Digital News Report – Credit cards were once very easy to obtain, but today many Americans are experiencing difficulty acquiring one. These basic necessities are required for car rentals, hotel reservations and online purchases.
There are many reasons why a person may not qualify for a standard credit card. They may have too much outstanding debt already. Some borrowers may have a bad credit history because of missed payments or even a bankruptcy.
There is a solution. Secured credit cards look like any other credit card. They can also help improve credit scores.
The Capital One® Secured MasterCard is one of those cards. The bank says customers can acquire the card without any processing fees or application fees.
Cardholders can track their credit with special online tools. Since payments are reported to the credit reporting bureaus every month, users of the card can improve their credit score.
“One of the most important things you can do to improve your credit score is pay your bills by the due date,” the Federal Reserve said in a statement. In some cases banks will allow customers to set up automatic payments from their bank account.
The Capital One card has a variable 19.8% interest rate and a $24.00 annual fee. “Your refundable security deposit can get you a line up to $3000”, the bank said.
This is a genuine credit card, not a pre-paid or debit card. Even customers with a poor or bad credit history can qualify for this card.
By Tina Brown