Best for: Those who need payment flexibility
Need a second chance at rebuilding your credit? This no-annual fee card from Capital One is a great option.
After applying, you’ll be asked to make a security deposit of $49, $99 or $200 based on your creditworthiness. This amount will be refunded to you if you close your account and pay your balances in full. In return, you’ll get an initial line of credit of $200. If you make your first five monthly payments on time, you’ll get access to a higher credit line, though the maximum is $1,000.
Capital One also allows users to pay their security deposit over time. Once you are approved for the Capital One® Secured Mastercard®, you are allowed to make partial payments toward the deposit, although you have to make the full payment within 80 days.
One feature is ideal for those who are living paycheck-to-paycheck. You can pick your own monthly due date and payment method (by check, online or at a local branch).
The APR with this card is standard for secured cards at 26.49% (variable). There is no penalty APR, but there is a late payment fee of up to $39. The card also offers no foreign transaction fees.