Not having a credit history or a poor credit score can be inconvenient as many issuers may not approve an unsecured credit card. A secured credit card is a good place to start when you are looking to build your credit score.
Application can be filled online to receive a Capital One Secured MasterCard. As this is a secured card you may be asked to pay a deposit but this deposit is refundable when you close your account and pay out your balance in full. The required deposit can be $49 or $99 or $200.
Based on individual profile a credit limit would be assigned.You can expect to be approved for a minimum credit limit around $200 amount.
Extension of credit limit
The credit limit on Capital One Secured MasterCard can be increased if you make a deposit larger than the minimum deposit amount you are required to make within 35 days of approval and prior to the activation of your credit card.
If making a deposit to extend credit limit is not an option then you can choose an alternate method. You can make first 5 monthly payments on time and then request for an increase in the limit.
Essentials of building a good credit while using a Capital One Secured credit card
- You should have knowledge of your credit score
- While monitoring your credit reports if you notice any misreporting on your credit follow-up with the reporting agency to rectify the error.
- Always make timely payment and if possible payback your balance in full. It also helps if you keep your credit card balance at or below 30% of your credit limit.
- Be patient and make important purchases only, as repayment on time is a key factor and credit rebuilding is a process which takes time. It may be some time before you notice an increase in your credit score.
Capital One offers you the option to pick your monthly due date and payment method. You can either choose to make online payments or repay using check at a local branch.
Capital One Secured MasterCard Benefits Overview
There is no annual fee for Capital One Secure MasterCard. This card does not carry any foreign transaction fee on the purchases you make outside of the US. . Though not a wide array but this card does offer travel and retail benefits.
As part of the travel benefits you receive 24-Hour travel assistance services, auto rental collision damage waiver, and travel accident insurance.
You get an additional year of extended warranty on qualified purchases when you shop with your Capital One Secured card.
Zero fraud liability and Card Lock feature on Capital One mobile app are features that are available to protect your transactions if you’re card gets lost or stolen.
This card has a high APR percentage. However, as you are looking to build credit this isn’t a limitation and do not take away from the offerings of the card.