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Capital One Secured Card Review

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We’ve discussed the great benefits that having a secured credit card can have on your credit score. The Capital One Secured Card is one of the more popular secured credit cards, but how does it work for those who are trying to recover from a poor credit score? In our review of the Capital One Secured Card, we will look at all of the fine print before you apply to see if the Capital One Secured Card is your secured credit card of choice.

Capital One Secured Card

With no annual fee, the Capital One Secured Card is a great choice for those who are looking for a boost in their credit score without paying a lot. The interest rate, however is a high 24.9%, but with the Capital One Secured Card makes ongoing reports to each of the three major credit companies, you will be able to actively watch as your credit score improves. Speaking of which, Capital One Secured Card also makes your credit report readily available to you online.

The Capital One Secured Card has flexible deposit options compared to other secured credit cards. You can choose between $200 and $3,000 as your initial deposit, which will become your first line of credit. If you never miss a payment in the first 12 months, Capital One Secured Card will move you up to an unsecured rewards credit card with even better benefits. Depending on your credit score, you may see a rise of up to 100 points within your first year of using the Capital One Secured Card. Payment options are also flexible with the Capital One Secured Card with the option of paying off bills in instalments.

Despite the higher than average APR, you end up saving a bit of dough in the long haul since the Capital One Secured Card has no annual fee. As far as secured credit cards go, you could do much worse than the Capital One Secured Card. With a little work, you’ll be well on your way to building up that good credit in no time.

 

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