Max Anderson
Capital One Secured Credit Cards: Why Are They So Attractive?
Capital One secured credit cards have broken the mold when
it comes to secured credit cards. Instead of ridiculous
processing charges and annual fees, Capital One secured
credit cards offer credit-bruised consumers with extremely
reasonable interest rates and perks that other secured
credit cards wouldn't ever think of offering.
The Interest Factor
You'd think that because secured credit cards are backed by
money you deposit into an account, the interest rates would
be reasonable. Unfortunately, many of the companies that
offer secured credit cards could care less how much money
you have guaranteeing your account -- they still charge an
arm and a leg for interest.
Unlike many other secured credit cards, Capital One secured
credit cards actually have very reasonable interest rates.
Unlike many other secured credit cards, you won't pay a
ridiculous interest rate of 20 percent or more when you
have a Capital One secured credit card.
The Application Fee
It's not uncommon for companies offering secured credit
cards to charge an application fee. Of course, you usually
are only charged this fee if you're approved (and if the
company is legitimate, they put the fee on the credit card
they are issuing you). However, why pay an application fee
for other secured credit cards when Capital One secured
credit cards have no application fee attached?
The Credit Limit
When it comes to secured credit cards, the credit limit
you're approved for really depends on the amount you
deposit into your secured account.
While many secured credit cards offer the ability to get a
limit for a thousand dollars or more, Capital One secured
credit cards have an initial credit limit of $400. This is,
however, for your own good. Capital One secured credit
cards are intended to help you rebuild your credit. In
order to do that, you need to take it one small step at a
time.
So now that you know how much credit you can get with a
Capital One secured credit card, you're probably wondering
what the minimum deposit amount is to open one. Unlike most
secured credit cards, Capital One secured credit cards
don't require a few hundred dollars to open your account.
In fact, you can deposit as little as $49 when opening your
Capital One secured credit card.
Applying
Applying for Capital One secured credit cards is a little
different than the other secured credit cards on the market.
Instead of applying for a secured card directly, you should
try applying for their regular, unsecured credit card. Many
people who think they won't qualify for an unsecured
Capital One card actually do. If, however, you don't
qualify for the unsecured, Capital One with offer you the
secured credit card option.
If you're serious about getting a secured credit card and
rebuilding your credit, you can't go wrong with Capital
One. Due to their low interest rates, potential perks and
lack of an application fee, Capital One secured credit
cards are literally changing the way consumers feel about
secured credit cards.
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For more tips on getting the best secured credit cards,
saving money and avoiding getting taken, check out
CreditCardTipsEtc.com, a website that specializes in
providing credit card tips, advice and resources.
