Capital One Financial is an American bank that specializes in banking, credit cards, auto loans, and savings accounts, among other financial services. The company’s headquarters are in McLean, Virginia and its operations are primarily in the United States. Capital One is among the largest banks in the United States and has a reputation for embracing technology. We will look at how to apply for a Capital One secured credit card shortly.
For your understanding, the bank has 755 branches, of which there are 30 café style locations and about 2,000 ATMs. The institution ranks 9th on Fortune’s 100 Best Companies to Work For list and 99th on the Fortune 500. The bank conducts business in the US, Canada, and the United Kingdom. It helped pioneer the extensive marketing of credit card use in the 1990s. In 2016, it became the 5th largest credit card issuer, after JPMorgan Chase, American Express, Bank of America, and Citigroup.
Capital One has a mission to help customers succeed by bringing simplicity, ingenuity, and humanity to banking. Their belief is that information and technology can revolutionize the banking industry, starting with credit cards. That is why they are the nation’s sixth-largest bank in consumer deposits. They even have award-winning office designs that promote creativity and collaboration. It is a bank to go for when you decide to use financial services.
How to get started with capital one?
When talking about credit cards, we cannot leave bank accounts behind since they are critical when getting a secured credit card. You can indirectly transfer money from your Capital One credit card to your bank account for various transactions. Again, once you upgrade to an unsecured credit card, your balance moves to your checking account for use.
Many banks support online activities, and Capital One is not left behind. You can get your account with just a few taps on your smartphone or tablet. You can even get started on your computer. All you require is reliable internet when opening your account.
Remember that online account opening is applicable for any account. You can get either a savings or a checking account. It might not be straightforward for you, especially if you have a poor banking history, such as closing your accounts with negative balances, writing bouncing checks, and doing any other illegal transactions with your account.
We usually have second chance accounts to help you rectify your banking behavior. However, these accounts can be expensive due to the various fees involved. You may also lack services such as check writing, personal loans, etc.
If you are over 18 years old, you can open your account at Capital One as long as you have the following things.
- A passport, driver’s license, or another government-issued ID card
- Social Security number (SSN) or the Individual Taxpayer Identification Number (ITIN)
- A debit card or blank check for your first deposit
You can follow the steps below to open your account.
i) Navigate to the bank’s website
The first step is visiting the Capital One website to open your account. Once in, you will find the link to “open an account.”
ii) Choose the type of account you want
There are various accounts you can apply for as we speak. Checking accounts are suitable for credit cards. You can even opt for a savings account. Again, you can open an individual account or a joint one depending on your preferences.
iii) Fill out an application
After choosing the account you want, you should enter all of your personal information. You can also set up your username plus password and also create security questions to help protect your account.
iv) Agree to let the bank collect some information.
There is a lot of information you should provide when opening your account. Therefore, you should agree to allow the bank to collect information by ticking the boxes provided.
v) Check the approval process
Once you apply, you can check whether you have been approved. You can keep your email inbox active to see any incoming messages about your account opening. However, you may become approved right away and start using your account.
vi) Make your first deposit
After being approved, you can deposit money in your account to start using it for your transactions. Since it is an online account, you will need to add money using an external bank account, debit, or credit card. It is possible to transfer money from a credit card to a bank account when you withdraw over the counter and deposit the funds in the intended account. You can also transfer online if your card issuer allows you to manage your card online.
How to apply for Capital One secured credit card?
Suppose you want to build your credit with no annual fee plus a refundable deposit. In that case, you can consider the Platinum Secured from Capital One. You can be pre-approved with no risk to your FICO scores. The card has no annual fees. It gives you a purchase APR of 26.99% variable APR. The security deposit is minimal as you can pay $49, $99, or a $200 refundable deposit. You could earn back your deposit and then upgrade to an unsecured Platinum card with responsible use.
To apply for the secured credit card, you should visit the card’s Capital One application page and scroll down to the ‘Apply Now’ page. You can first check if you can pre-qualify by following a few guidelines. You should answer the pre-approval questions by answering a few questions without impacting your overall scores. Afterward, you can see the cards that suit you and then proceed to apply for the best card that meets your demands.
You will need to tap the Apply button, and an application page will open, requiring you to enter your details in the spaces provided and enter the following details.
- Personal information such as your legal first and last names, your birthday, taxpayer Identification Number (SSN or ITIN), and tick whether you are a US citizen or not.
- Enter contact information such as your residential address, zip code, city, state, email address, and primary phone number.
- Next, you need to enter your financial information, whereby you have to declare your employment status, annual income, total annual income, and monthly rent. You should also declare if you have other bank accounts by selecting which type of accounts you have. Also, tick Yes or No if you will be interested in blank checks for cash advances?
- Lastly, you need to accept paperless Communications and statements plus SSN Verification Authorization.
- After that, you should scroll down and tap Continue for the following steps to complete the application.
Once your card application is complete, you will receive instructions on how you will receive your credit card. There are various things you can do with your credit card. Still, one notable usage is getting cash advances, whereby you can transfer money from a credit card to a debit card or bank for various uses.
Why should you consider the Capital One Platinum Secured Credit Card?
Various things make the card one of the best credit cards you can use for credit building. They include the following.
1) Risk-free pre-approval
You can see if you are pre-approved for the card with no risk to your credit score. Pre Approval prepares you to apply for the card.
2) Refundable deposits and upgrades
Since it is a secured credit card, you will need to deposit some money for security purposes. However, you can get your deposit back and upgrade to an unsecured Platinum card when you use your card.
3) Flexible due dates
You can select the due dates that work best for your budget and avoid straining yourself trying to meet the deadline. Even the payment amounts are usually friendly, and you have various options to repay your debt. For your understanding, you can even repay your credit card bill with another credit card. Credit cards allow you to settle bills where the cards are accepted.
4) Automatic credit line reviews
Capital One will review your current scores as you use your credit card to see if you qualify for better scores. You can automatically qualify for a higher credit line within six months.
5) No hidden fees
Some credit cards charge a lot of fees on your card. However, with Capital One, you will not pay such fees. You can avoid foreign transaction fees plus authorized user fees.
6) Credit score monitoring
Once you get the secured credit card, you will get unlimited access to your credit score through CreditWise. You can forget about buying credit scores from the credit bureaus.
Above all, you may need to transfer the card’s balance to another better card since Capital One allows you to transfer the balance from one credit card to another. If you see a card with better rates, you will be in an excellent position to enjoy the services of the other card.
Capital One Financial is an American bank that specializes in banking, credit cards, auto loans, and savings accounts, among other financial services. The company’s headquarters are in McLean, Virginia and its operations are primarily in the United States. It is one of the best banks in the country, whereby you can open your account online using a smartphone, computer, or tablet. The Platinum Secured credit card from the company has flexible payment terms, and you can upgrade within no time.