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
The Capital One Spark Cash for Business credit card offers a minimum credit limit of $5,000. Your credit score and your yearly income determine the credit limit. 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.
Although this card is a business card, it's also a great option for companies who need access to their credit lines to finance big purchases. Its 0% intro APR on purchases and balance transfers is an attractive feature, and it helps businesses pay off large start-up expenses.
Capital One Platinum Secured credit card
If you have a good payment history and consistently pay your monthly bill, you may be able to increase your Capital One Platinum Secured credit card limit. To increase your credit limit, you will need to make a minimum $200 deposit within six months of account opening. After this period, you will need to make a minimum of five payments on time.
At least $425 in monthly income is necessary to be eligible for a Platinum Secured MasterCard. If your income is too low, Capital One may reject your application and request you provide 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.
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. Because a lower credit limit means that you have less money available for spending, and high utilization rates can lead to lower credit scores. For example, a $300 credit limit means that a person has $60 left to spend. This makes credit building difficult.
Capital One QuicksilverOne
If you're looking for a credit card with low interest rates and a low annual fee, the Capital One QuicksilverOne is the best choice. 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 is not like other credit cards. You don't have to have excellent credit in order to be eligible.
Capital One QuicksilverOne credit card includes 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. A higher credit limit can be requested if you have made five or more regular payments. Capital One will increase your credit limit after six months if you continue to be good.
Capital One QuicksilverOne cash Rewards credit card is not available to those with poor credit. The rewards program is simple to use and earns 1.5% cashback on all purchases. Redeem your rewards for paper checks or statement credits. Although it does have an annual fee, the rewards rate is higher than most other cards. You don't need to make a security deposit or meet a minimum spending requirement.