Capital One has several credit cards, including the Spark Cash for Business, Capital One Platinum Secured Credit Card, and QuicksilverOne. 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 Business
Capital One Spark Cash for Business creditcard has a maximum credit limit of $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.
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. 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. You will be required to make at least five payments each month after this period.
For a Platinum Secured credit card, you must earn at least $425 a month. Capital One will reject your application if you have a low income. They may ask for a security deposit. 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.
You can build credit using a Capital One Platinum Secured Credit Card. However, credit utilization must be below 30% to maintain your credit score. This is the second most important aspect of credit scoring. This is because a low credit limit means less room for spending, and a high utilization rate can lead to lower credit scores. A 30% credit limit on a $200 card, for example, means that a person only has $60 to spend, which makes it difficult to build credit.
Capital One QuicksilverOne
Capital One QuicksilverOne, a credit-card with low interest rates but low annual fees is the best. 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. There is no foreign transaction fee. This card does not require you to have good credit, as opposed to many other credit cards.
Capital One QuicksilverOne Cards come with a $300 credit cap. This credit limit will not affect your credit score, even though it is very low. As long as you pay your bills on time, the credit limit will not be a problem. Your credit score is calculated based on the total amount that you owe and not your credit limit. You can request a higher credit limit if you make five or more timely payments. Capital One will automatically increase your credit limit if you maintain good behavior for six months.
Unlike some other cards, Capital One QuicksilverOne cash rewards credit card is available for people with average to good credit. Its rewards program, which earns 1.5% cashback for most purchases, is very simple and straightforward. Your rewards can be used to redeem statement credits and 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.