Capital One Secured Card

abercrombie

Hello People,

I was looking on the Moneysupermarket website and saw the Capital One Secured card, as my credit score is low I decided to opt for this for the chance to improve it. I was accepted and they asked for a security deposit of £200 which I don't mind. I was just wondering if anyone else had seen this and if they have it is it worth it? Also would I be correct in assuming the initial credit limit will be £200?

Thanks

csimms68174

Hi there yes all limits are £200 to start off with but will go up in six months time on all secured cards ive had mine for six months now just got new credit limit.When i got mine i payed a £49 deposit for £200 some people have to pay £200 for £200 limit it gos by credit score at that time yes it is worth it as your score will go up.

Stereo

They offer this on the website?

According to Capital One's own site, the secured card is invite-only (as in, if you apply for the Classic and get rejected, they may offer you the secured version)

abercrombie

Stereo wrote: »

They offer this on the website?

According to Capital One's own site, the secured card is invite-only (as in, if you apply for the Classic and get rejected, they may offer you the secured version)

I searched for credit cards through MoneySupermarket and it brought it up on there?

Plxply

I've just noticed it's shown up on the Capital One site with an apply button. I assume it's now no longer an invite only card, although the fees are either £49 or £200. I only paid £30 when it was invite only, but it depends and still does on your credit rating.

abercrombie

I thought it was better to just pay the deposit and have a bigger chance of being accepted rather than keep applying for different cards. I only want one to build up my score so don't mind paying £200 deposit

beardedladies

Recently applied for a classic credit card and got turned down but they offered the capital one secured credit card and paid £49 on Sunday and pin arrived on Wednesday and the letter saying the pin and card will take up to 7-10 days arrived on Friday he he , hopefully the card will arrive soon... Its mainly for emergencies and help with my credit rating....

giblet10

Hopefully this is the start of more secured credit card offerings in the UK.

This is a really good way for those with limited histories to build up a good rating without too much risk for the card issuers. It also avoids hefty fees charged by the prepaid card companies - not to mention the full service that is only provided by credit cards such as car hire.

Perhaps cashplus might be next..

stupot_99

Just to encourage people, i got one of these cards in april and my credit rating from experian has increased from low 500 to just under 800, thats poor to fair and just off good. Might be other factors as well such as home phone line etc but this card defo has helped. i always pay off the balance right away when the bill comes in tho as the apr is high. If you can get one grab it and use it for small things like a shop or fuel.