Digital News Report – While there is an abundance credit card types, many customers find it difficult to acquire one. Americans with poor credit find it harder than ever to obtain a card; but there is a solution.
While credit cards are needed to rent cars, reserve hotel rooms and make some online purchases, many people don’t have access to the cards. There is a method of improving your credit score while having the benefits of a card.
Various banks offer secured cards including Capital One, Premier Bank and Applied Bank.
Students and young people find it especially difficult to get a credit card because they don’t have established credit. It is the chicken and the egg dilemma: How can someone get credit if they don’t have established credit?
Capital One® Secured MasterCard® for Young Adults is designed for young people. Even customers with bad credit can acquire this card. Unlike a prepaid or debit card, credit card companies report payments to the credit reporting bureaus. On-time payments can improve credit scores.
There are some other advantages to the Capital One credit card. Customers can track their credit score with the bank’s online tools. Also, the credit limit can be raised without any extra security deposit.
There is a $24 a year fee and a 19.8% APR charge on revolving charges. Even with the interest payment, it could benefit the user to pay the monthly payments rather than pay the card off in full. On-time monthly payments can improve the credit score.
By: Tina Brown