Capital One offers several credit cards including the Spark Cash for Business and Capital One Platinum Secured Card Credit Cards. QuicksilverOne is also available. There are some things that you should know about these cards before you apply. You must first decide which credit card suits you best.
Capital One Spark Cash for Businesses
The Capital One Spark Cash for Business credit card offers a minimum credit limit of $5,000. Your credit score and your yearly income determine the credit limit. A few on-time card payments can get you an increase in credit limit. It is also possible to combine several same day inquiries to increase the likelihood of your application being approved.
Although it is a business credit credit card, this card can also be used to finance large purchases. The card's 0% intro APR for purchases and balance transfers makes it attractive and helps companies pay large start-up costs.
Capital One Platinum Secured Credit Card
Capital One Platinum Secured credit cards may allow you to increase your limit if your payment history is good and you pay your monthly bill on time. In order to increase the credit limit, you must deposit at least $200 within the first six month of account opening. After this period, you will need to make a minimum of five payments on time.
You must have at least $425 per month in income to be eligible for the Platinum Secured card. If your income is too low, Capital One may reject your application and request you provide a security deposit. If you are able keep up with the minimum payment, applicants who have made late or missed payments in the past may not be approved.
Capital One Platinum Secured Credit Card allows you to build credit, but credit utilization must not exceed 30%. Credit utilization is the second most important factor that will determine your credit score. Because a lower credit limit means that you have less money available for spending, and high utilization rates can lead to lower credit scores. A $200 card with a 30% credit limit would mean that a person has $60 of credit available, making it difficult to build credit.
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 is a great option for credit repair because it has a low annual fee of $39, and you get 1.5% cashback on all 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 limit. Even though this credit limit is modest, it won't hurt your credit score so long as your payments are on time. Your credit score is calculated using the total amount you owe, not the total credit limit. You can request a larger credit limit if your payments are on-time if you make at least five of these payments. Capital One will consider automatically increasing your credit limit if the behavior is good for six months.
Capital One QuicksilverOne cash incentives credit card is accessible to everyone, not just those with excellent credit. It has a simple rewards program that is easy to understand and earns 1.5% back on most purchases. You can redeem your rewards for statement credits or paper checks. It has a higher reward rate than other cards, despite having an annual fee. It doesn't have a minimum spending requirement, and it does not require a security deposit.