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Digital News Report – The new credit card laws are making it more difficult for people with bad and poor credit to qualify for a loan. Credit card solicitations doubled last year and they are expected to increase again this year.
After two years of declining credit card use, consumers are beginning to use plastic again. Credit cards are needed to rent cars, reserve hotel rooms and make online purchases. But some people are finding it difficult to qualify for a card.
There are solutions. Capital One Bank offers a solution. The Capital One® Secured MasterCard® is designed for people with poor or bad credit. The card is also a great option for students and others without any credit history.
The card does have an annual fee of $29 and carries and ongoing interest rate of 22.9%. There is no transfer fee, but the rate is 22.9% on all transfers and purchases.
Making payments on-time can help borrowers in tow ways. The bank may increase the card-holder’s credit limit, up to $3,000.
Since the bank reports payments to all three reporting bureaus, on-time payments can help improve the cardholder’s credit score.
By Tina Brown