If your credit could use a boost, there’s one card on the market with the oomph you need to help you accomplish your credit rebuilding objectives.
The Capital One Secured Mastercard easily beats out the competition in the realm of secured cards because of the added perks and protections that come with a reputable issuer such as Capital One. Here are five reasons this card has earned our expert’s top pick for anyone looking to rebuild their credit.
1. No Annual Fee, With all the Credit-Building Benefits
One of the best things about this card is the $0 annual fee, whereas most secured cards do charge annual fees.
Your spending and payment history with the Capital One Secured Mastercard will be reported to all three credit bureaus, who keep record of your credit history (i.e., your credit reports). You need a credit card that reports to the bureaus because it is the only way to help reestablish your credit, and not all secured cards do.
Your credit score is a direct reflection of the information contained in your report, so when you sign up for the Capital One Secured Mastercard and use it responsibly, your credit score will begin to improve.
2. Minimum Required Deposit Secures Your Credit Line
Based on your creditworthiness, all it takes is a security deposit in the amount of $49, $99 or $200 to secure your credit line with Capital One. Initial credit lines range from $200 to $3,000, and you can deposit more than your minimum required security deposit prior to your account opening to receive a higher initial credit line.
Capital One even accepts payments for the deposit—just be sure it’s paid in full within 80 days.
In due time as you begin to reap the rewards of better credit, you may qualify for a credit line increase based on your payment history and creditworthiness with no additional deposit required.
3. Free Access to Capital One Credit Tracker
As a Capital One member, you’ll have free access to Capital One Credit Tracker. This includes a free credit score, TransUnion credit monitoring and alerts, and free tools such as a credit simulator to see how specific actions can affect your credit score as well as key factors impacting your credit.
4. Personalized Payments and 24/7 Account Management
When the first of the month rolls around and all of your bills are due, it can leave you drained until the next paycheck. Capital One lets you choose your billing due date so you won’t be having to pinch pennies. You’ll also have 24/7 access to your account online, by phone, or on the mobile app.
5. Accepted Everywhere You See the Mastercard Logo
Mastercard is recognized around the globe, meaning the Capital One Secured Mastercard is accepted at millions of locations worldwide. A secured card doesn’t mean you have restricted usage—it is used exactly the same as an unsecured card (one with no deposit required) and comes with the same perks other Capital One members receive.
Additional Benefits Seal the Deal
If you’re still not convinced that the Capital One Secured Mastercard is the best secured card on the market, some additional benefits include:
- Extended warranty lengthens protection on items purchased with your card.
- 24/7 Travel assistance if your card is lost or stolen.
- Auto rental insurance covers damage due to collision or theft.
- 24/7 Roadside assistance if your vehicle breaks down or you get locked out.
- Travel accident insurance when your card is used to purchase fare.
- Price protection reimburses the difference on eligible items within 60 days if found cheaper elsewhere.
Forbes once referred to secured cards as a bicycle with training wheels – “a tool to practice on and demonstrate your capacity to operate something bigger, faster, and potentially more dangerous.” With responsible use of the Capital One Secured Mastercard, you’ll eventually be able to remove the training wheels and qualify for fair credit and mid-prime credit cards equipped with higher credit limits and rewards.