Capital One Credit Card
Capital One by MasterCard is one of the best secured credit card on the market. If you qualify, you can pay the low security deposit that any credit card offers.
If you are familiar that credit cards with high security levels, you must know that you need to pay a security deposit in order to have a credit card. If you are not the default, your deposit will be returned to you.
For most secured credit cards, your credit limit is equal to the security deposit. That’s where Capital One by MasterCard glitters. If you are eligible (based on your creditworthiness), you can pay a deposit of $ 50 or $ 100 for a credit limit of $ 200. And even if you are not eligible for one of the lower deposits, you can make a minimum deposit of $ 200 to get a credit card. You can pay a higher deposit if you can afford it. Capital One allows you to make a deposit of up to $ 3000 before opening your account.
Once you are approved, you can use a credit card to begin the process of restoring your credit history.
Capital One automatically reports payment history to the credit bureau so using your credit cards reasonably helps you improve your credit so that you can qualify for the best credit cards in the future.
If you make your first five payments on time, Capital One says it will give you an auto increase credit limit and you do not have to pay an additional deposit to get it.
While Capital One will only require you to make your minimum payment in order to keep your account in a good position, it is best to pay the balance in full to avoid interest and stay away from debt.