Capital One Secured Review: Great Choice for Bad Credit

If you have a history of bad credit card, then Capital One secured card might be the right fix for you. With a fair Flexible security deposit requirement and an impressive $0 annual fee. This is an excellent option for people who are looking out for rebuilding their credit from scratch.  

Capital One card

Quick Facts:

  • There is No annual fee involved, besides you can avail more credit building benefits with a responsible credit card use.  
  • With the prepaid card you can be side tracked, however with this one the credit builds up when used responsibly usually under the regular reporting of 3 major credit bureaus.
  • You get an impressive initial $200 line after making an early security deposit of $49, $99 or$200.
  • After regular uses you can also Get access to a higher credit line. This often takes place when you make regular monthly payments for up to 5 months straight. There is no additional deposit required either.  
  • You can manage your account 24/7 via phone or mobile app as an online access.
  • This particular one is versatile in sense that this credit card is accepted at millions of locations worldwide.

Our brief review

Whenever rebuilding your credit card from scratch, often there are limited features available in building your credit card. With an annual fee of $0, and some limited special features this is a great solid option for people with bad credit score as well.

What are the key benefits?

Capital One card

The security deposit is flexible

There is no bound limit to what your security fee should look like. You can start from as simple as $49, $99 or $299. You can take this limit up to $1000.  They also help you break down the amount by allowing you to be able to pay it in installments of as low as $20 within the 35-day span after the approval. 

You will be able to access a higher credit line

If you are regular in meeting the deadlines, then you are surely eligible for a higher credit line. With a higher credit limited, there is an increased flexibility. It also helped you take control by lowering the credit utilization.

No hidden or obvious fees involved

Why most people swirl into bad credit card history is purely because of how fees are involved. With Capital One secured card however you can get rid of this worry. There are no transaction fees involved. The annual fee is $0 as well. However, if you do not meet up with the given due date, you have to pay $39 the next time.

There is a fair upgrade potential

Unlike many credit card options out there, you can easily upgrade to a better account if you meet the deadlines regularly and keep a record of your credit card history. You will come across great benefits even when you are midway in building your credit score. The simple upgrade option makes Capital One secured card an excellent choice to begin with.

Why can you look for other card options?

  • The APR is considerably high as compared to other credit cards
  • There is no obvious reward involved in this secured card
  • Your bank account and a check is required. This isn’t the case with many other credit card options.

The alternative: The Green Dot Visa® Secured Credit Card is a good alternate choice. It doesn’t require a good credit or a bank account to get you on road.

Leave a Reply

Your email address will not be published. Required fields are marked *