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#CAPITAL ONE CHAT FEATURE FULL#

Not only is Mastercard more widely accepted abroad than some other card brands, the Capital One Platinum Secured has no foreign transaction fee, which makes it a valuable card to have for a trip abroad. And those that are well-suited to international travel. It's among several secured cards that have no annual fee, too. While both cards do not charge a foreign transaction fee, Mastercard is more widely accepted outside the U.S. The Capital One Platinum Secured is a better international travel card than the Discover It Secured. And it’s ideal for those who may need time to come up with the needed deposit since it allows you to make payments of $20 or more to build toward the total. A deposit as low as $49 could get you the starting credit line of $200.

#CAPITAL ONE CHAT FEATURE FULL#

Unlike most other secured cards, you don’t need to hold the full dollar value of your credit line as a security deposit in your account. The Capital One Platinum Secured is ideal for those who might struggle, or fail in meeting, the typical deposit requirements to get a secured credit card. That rate likely isn't much lower, if at all, than what you're currently paying on another card. It charges a 3% fee for balances transferred at any offered promotional APR, and no fee for balances transferred at the regular 30.49% variable APR. Certain secured cards also allow a balance to be transferred from another card and carried on the secured card at a lower APR, at least for a period-a useful feature for those who have a secured card to rebuild credit, and continue to carry debt from other credit cards. The Capital One Platinum Secured allows balance transfers. Some secured cards offer cash-back rewards, even with a rewards match at the end of your first year.

No bonus offers or rewards program: This is strictly a card for receiving credit and building your credit score, not one for earning rewards or introductory perks. Many other secured cards similarly lean on extras, but there are exceptions.

Capital One says they will review your credit limit after six months. That said, this card has an unusually rapid process for increasing the credit limit. You do, however, need to pony up a deposit that’s equal to those sums to secure the high credit limit. When you first get the card, you can boost the initial $200 limit by up to $800, provided you deposit an amount equal to the additional credit you want. But an initial credit limit of even $1,000 still falls short of the $2,500 or even $5,000 allowed by some other secured credit cards.

Relatively low initial credit limit: While the requirements to receive the Capital One Platinum Secured are relatively low, so is the credit limit you can receive from the card, at least initially.

Capital One Platinum Secured is not among those cards payments must be made from a bank account. In other words, the kind of people who may turn to a secured credit card to build that very financial track record. Acknowledging that some people are unbanked, select secured cards allow you to leave a security deposit or pay bills through such options as money orders and cash payments made at major retail chains.

Requires a bank account: Opening a bank account can be challenging for those who are still building credit, perhaps because they are new to living in the United States.Still, it's welcome nonetheless, since it allows you to apply all available funds when getting the card to your security deposit, which in turn maximizes your credit limit. More unusual is this card's absence of a fee on foreign transactions, which many cards-both unsecured and secured-levy a charge of 2.7% or 3% on purchases you make when abroad or from foreign online sellers.

No annual or foreign-transaction fees: You pay nothing to get this card, other than a refundable security deposit.Each payment must be at least $20, in a whole dollar denomination, and you need to have reached the entire deposit amount no more than 35 days after being approved for the card. The Capital One Platinum Secured allows you to pay that deposit in installments. Security deposit can be paid in installments: For those on limited incomes-which describes many, if not most, people who receive secured credit cards-it can be a financial stretch to amass the deposit required to get a secured credit card.Other applicants with better qualifications, though, may only need to put down $49 or $99 to receive the same credit line. That might be the case for some people who receive the Capital One Platinum Secured, too they’ll need a $200 deposit to be granted the card's $200 initial credit limit. Credit limit can be larger than your security deposit: As a rule, secured cards offer an initial credit line that’s only as big as the security deposit you put down before you get the card.