of the Capital One Secured Credit card will report a customer's payment information to the credit bureaus. The purpose of this is twofold; it encourages people to pay their credit card bills on time and it also provides legitimate proof that a person with past financial problems is pro-actively trying to rebuild his credit rating.
For those of you seriously want to rebuild your credit rating by becoming more disciplined and responsible, the Capital One Secured Credit Card is definitely the best choice. Not only does the Capital One Secured Credit Card extend conditions that are extremely well-suited for credit re-building, but it makes it a point not to capitalize on people who are already at a disadvantage.
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Got approve for 2 student credit cards, can i cancel one or keep both credit cards?
Hello, i got approve for 2 student credit cards. One is a Discover and the other is Capital One. I personally like Discover better. So should i cancel one of them or should i keep both!
Is Capital One Journey Student Rewards Credit card a good option?
I juat turned 18 a few months ago and would like to start building my credit. Is this card a good option? Do I have to pay a monthly fee if I don’t use it? I have a job but since I live at home I don’t really spend a lot of money since I save it.
Yes it is. I have it and was approved with no credit history within 15 seconds online. CapitalOne is the only company that gives newbies a chance anymore. I say you should give it a try. They’ll give you a low limit of $300 or $500. Just use less than 30% of your credit limit and pay it on time every month and you’ll start building credit in no time
good luck!
It is really your choice. You may want to use each credit card for a different purpose. It really all depends on you. Personally, I wouldn’t find a point in two credit cards. You have to double check, because some credit card companies are sneaky and may have a clause that if you do not use the card for so how long then you get charged for it, but I believe they made a law to stop that; however you can never be too careful. Make sure there is no cancellation fee or annual fee of any kind, too.
does capital one journey card report credit limit?
does the capital one journey student credit card report you credit card limit or do they report your highest balance and how can i find out in the future if credit cards report the limit or highest balance
It would depend on what your past credit rating is, and what the interest is going to be.
19.8 is extremely high interest. That is what Capitol One is charging on the link you provided.
Read the fine print, before you sign anything, know what you are getting yourself into.
19.8 percent is 20 cents interest on every dollar you spend.
Best thing to do if you don’t have credit history, is to go to a bank personally. If you have any questions, about the card you can ask the person, so you know what you are getting yourself into. Ask for a “secured credit card” they are the easiest to get and they help build your credit history, fast.
CapOne use to be pretty bad about not reporting limits. Supposedly, they now report limits. If they don’t, you can always call and ask them to do so.
Capital One Student Credit?
Can I build my credit with a capital one student credit card when im 17? If it doesn’t build my credit then theres no point in me getting it.
please no answers along the line of “credit cards are bad! dont get one!!”
just answer my question please, thank you!
If you are a minor, you have to have your parents cosign on the application. If your parents have bad credit, it would not be a good idea to go in with them on a credit card, they could ruin your credit before you’ve even begun. If they have good credit however, then this would be a good idea. Another option would be to have them add you as an authorized user onto one of their existing accounts. You will gain good credit from their account.
Secondly, Capital One is a terrible place to try to build credit. They are a predatory lender that caters to people with bad credit. They will not report your available credit which is part of the calculation for your FICO score. (balance of debt to available credit). I have been told that no amount of arguing will make them report it, which some people think is a violation of the law, but that’s another topic.
If you want a credit card I suggest you get one through your bank or credit union. Start off with a secured one if they won’t allow you to have an unsecured one. It requires a deposit into an account of $500 or whatever amount you want. Make a small purchase each month and pay it off in full, otherwise you’re just paying interest on something you could have bought with cash and wasting your money.
And lastly, why do you need to build credit when you’re only 17? You do not need credit except to make major purchases like a house or a car, and after you’re finished with college and employed full time. Credit cards are not required to build credit. You can save up a down payment on a car, and get a loan from your bank for a car, make on-time payments, and that will give you good credit too. I say this because I got myself into a ton of trouble when I was young with credit cards. Wouldn’t wish it on my worst enemy.