Today we're going to talk about the Capital One Secured MasterCard, one of the benefits, and should you apply, this is a great option for someone who's new to credit trying to develop their score or maybe an individual who wants to improve their existing score, it gives you that route, but you don't have to deal with a monthly or annual fee, which is cool.
To start out, you have to put a $49.99 or $200 initial deposit, and that sets you up with the starting credit line of $200, you can also deposit more if you want the maximum credit line for this card, it is three thousand dollars, now if you can't afford that initial deposit all at once, you can pay in installments, I don't personally recommend that, try to stick with doing it all at once if you can, because they don't want to deal with the second payment on top of that you're using the card your irregular payments for that.
Getting into the financial details, you're going to have no annual fee and no foreign transaction fee, which is good to see, and then APR regular is going to be twenty-four point nine percent, and the same will be true for the cash advance APR, those are higher than normal, but it's not that surprising because this is a bank, banks tend to be more conservative, it put higher starting APRs, if you're new to credit, you're like I'm not sure about that. just make sure you pay on time, set up automatic payments, don't obviously blow too much of your credit line, if you only have a two hundred dollar credit line, don't go out and spend one hundred and ninety dollars, because then you're using well over the minimum amount of your credit line, you should be utilizing to get that good score, and you'll be fine, of course, APR can be intimidating, it's only a problem if you intend to get behind on pants, if you're not going to do that it won't be an issue, so this card alone would like to discover secured card, they're good options because there's no annual fee, if you're just getting started, you're not going to deal with being charged, just to develop your credit score, and if you do stick with them, you make payments on time.
Capital One is a good company, they've got a lot of nice rewards and cash back credit cards, so you can graduate to that apply, after maybe five or six months and get a card that will start generating rewards for you, so this is a good option.