- Almost everyone is approved, even folks with a FICO in the 400s or 500s
- Prequalification tool lets you determine eligibility before you apply
- Reports to 3 credit bureaus each month
Your initial credit line is usually just $200, but current customers say responsible cardholders are eligible for an increase eventually. However, you have to wait approximately 6 months with this Capital One secured credit card.
- No annual fee, and all the credit building benefits with responsible card use
- Unlike a prepaid card, it builds credit when used responsibly, with regular reporting to the 3 major credit bureaus
- You will get an initial $200 credit line after making a security deposit of $49, $99, or $200, determined based on your creditworthiness
- Get access to a higher credit line after making your first 5 monthly payments on time with no additional deposit needed
- Easily manage your account 24/7 with online access, by phone or using our mobile app
- It's a credit card accepted at millions of locations worldwide
Application Process: The last thing you need is a hit on your credit report when you’re in the process of building credit. Luckily, Capital One offers a helpful prequalification tool that shows you which cards you currently qualify for. If you’re feeling confident, you can skip the prequalification process and apply immediately - but we don’t recommend it.
Features: You can do a lot with this secured credit card from Capital One. It’s accepted worldwide, so you can finally book that cruise to the Bahamas. Speaking of taking a vacation, we’re psyched that this credit card offers 24/7 travel assistance and roadside assistance services. You can also use it to reserve vacation lodging and automobile rentals.
APR: This Capital One secured credit card has a variable APR of 24.99% for purchases and transfers. That’s a high APR, but unfortunately, it’s the norm for people with poor credit.
Bonus Offers: Capital One doesn’t have any bonus offers at the moment, but it doesn’t hurt to ask a representative if anything special is going on.
Annual Fee: There’s a $0 annual fee, which is surprising since many credit cards have one. However, you have to put down a deposit of $49, $99, or $200 upon approval since this is a secured credit card.
Cash Advance APR24.99%
- Rated #4 in 4 Best Credit Cards You Can Get with Bad Credit