Not only does it help you build your credit history, but it also offers valuable benefits that can enhance your financial well-being.
Capital One is known for being the sixth largest bank in the USA. Which means it has solutions for all types of consumers, from those with poor credit scores to those who already have their financial lives in balance.
Check out everything that the Capital One credit card for poor scores offers and if it’s an ideal choice for you below.
Capital One Platinum Mastercard®
$0 annual fee ideal for poor credit scoresHow does Capital One work?
Capital One is a fee-free credit card that allows those who have a poor credit score to get started on their financial health journey. As long as it’s used responsibly, at least. Are you wondering if you’re eligible for this type of card? You can find out for free without putting your current score at risk on Capital One’s site.
However, you must have enough money available to put in a security deposit. This first deposit will be refundable later, so it doesn’t count as a fee. It’s more of a certification for the financial company to allow someone to use their credit line.
The greatest difference between this card and others that also use a security deposit is the limit amount. Mostly, banks allow you to get a credit limit that’s pretty close to your deposit. At least that’s what happens in the first few months.
Capital One doesn’t really have such a rule. Most clientes get a larger limit right on their first try, being able to get an even higher amount as their scores get better.
Capital One is a card to help build credit?
Yes, if your credit score is pretty low because you’re still getting started on your financial life or because of recent problems this option might help you. Capital One is what’s known as a secured credit card.
This means that instead of checking your score, the bank will only ask for a security deposit. Also, they will help you start building a credit history by reporting to all three major reporting bureaus in the USA.
In time, the timely payments will help you or anyone looking to rebuild their credit to get better options in financial services.
Capital One Card benefits
Once we say there are no fees and you don’t need a perfect score to apply, most people are sold on Capital One’s card. However, there is a lot more that might interest you in this service, what you’ll understand below.
Not only are there no fees for applying, but no annual fees hidden in the card’s contract. There are also some features that should make a consumer’s life easier:
- Automatic credit line reviews in 6 months;
- Manage your account anywhere through the mobile app;
- Monitor your credit score with CreditWise without hurting your numbers;
- No fees if you buy abroad;
- Get help to find ATMs to get your financial services done.
Capital One Customer Service
This is a high point of ordering a Capital One credit card! The customer service is top of the class, meaning that anyone who has a card will get access to help 24 hours a day, 7 days a week. If you have doubts or would like to solve common problems with your account, the human assistance is the best choice for fast and easy resolution.
However, there’s also an automatic helper, Eno, that will keep a watch on your account and maintain your security. It’s an AI designed to warn the user in case there are suspicious actions that might be a sign to identity theft or fraud.
It also keeps an eye on your spending, warning about trial periods for services, recurring charges and others. This way, you can find unneeded expenses and get rid of them right away.
When can you get a new credit line?
Are you in need of a credit card with better limits? With Capital One there are two ways to make this come true. The first one is by getting started with a higher security deposit, which will convince the bank that you can spend the amount responsibly.
A safety deposit isn’t quite feasible yet? Don’t worry, all you have to do is keep your payments on time for the first six months. After this “tryout” period, you’ll be instantly approved to request a review of your credit line.
Which means that the bank will once again check your information and see if it’s safe to get an improvement. Since these cards allow you to build credit, the chances of getting a positive answer are pretty high.
You will be directed to the official website of the card.
Who can get a Capital One credit card?
Almost anyone can get this credit card and start building a healthy credit history! Most users are pre-approved to get this option, but there is a safety deposit prerequisite as well. The value is divided in three tiers, keep in mind that the higher your security deposit, the higher your credit limit as well:
- $49;
- $99;
- $200.
There is also the chance of negotiating a different price with the financial company. This deposit is refundable, much like when you do so for a house rental, you’ll get your money back at the end of the contract.
Additional benefits
Most of the additional benefits that come with a Capital One account are ideal for those who want to build a better credit score. There’s an option to set up autopay so that you won’t make late payments even on the busiest of months.
If you’d like to allow a family member to use your brand new credit card, there’s also the possibility of adding an authorized user.
Are you afraid of getting robbed or losing your credit card? Don’t worry, security is also Capital One’s priorities. In these cases, you won’t be charged for any purchases made during this period. For even faster response all one has to do is lock their card use on the mobile app as soon as they notice it’s missing.
Capital One Card Fraud Coverage
Once you get a Capital One Card you’ll have excellent protection against fraud. For starters, there’re custom security alerts users receive via e-mail and text to alert of suspicious activity, which could be a sign of fraud and identity theft.
There is also a fraud liability coverage that guarantees you won’t be charged for anything purchased when a card has been lost or stolen.
Some of the card’s perks allow you to keep your financial life safer, such as virtual card numbers. This means that you can buy online with no worries of cloning or information theft, since the numbers expire after a certain time.
If the worse happens and you lose your card or it’s stolen there’s no reason to worry either. The mobile app allows you to lock your card and make it unavailable for any purchases.
Tips for Using Your Capital One Secured Credit Card
- Make Timely Payments: Always pay at least the minimum payment by the due date to avoid late fees and build your credit history.
- Monitor Your Credit: Use the CreditWise tool to keep an eye on your credit score and progress.
- Avoid Maxing Out: Try to use only a portion of your credit limit to maintain a healthy credit utilization ratio.
- Set Up Autopay: Consider setting up automatic payments to ensure you never miss a due date.
By following these steps and tips, you can successfully request and use the Capital One Secured Credit Card to build or rebuild your credit.
Conclusion
The Capital One Secured Credit Card is an excellent choice for individuals looking to build or rebuild their credit. With no annual fees, robust security features, and a user-friendly mobile app, this card provides a practical and accessible solution for managing your finances. The refundable security deposit makes it easier for those with poor credit scores to start their financial health journey, while the regular credit line reviews offer opportunities for growth.
By following the straightforward application process, ensuring timely payments, and taking advantage of the additional benefits such as fraud protection and virtual card numbers, you can improve your credit score and gain access to better financial products in the future.
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