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. These cards are available for those who apply. Here are some things you need to know. It is important to determine which credit card is best 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 is based on your credit score and the amount of income you make on a yearly basis. 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.
While this card is a business credit card, it is a great option for companies that need access to their credit line 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 Card Credit Card
Capital One Platinum Secured credit limit may increase if you have a solid payment history and regularly pay your bill. In order to increase the credit limit, you must deposit at least $200 within the first six month of account opening. You must make at most five payments during this time.
At least $425 in monthly income is necessary to be eligible for a Platinum Secured MasterCard. Capital One might reject your application due to your low income and require you to make 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 can help you build credit. However, it is important to remember that credit utilization should not exceed 30%. This is the second largest factor in determining your credit score. This is because a low credit limit means less room for spending, and a high utilization rate can lead to 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 is an excellent choice for credit repair. It has a low annual cost of $39 and offers 1.5% cash back on purchases. The card doesn't charge a foreign transaction fees. You don't even need to have great credit to get this card, unlike other credit cards.
The Capital One QuicksilverOne card comes with a $300 credit limit. 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 using the total amount you owe, not the total credit limit. If you make five or more on-time payments, you can request a higher credit limit. Capital One will automatically increase credit limits if you show good conduct for six consecutive months.
Capital One QuicksilverOne cash credit card offers a unique option for those with average to high credit scores. It has a rewards program that is straightforward and easy to use. You can earn 1.5% cash back for all purchases. You can redeem your rewards for statement credits or paper checks. While it charges an annual fee, it has a higher rewards rate than many other cards. It has no minimum spending requirements and doesn't require a security deposits.