Author: Erin El Issa If you have bad or no credit, a secured card is a great option to improve your credit score. Enter the Capital One® Secured MasterCard®, one of our favorite secured cards on the market. Based on your current credit score, Capital One will determine your refundable security deposit amount -- either $49, $99 or $200 -- which will get you a starter credit limit of $200. Want more than $200? You can make deposits to increase your limit up to $3,000.
You can watch your TransUnion credit score improve with Capital One's Credit Tracker. This online program has a credit simulator to determine how certain actions will affect your score and has credit alerts so you can keep up with changes to your report. The score offered isn't FICO, but rather a proprietary score, so don't assume that your future lenders will see this same score. That said, it's a good measure to determine whether or not your credit is improving.
The Capital One® Secured MasterCard® has an annual fee of $29 and no foreign transaction fees. The card's APR is high: The ongoing APR is 22.9% (Variable) -- so make sure you pay your balance in full each month to avoid incurring interest.
Want to learn more about the Capital One® Secured MasterCard®? Check out our full review of the card for details.
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