For those with fewer funds that are looking forward to raising their credit score, Capital One Secured MasterCard will definitely be your best bet. This package comes with zero $0 annual fees for its users.
Other condition of Capital One Secured MasterCard
The APR is pegged at 24.99% of your credit which many considered high compared to that of wells Wells Fargo Secured Visa Card that stands at 19.24%. Note that this is different from what you get when you opt for PayPal Account Setup.
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Even With the high APR, Capital One Secured MasterCard remains a good option for you because it comes with fewer fees like its zero annual fees.
Deposit option of Capital One Secured MasterCard
One of the selling points and features that has placed this plan above others is the range of its deposit option. The deposit option starts low and it comes with the option that allows you to increase your credit line.
So while it requires the traditional refundable deposit like every other Secured credit house, Capital One Secured MasterCard permits lower deposit based on the outcome of customers’ credit score.
For users opting for $200, their collateral deposit maybe $49, $99, or $200.
While on the $200 plan, users could move or increase up to say $3000 if they can meet more than their yearly minimum deposit before the account is opened.
For those with limited resources, Capital One Secured MasterCard can allow the installment payment of an upfront security deposit if the client can pay up the complete amount within 80 days if the approval. It helps those users with fixed income to fit in.
Other Features of Capital One Secured MasterCard.
This package does not come with any form of rewards like some Secured MasterCard like Discover it Secure Credit Card that gives users a reward of say 1 or 2% of their credit.
It comes with a 0% interest even though the APR is high.
Consider a plan that suits your present earning rate and credit score.