Capital One offers several credit products, including the Spark Cash for Business (Secured Credit Card), Capital One Platinum Secured Card Card (Secured Credit Card), and QuicksilverOne. Before applying for these cards, you should be aware of the following information. The first step is to decide what type of credit card is right for you.
Capital One Spark Cash for Business
The Capital One Spark Cash for Business credit card offers a minimum credit limit of $5,000. The credit limit will be determined by your credit score as well as the income you earn each year. To increase your chances of approval, you can make a few regular payments to your existing card. You may also combine multiple same-day inquires to get a higher credit limit.
Although this card is a business card, it's also a great option for companies who need access to their credit lines to finance big purchases. Its 0% intro rate on balance transfers and purchases is a great feature that helps businesses pay for large start-up expenses.
Capital One Platinum Secured Kreditkarte
Capital One Platinum Secured credit limit may increase if you have a solid payment history and regularly pay your bill. A deposit equal to your credit limit must be made within six months. After that period, you'll need to make at minimum five payments.
You must have at least $425 per month in income to be eligible for the Platinum Secured card. Capital One can reject your application if your income is not sufficient and ask you to deposit a security deposit. Capital One might reject applications from those with a history in late or missed payment. If you can maintain the minimum payments, however, you may still be approved.
You can build credit using a Capital One Platinum Secured Credit Card. However, credit utilization must be below 30% to maintain your credit score. This is the second most important aspect of credit scoring. Low credit limits mean that there is less spending room, and higher utilization rates can lead lower credit scores. If a $200 card has a 30% credit limit, it means that the person can only spend $60. It makes credit building more difficult.
Capital One QuicksilverOne
The Capital One QuicksilverOne credit card is a great choice if you are looking for low interest rates and an affordable annual fee. This card could be the ticket to credit repair, with a low $39 annual fee and 1.5% cashback for purchases. Plus, there's no foreign transaction fee. This card is not like other credit cards. You don't have to have excellent credit in order to be eligible.
Capital One QuicksilverOne Cards come with a $300 credit cap. Although this limit is low, it will not hurt your credit score as long as you make your payments on time. Your credit score is calculated by the total amount owed, not the maximum credit limit. You may request a greater credit limit if five or more payments are made on time. Capital One will consider automatically increasing your credit limit if the behavior is good for six months.
Unlike some other cards, Capital One QuicksilverOne cash rewards credit card is available for people with average to good credit. Its rewards program is relatively simple and easy to use, and it earns 1.5% cash back on most purchases. Redeem your rewards for paper checks or statement credits. The rewards rate on this card is higher than those of other cards and it has an annual cost. Plus, it has no minimum spending requirement and does not require security deposit.