lorkat89 wrote:So I finally got the courage a few weeks ago to apply for the Capital One Secured Card and got accepted. I only had to send in $49 to get the $200 limit. Which surprised me I was sure I'd have to do the full $200. I got it in the mail today and activated it. I can't wait to use it and build some credit. Already have an idea of what my first purchase will be. But for now it's just setting all cozy in my wallet.
I only had to send in $49 to get the $200 limit.
That does not sound like a good deal to me. My first credit card was a Capital One Platinum card, started at $300 credit limit, no $49 fee or anything like that. Though, yours is a "Secured Card", not sure why you didn't you get the the actual credit card. I'm not a secured card or credit card expert, but from my experience and opinion just doesn't seem like the best option.
As other users have cautioned you be careful with your card, my only advice is be sensitive about the utilization rate with this card try to keep it below 50% (i.e. below $100), higher utilization rates give Credit companies the impression you're a risky card user.