When it comes to secured credit cards, there is no other card like the Capital One Secured MasterCard. These cards are great if you have a low credit score or are trying to build credit history.
The Capital One Secured MasterCard allows you to make regular monthly payments: The card allows you to make a single monthly payment that can be applied to your balance. You have to make the first payment within 21 days of opening the account and the rest over the next year. The minimum monthly payment you have to make is an amount equal to the balance of the card plus twenty-one percent.
The payment amount can fluctuate by up to five percent each month: You can choose to make a lower or higher monthly payment. You can also choose to make your payments online or by phone. The payment terms vary from company to company, but the goal of the loan is to make your payments on time each month.
The interest rate is fixed: You will pay the same monthly payment to the company regardless of the amount of interest you have to pay. If your credit rating is not as good as you would like it to be, you still have the opportunity to rebuild it by paying the monthly payment on time. Also, the amount you will have to pay each month can be set to your liking and be adjusted by you so you can meet your monthly income.
You can keep your balance low: Even though you are required to make all your payments, you have the choice of increasing or decreasing the amount you owe on your card each month. The monthly interest rate can remain the same, or you can get a lower interest rate. This means you can save money each month and be able to pay off your balance faster.
The Capital One Secured MasterCard is a great way to build credit: Not only does the card allow you to use your checking account to pay off your balance each month, but you are also allowed to earn rewards and cash back rewards for every dollar you charge. The cards also offer a safe credit line. If you choose to use your card with cash back rewards, you have the added convenience . . . . . . of having the cash in your pocket to use in case of an emergency and do not have to worry about losing it.