Capital One offers several credit products, including the Spark Cash for Business (Secured Credit Card), Capital One Platinum Secured Card Card (Secured Credit Card), and QuicksilverOne. Before applying for these cards, you should be aware of the following information. The first step is to decide what type of credit card is right for you.
Capital One Spark Money for Business
Capital One Spark Cash for Business creditcard allows you to have a credit limit as low as $5,000 The credit limit depends on your credit score, income and other factors. If you make several on-time payment on your existing card, you may be eligible for a greater credit limit. Also, it is possible to combine many same-day inquiries to increase your chances of getting approved.
Although this card may be used for business purposes, it also makes a great choice for companies that require access to their credit to finance large purchases. Its 0% intro rate on balance transfers and purchases is a great feature that helps businesses pay for large start-up expenses.
Capital One Platinum Secured credit card
Capital One Platinum Secured credit cards may allow you to increase your limit if your payment history is good and you pay your monthly bill on time. In order to increase the credit limit, you must deposit at least $200 within the first six month of account opening. After this period, you will need to make a minimum of five payments on time.
At least $425 in monthly income is necessary to be eligible for a Platinum Secured MasterCard. Capital One could reject your application for a Platinum Secured card if your monthly income is low and request that you deposit a security fee. You may be denied if you have a history of missing or late payments.
You can build credit using a Capital One Platinum Secured Credit Card. However, credit utilization must be below 30% to maintain your credit score. This is the second most important aspect of credit scoring. Low credit limits mean that there is less spending room, and higher utilization rates can lead lower credit scores. A $200 card with a 30% credit limit would mean that a person has $60 of credit available, making it difficult to build credit.
Capital One QuicksilverOne
Capital One QuicksilverOne is your best choice for a credit card. It has low interest rates and an annual fee. This card could be the ticket to credit repair, with a low $39 annual fee and 1.5% cashback for purchases. Foreign transaction fees are not charged. This card is not like other credit cards. You don't have to have excellent credit in order to be eligible.
The Capital One QuicksilverOne card comes with a $300 credit limit. The credit limit is small, but it won't affect your credit score if you make timely payments. Your credit score is calculated using the total amount you owe, not the total credit limit. If you make five or more on-time payments, you can request a higher credit limit. Capital One will automatically increase your credit limit if you maintain good behavior for six months.
Capital One QuicksilverOne cash reward credit card is open to people with good to average credit. The rewards program is simple to use and earns 1.5% cashback on all purchases. Redeem your rewards for paper checks or statement credits. This card has a higher rewards rate that many other cards, but it charges an annual fees. Plus, it has no minimum spending requirement and does not require security deposit.