Capital One is one of the most recognized banks in America. As one of top ten largest banks according to the deposits, it has many branch locations, such as in New York, New Jersey, Maryland, Virginia, Texas, Louisiana, and the District of Columbia. It also provides a lot of financial products and services. One of them is a secured credit card that’s currently popular among the banking customers.
Since there are many companies offering the secured credit card service, it is important for the customers to understand the features as well as requirements of each credit card. For the product of Capital One, you can find out the features and requirements from the following Capital One secured credit card reviews.
The Features of Capital One Secured Credit Card
Well, secured credit card from Capital One has a flexible refundable security deposit. The minimum required security deposits are also not too high. For $49, $99, or $200 deposits, customers can get an initial credit line of $200. To increase credit line, they can deposit more than the minimum rate before the card is activated.
In addition, customers can also raise the initial credit lines after the card is activated. They do not have to add any extra deposit. All they need to do is paying the monthly payments on time for the first five months. Once they do it, they can increase the initial credit lines.
The information about payment method is also listed in Capital One secured credit card reviews. Fortunately, the payment method for this product is flexible. Customers do not have to go directly to the local branch. They can choose whether they want to make payment via cash, online, or over the phone by using mobile app.
Another great feature from secured credit card from Capital One is the zero annual fees. There are also no hidden charges. Besides, it has 0% introductory APR (Annual Percentage Rate). However, the ongoing APR is quite high which is 24.99% Variable APR. To add up, it does not offer any reward.
Requirements to be considered
After understanding the features as mentioned in Capital One secured credit card reviews, there are several requirements to be considered if you plan to apply for it. First, you have to pay deposit at least $49 in the bank account. Then, you should fulfill the minimum required deposit in 80 days or before the card is activated. If the deposit does not meet the minimum requirement in the deadline, the credit card cannot be opened and the app is expired.
Another thing to consider before applying secured credit card is the high ongoing APR. Then, the credit standing will be reported to three major credit bureaus. It means customers should use credit card wisely and pay attention to the payment period. To add up, the security deposit cannot be used to pay a balance, but it will be given back once the bank account is closed.
That’s all Capital One secured credit card reviews. Having this card is a good opportunity to build or rebuild the credit if you use it responsibly. Don’t forget to pay attention to the features and requirements proposed by company before applying for one.