There are numerous secured card offers out there, and everyone in need of a secured credit card will have to compare the various offers against their needs and preferences. That said, one of the best secured card offers out there today is put out by Capital One.
The Capital One secured card deposit has several special features to it that many other card companies don’t allow, and it is flexible enough to fit the situation of people at various points of the credit rebuilding process, making it one of the best credit cards to own.
About The Capital One Secured Card Deposit
The Capital One secured card deposit required to set up the card will be, at minimum, $49, $99, or $100. The exact amount is determined based on your credit history and other factors. Make the minimum security deposit and you get a $200 credit limit, but you can deposit more than the minimum before your account actually opens to get a higher limit.
You can pay the deposit and future monthly payments online, by check, or in a local Capital One bank. Once your security deposit has been received, your card should arrive within 2 to 3 weeks.
One great feature of the Capital One secured card is that you can raise your initial credit limit after making only 5 on-time monthly payments on your new credit card. And there are further opportunities down the road to keep on raising your limit with responsible card usage.
Why Use The Capital One Secured Card?
When you have damaged credit, one of the best ways to rebuild is through a credit card. In some cases, you may have no choice but to use a secured card – but most people have the option to use secured or unsecured, and there are good reasons to choose either one.
When it comes to secured cards, you have less risk involved since all or part of your credit limit is backed up with your security deposit. In a sense, you are really just borrowing your own money again and again. The benefit is that you get the convenience of a card and the opportunity to repair a damaged credit score. The drawback is obviously that some of your cash is tied up in the deposit.
If you do choose to go the secured card route, Capital One’s secured card ranks among the most popular such cards out there. We’ve already seen the way its deposit works in the section above. And you can get competitive APRs with this card as well.
How Can I Be Sure Which Card Is Right For Me?
There are numerous viable options when it comes to a bad credit credit card and/or a secured credit card. How do you know which offer is right for you?
At Bonsai Finance, we never pressure you to choose any particular credit card or credit card company. We give you quick, easy access to all the pertinent information in a format that is easy to understand and compare. We put search tools in your hands that let you essentially custom-choose your new credit card based on all the features that are important to you.
The only way you can be sure you have found your best secured credit card is by comparing dozens or even hundreds of secured credit card offers online through a powerful search engine that makes the task quick and simple. Bonsai Finance puts cutting-edge search technology at your fingertips so you can be confident you’ve found the card that’s right for you.
At Bonsai Finance, we can explain to you the details of how the Capital One secured card deposit and other similar offers work. Our friendly and experienced staff are always standing by to make your credit card search easier and more successful.