No annual fee: This card already has a big leg-up on many of its peers because it doesn’t have an annual fee. Considering that some secured credit cards have annual fees and monthly maintenance fees that can add up to more than $200 per year, the Secured Mastercard® from Capital One is a compelling bargain due to the fact it doesn’t have either of these things.
Low deposit requirement: The Secured Mastercard® from Capital One has three different deposit requirements, depending on your creditworthiness. To get a $200 credit limit, you will have to deposit $49, $99, or $200, depending on your income and credit score. Many other secured cards require you to deposit an amount equal to your credit line ($200 for a $200 credit line, for example) regardless of your creditworthiness. The potential to get started with a smaller deposit than other cards makes this a top choice.
You can graduate to an unsecured card: With as few as five on-time payments, your credit limit on your Secured Mastercard® from Capital One can be increased above $200. In addition, you may be eligible for graduation, which happens when the card issuer returns your security deposit, thus turning your secured card into an unsecured credit card. This card could easily be one that you have for the rest of your life, enabling you to eventually have years of positive credit history buoying your credit report.
Credit score monitoring: Capital One offers an app known as CreditWise®, which allows you to track your credit score over time. This is an important feature for a credit card in this category.
View more information: https://www.fool.com/the-ascent/credit-cards/capital-one-secured-mastercard-review/