Capital One offers several credit options including the Spark Cash for Business card, Capital One platinum Secured Credit Card, QuicksilverOne and Capital One Platinum Secured Card. Before applying for these cards, you should be aware of the following information. You must first decide which credit card suits you best.
Capital One Spark Cash for Business
Capital One Spark Cash for Business creditcard allows you to have a credit limit as low as $5,000 The credit limit depends on your credit score, income and other factors. 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.
This card is not a business credit card. However, it can be used by companies who need to access their credit line to finance large 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 Credit Card limit can be increased if you maintain a good payment record and consistently pay your bills. Increasing the credit limit requires making a deposit equal to the amount of your credit limit, at least $200, within the first six months of account opening. After that period, you'll need to make at minimum five payments.
To qualify for a Platinum Secured card, you should have at least $425 in monthly income. Capital One could reject your application for a Platinum Secured card if your monthly income is low and request that you deposit a security fee. 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.
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. A low credit limit can mean less spending and a higher utilization rate can result in 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
Capital One QuicksilverOne, a credit-card with low interest rates but low annual fees is the best. This card is an excellent choice for credit repair. It has a low annual cost of $39 and offers 1.5% cash back on purchases. Plus, there's no foreign transaction fee. You don't even need to have great credit to get this card, unlike other credit cards.
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 will be calculated using the amount that you owe. Not the credit limit. You can request a higher credit limit if you make five or more timely payments. If you keep up the good behavior, Capital One will consider increasing your credit limit automatically after six months.
Capital One QuicksilverOne cash reward credit card is open to people with good to average credit. The rewards program is simple to use and earns 1.5% cashback on all purchases. You can use your rewards to purchase statement credits, or print checks. This card has a higher rewards rate that many other cards, but it charges an annual fees. It does not have a minimum spend requirement nor requires a security deposit.