Capital One Secured Mastercard Credit Card Review
Having a less than stellar credit rating can be a real hindrance in today’s world. However, many families and individuals have been hit tremendously by economic factors outside of their control. Rebuilding your life and your credit rating may take time, but with the help of Capital One® Secured Mastercard®, you can begin the process of gaining control over your finances. Credit scores vary, and while this can be frustrating in the challenging times, it’s also a source of hope for those that have hit hard times. Capital One is dedicated to assisting individuals in this situation by making it possible to obtain a secured credit card that allows for targeted credit use that can improve your credit ratings.
Secured credit cards are lines of credit based on deposits made by the consumer. A security deposit assures the creditor that the customer is invested in the account and that losses will be limited. In the case of the Capital One® Secured Mastercard®, an annual fee of $29 is charged. A refundable security deposit is also required, with the amount depending on your creditworthiness. Credit lines vary from $200 to $3,000, and your deposit and credit line will be determined according to your credit history and scores.
You will be able to begin rebuilding your credit as you use your card and pay toward your balances. Your membership allows you to track your credit free of charge through CreditInform. You will also have access to online credit tools. Responsibility pays, and you may be able to earn increases in your credit line through good payment records and improved credit scores. A secured credit card is different from a prepaid card in that it provides a line of credit and requires a minimum payment to reduce outstanding balances. Not making a minimum payment on time will still harm your score. A prepaid card may bear a credit card logo, but it functions as a debit card, only allowing you to spend the amount deposited. It’s important not to overuse a secured credit card, as you can find yourself damaging your credit scores further. However, if you are ready to use the Capital One® Secured Mastercard® to rebuild your scores and demonstrate your responsibility, this program can be of great use.