Credit cards account for 20% of grievances (second only to mortgages) filed with The Consumer Financial Protection Bureau, the federal agency committed to consumer financial protection. Billing disputes, interest rate charges, and credit reporting top the list of issues consumers submit to the CFPB on a regular basis. Credit cards seem simple enough: buy now, pay later. However, the...
|APR, Variable||22.9% variable APR|
|Cash Advance APR||24.9%* Variable|
Minimum Security Deposit: $49, $99 or $200 refundable deposit based on your creditworthiness
Credit Line: $200 - $3,000. Minimum security deposit gets you a $200 line. Deposit more to increase your line.
Regular reporting to the three major credit bureaus
You may earn a credit line increase based on your payment history and creditworthiness
See card issuer's website for details about terms and conditions of offer.
Poor Credit Accepted
- Access to credit score monitoring with three major credit bureaus, so you can watch as your score improves
- Your credit limit can increase through responsible use, without having to increase your security deposit
- $29 annual fee
- Relatively high interest rates
The Simple Dollar’s Review
No one is perfect, and many of us have found ourselves in financial situations that wrecked our credit score. But don’t fret. You’re not shut out from the world of borrowing indefinitely. In fact, one of the best ways to begin rebuilding your score is through a secured credit card, and the Capital One® Secured MasterCard® is a perfect candidate. The average credit score for acceptance is 574, but many report being approved with a much lower score.
The way it works is simple: you put down a refundable security deposit – $49, $99, or $200 – and you’ll get a credit line between $200 and $3,000. You use your card every month and then pay it off in full; hence, making small steps toward a better score. What makes the Capital One Card a good choice is you get complimentary credit score monitoring with all the three major rating agencies, so you can watch as your financial household is slowly rebuilt.
However, the card comes with a $29 dollar annual fee, the interest rate is pretty high, and you’re not gonna get any cool perks or rewards. But it’s always better to get a card like this than to throw in the towel with credit cards all together; it’ll help you rebuild your score much faster, and compared to other secured cards, the Capital One® Secured MasterCard® is one of your best options.
You know about credit cards and debit cards, and you may even be familiar with secured credit cards, but did you know there's another option out there? Millions of Americans rely on prepaid credit cards to handle their finances. Prepaid credit cards work just as you'd expect: after acquiring a card, you load it with money. As you spend,...