Capital One Secured Credit Cards: Why Are They So Attractive?
By [http://ezinearticles.com/?expert=Max_Anderson]Max Anderson
Capital One secured credit cards have broken the mold when it comes to secured credit cards. Instead of ridiculous processing charges and annual fees, Capital One secured credit cards offer credit-bruised consumers with extremely reasonable interest rates and perks that other secured credit cards wouldn't ever think of offering.
The Interest Factor
You'd think that because secured credit cards are backed by money you deposit into an account, the interest rates would be reasonable. Unfortunately, many of the companies that offer secured credit cards could care less how much money you have guaranteeing your account -- they still charge an arm and a leg for interest.
Unlike many other secured credit cards, Capital One secured credit cards actually have very reasonable interest rates. Unlike many other secured credit cards, you won't pay a ridiculous interest rate of 20 percent or more when you have a Capital One secured credit card.
The Application Fee
It's not uncommon for companies offering secured credit cards to charge an application fee. Of course, you usually are only charged this fee if you're approved (and if the company is legitimate, they put the fee on the credit card they are issuing you). However, why pay an application fee for other secured credit cards when Capital One secured credit cards have no application fee attached?
The Credit Limit
When it comes to secured credit cards, the credit limit you're approved for really depends on the amount you deposit into your secured account.
While many secured credit cards offer the ability to get a limit for a thousand dollars or more, Capital One secured credit cards have an initial credit limit of $400. This is, however, for your own good. Capital One secured credit cards are intended to help you rebuild your credit. In order to do that, you need to take it one small step at a time.
So now that you know how much credit you can get with a Capital One secured credit card, you're probably wondering what the minimum deposit amount is to open one. Unlike most secured credit cards, Capital One secured credit cards don't require a few hundred dollars to open your account. In fact, you can deposit as little as $49 when opening your Capital One secured credit card.
Applying for Capital One secured credit cards is a little different than the other secured credit cards on the market.
Instead of applying for a secured card directly, you should try applying for their regular, unsecured credit card. Many people who think they won't qualify for an unsecured Capital One card actually do. If, however, you don't qualify for the unsecured, Capital One with offer you the secured credit card option.
If you're serious about getting a secured credit card and rebuilding your credit, you can't go wrong with Capital One. Due to their low interest rates, potential perks and lack of an application fee, Capital One secured credit cards are literally changing the way consumers feel about secured credit cards.
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