Building a good credit record isn’t always easy. But as it has been said, nobody can go back and start a new beginning, but anyone can make a different ending. And ending up with a good credit record in spite of a previously bad one is the reason why Capital One banks offers its exclusive Secured Mastercard Credit Card.

How It Works

To be eligible, you need to have a poor credit quality and history. Once your application is approved, you are required to make a security deposit, which is refundable. You have the option of paying everything at once or adding the amount as you go along. As long as you are able to pay off the full amount within 80 days, you’re good to go.

Once you have deposited the minimum amount, you are then given $200 minimum worth of credit line. You can use this to make your purchases, or in times when you really need some cash. By adding more money to your initial deposit, you can increase your card’s credit line.

There are three credit bureaus in which your card status will be reported to automatically. These bureaus can determine if you may qualify for a future credit line increase, based on your credit history and credit payment.

This security deposit is important because it acts as your collateral. If you should ever decide to close your account after having paid the your security deposit in full, you can still get the full refund on this amount.

Because Capital One reports to the credit bureaus all payment history of your card, you can have the chance to build up a new and good credit history once again. By making sure to pay on time monthly, you can get a fresh start with Capital One’s Secured Mastercard.

What About Rates?

For purchases and account transfers, you can enjoy a 22.9% APR. As for those Cash advances, they get to have 24.9% APR as well. Annual fees are fixed at $29, while there are no transaction fees for transfers. You will be issued penalty fees for returned or late payment, at $35 and $19 respectively. There are no penalty fees for over-the-credit-limit as well.

Known as one of America’s most widely recognized banks, Capital One offers one of the best banking services and secure accounts there is. Because it has been proven to be a trusted and reliable name in banking, your credit future can still have hope to recover.

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