Capital One offers several credit card options, including the Spark Cash for Business Credit Card, Capital One Platinum Secured Card Card and QuicksilverOne. There are some things that you should know about these cards before you apply. The first step in deciding which credit card is right is to choose.
Capital One Spark Cash For Business
Capital One Spark Cash for Business creditcard offers a $5,000 minimum credit limit. The credit limit is based on your credit score and the amount of income you make on a yearly basis. 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 it is a business credit credit card, this card can also be used to finance large purchases. The card's 0% intro APR for purchases and balance transfers makes it attractive and helps companies pay large start-up costs.
Capital One Platinum Secured credit card
Capital One Platinum Credit Card limit can be increased if you maintain a good payment record and consistently pay your bills. You must make a deposit equal or greater to your credit limit (at least $200) within six months after account opening. After this period, you will need to make a minimum of five payments on time.
For a Platinum Secured credit card, you must earn at least $425 a month. Capital One will reject your application if you have a low income. They may ask for a security deposit. Those with a history of late or missed payments may also be turned down, but you will probably still be approved if you are able to keep up with the minimum 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 can limit your spending power, while high utilization rates can cause 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
The Capital One QuicksilverOne credit card is a great choice if you are looking for low interest rates and an affordable annual fee. This card could be the ticket to credit repair, with a low $39 annual fee and 1.5% cashback for purchases. You don't have to pay a foreign transaction fee. And, unlike many other credit cards, you don't need excellent credit to qualify for this card.
Capital One QuicksilverOne Cards come with a $300 credit cap. Even though this credit limit is modest, it won't hurt your credit score so long as your payments are on time. Your credit score will be calculated using the amount that you owe. Not the credit limit. You may request a greater credit limit if five or more payments are made on time. If you keep up the good behavior, Capital One will consider increasing your credit limit automatically after six months.
Capital One QuicksilverOne cash incentives credit card is accessible to everyone, not just those with excellent credit. Its rewards program is relatively simple and easy to use, and it earns 1.5% cash back on most purchases. You can use your rewards to purchase statement credits, or print checks. Although it does have an annual fee, the rewards rate is higher than most other cards. It has no minimum spending requirements and doesn't require a security deposits.