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Review on the Capital One Secured MasterCard

Capital One Secured Mastercard

The card that turns out to be beneficial if you have bad credit.

This is the solution for those seeking for a way out of a bad credit situation. There are no fees at all that you are required to pay when using this card from Capital One. Even though the interest rate implied seems to be higher than appropriate, we believe this card to be a great option for a number of reasons.

The card comes with a set of features in terms of the deposit options you have. Besides, once your situation gets better, you can request a higher credit line.

General information on the card

Advantages:

  • Since the card is meant for those struggling to deal with a bad credit situation, you’ll be able to get it even if your credit score is very low.
  • There is no fee to pay each year for using the card.
  • The card can be used abroad. You won’t have to worry about additional charges.

Disadvantages:

  • Cardholders are not promised any rewards.
  • The interest rate is high.

Capital One Secured Mastercard

Capital One® Secured Mastercard

  • Special offer concerning APR: No offer for this card.
  • Standard APR amounts to 24.99% but it may vary. The card comes with the Cash Advance fee of 24.99% that may also vary.
  • There is no fee to pay.
  • Special Offer: No offer for this card.

More details concerning the card:

  • All the fees are dropped. This means that you’ll have some extra money in your pocket that you can use to pay off the balance itself.
  • The emitting bank sends reports concerning the way you use the card. This is done each quarter of a year. Therefore, it’s very important for you to plan your purchases ahead and make sure that you’ll manage to pay them off on time. If you succeed, you’ll are very likely to be able to get unsecured card in the nearest future.
  • Be ready to make a deposit of at least $200 to get access to a credit line. The credit line you’re approved for depends on your current credit score.
  • If you are aimed at getting a higher credit line, you need to prove that you can make payments on time. You need to use the card for at least 5 months (and have no late payments). In this case, the emitting bank may allow you the access to a higher credit line without any additional deposit.
  • There is a number of ways by means of which you can contact the bank in case any problems arise. The customer support service is available at any time. Besides, you can use online banking or the official application of the bank if it’s necessary to carry out some operations.
  • Since this is a Mastercard, you’re able to use it all over the world without any problems.

Flexibility in terms of the deposit you need to make

This is a secured card. It means that you’re required to make a deposit before you’re allowed the access to a certain credit line. However, there is one thing that makes this card different from the majority of other secured cards that you can find at the market. The thing is that your current credit score will also be taken into account when determining your credit line. In other words, the deposit you make isn’t equal to the credit line you need. For example, you may be expected to make the deposit of $99 to get the credit line of $200. The highest credit line you can get with the card amounts to $3,000 (be ready to make a bigger deposit if you’re up for it).

The best feature of the card is that it has something to offer in case you’re unable to pay your security deposit at once. If this is about you, the emitting bank will let you pay in installments. The total sum should be paid within the period of time of 80 days.

Some facts about the interest rate implies by the card

Be aware of the fact that the interest rate implied by this card starts to apply right after you start using it.

Actually, there are no credit cards designed for those with a bad credit score that offer an interest free period. This is not the feature to expect from such like cards since they’re not meant to provide you some extra time to pay off your purchases. They are meant to help you improve your credit score. This is only possible if you pay off in full each month.

Do not expect any rewards with this card

Well, this is obvious. The fact is that secured cards are not meant for rewarding you. They are designed so that you can prove your creditworthiness.

Discover it Secured Card - No Annual Fee.

There is only one secured card out there that gives its cardholder an opportunity to earn rewards. We are talking about the Discover it® Secured Card – No Annual Fee. It offers the effective rate of 2% for the purchases made at gas stations and when eating out (the spending limit is $1,000 per quarter). All the rest purchases go under the rate of 1%. Just like the Capital One card, this card doesn’t have any fee to pay each year for the privilege of using it. This is not all to expect from the card. Being a cardholder, you qualify for the sign-up bonus that’s credited to your account at the end of the year. (The idea is that you’ll get cash back on the total sum spent with the card during the first 12 months.).

There is one thing you need to know before you decide that the card is ideal for you. The Discover card will give you access to the credit line that’s equal to the deposit you make. This is the only thing that may be disappointing about this card.

Summary: Is the Capital One® Secured Mastercard® the card you should get?

We believe the card is great for those struggling to fight with a bad credit score. It has very beneficial features that a potential cardholder can enjoy. We especially like the fact that you can get a credit line that’s higher than the deposit you made.

Actually, you can get any secured card you want. The only thing you need to remember is that when using a secured card, you need to make all the payments on time and pay in full. Otherwise, there is no point in applying for a secured card. Your credit score won’t go up.

1 Star2 Stars3 Stars4 Stars5 Stars (5 votes, average: 4.40 out of 5)
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