Capital One offers several credit card options, including the Spark Cash for Business Credit Card, Capital One Platinum Secured Card Card and QuicksilverOne. Before you apply for one of these cards, here are some things to know. First, decide which type of credit card you want.
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 will be determined by your credit score as well as the income you earn each year. 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 may be used for business purposes, it also makes a great choice for companies that require access to their credit to finance large purchases. Businesses can benefit from the 0% intro APR when they purchase or transfer balances.
Capital One Platinum Secured Card 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. To increase your credit limit, you will need to make a minimum $200 deposit within six months of account opening. After this period, you must make a minimum 5 payments.
You must have at least $425 per month in income to be eligible for the Platinum Secured card. Capital One could reject your application for a Platinum Secured card if your monthly income is low and request that you deposit a security fee. 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.
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. Low credit limits can limit your spending power, while high utilization rates can cause lower credit scores. A $200 card with a 30% credit limit would mean that a person has $60 of credit available, making 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 can help you repair your credit with its low annual fee, $39, and 1.5% cashback on purchases. You don't have to pay a foreign transaction fee. This card doesn't require excellent credit like many other credit lines.
The Capital One QuicksilverOne card comes with a $300 credit limit. 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 by the total amount owed, not the maximum credit limit. If you make five or more on-time payments, you can request a higher credit limit. Capital One will increase your credit limit after six months if you continue to be good.
Capital One QuicksilverOne cash incentives credit card is accessible to everyone, not just those with excellent credit. The rewards program is simple to use and earns 1.5% cashback on all purchases. You can use your rewards to purchase statement credits, or print checks. This card has a higher rewards rate that many other cards, but it charges an annual fees. Plus, it has no minimum spending requirement and does not require security deposit.