Another Educated Review
I agree with everything the guy who wrote “educated review” for the most part, but the fact is there are BETTER cards even for starting out. I got this card because my credit was a 540. I had to put the $99 down to secure it. I was given a $200 limit. They did raise my limit later to $500 without me asking. Now at the same time, I also got a Discover It secured card for a $200 deposit. The limit was $200. Discover also raised my limit to $500 around the same time as Capital One did. Then Discover raised my limit to $1,000 without me asking, which Capitol One did not (and also refused to do when I asked). At 8 months of making payments on time with Discover (and keeping my balances below 10%) they automatically refunded me my $200 deposit and sent me a new card (non secured) but with the same account number so I don’t lose any credit history. I called Capital One after 14 months of making payments all on time and keeping my overall balance below 10% and asked if they would refund me my security deposit, and they refused and said I would have to close the account to get my money back. At this time my credit score is now a 697. It is very irritating that Capital One will NEVER let me earn their trust to get my security deposit back, and Discover will automatically return it to you and increase you limits automatically as well. Now add all that on top of the fact that the Discover It card has a cashback rewards as well, and it is clear who the winner is. I am on here now to find a 3rd card that will eventually replace my Capital One card, as I plan to part ways with them as soon as I establish another year of history with one of their competitors. So the summary of this is, if you have $200 for a deposit, go with Discover It instead. The lower deposit might be tempting with the Capital One card, but keep in mind you will never get that money back from them unless you close the account which will ultimately make all the history of payments you made count for nothing. I wish I had just gone with Discover. Also most people think you have to have multiple cards with multiple different companies to further build credit, but that is not true. You can have two discover it cards, as long as each card has a different account number and it will still report as two separate cards on your credit history giving the same effect as having two different cards with two different companies.