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There are two ways to get a Capital One Secured Card credit limit increase: depositing more money than required and consistently paying your monthly bill on time. The first option is available…
Answer by: @parker16
The best Visa credit card interest rate is 9.25%, which is possible with the Simmons Bank Visa Platinum Card. But you need excellent credit to get such a card. So there might be a difference between the best overall Visa interest rate and the best interest rate on a Visa credit card that you can actually get approved for. Plus, it’s worth noting that Visa credit cards’ interest rates aren’t actually set by Visa. The banks and credit unions that issue Visa credit cards control that. As a card network, Visa is more about where the card is accepted than anything else.
Of course, you can do a lot better than 9.25% for a limited time, considering the low introductory APRs that many cards offer. For example, the Bank of Hawaii Visa Signature Card gives you 0% for 18 months on purchases and balance transfers. And the Chase Freedom Unlimited Visa offers 0% for 15 months. But their regular rates aren’t as good: 14.98% - 17.98% for Bank of Hawaii and 15.99% - 24.74% for Freedom Unlimited.
By the way, there are two ways a regular, ongoing Visa credit card interest rate might be expressed. The first is as a single number, and the second is as a range. In the latter case, the issuer will assign a rate from that range based on your credit history. Let’s take a look at some examples.
Here are some examples of Visa credit card interest rates:
So you’ll really need to check each individual card to know what your interest rate is going to be. Just a quick note: you’ll often see “(V)” after your card’s interest rate. That just means the rate is “variable,” or can change a bit over time. It’s not anything to be too concerned about though. It’s standard, and your rate shouldn’t change drastically.
Also keep in mind that you won’t have to worry about interest if you pay in full every month. It’s useful to note as well that there are other types of interest rates each card may or will have, such as an introductory rate on balance transfers, an interest rate for cash advances, and a penalty rate that kicks in when you don’t pay your minimum payments.
A credit card conversion fee, more commonly called a foreign transaction fee, is an extra charge by your credit card issuer for processing a transaction with a foreign merchant. It’s usually 2%-4% of what you spend. And while most credit cards do charge a conversion fee, there are a lot of great options that don’t. If you’re planning to travel abroad, it’s a good idea to get a “no foreign transaction fee credit card” in order to avoid an extra charge for paying by card at a foreign merchant.
Here are some of the best credit cards with no conversion fee:
There are also two banks, Discover Bank and Capital One, that don’t charge conversion fees on any of their credit cards. So cards like Discover it and Capital One Venture are great choices as well.
The highest credit card interest rate in recent memory was 79.9% on a card offered by First Premier Bank in 2010. That offer’s not available anymore, and the highest rate I could find now is 36% on the current First Premier Credit Card. The next highest credit card interest rate seems to be 29.99%, charged by the Total Visa Credit Card and the First Access Visa. These rates are very high when you consider that the average interest rate is only around 19%.
Legally, there actually is no highest possible credit card interest rate. Credit card companies are allowed to charge any interest rate as long as they clearly state what that rate is in the card’s terms and conditions. Of course, companies that would like to charge outrageous interest rates are limited by what people are actually willing to pay. And you should always make sure you know a card’s interest rate before applying.
Don’t forget, though, that no matter how high or low your interest rate is, it will never affect you unless you carry a balance on your card between months. If you always pay off your bill in full, you’ll never be subject to any interest. So if you don’t spend beyond your means, interest rates shouldn’t be a huge consideration when you’re picking which credit card to get.
On the other hand, if you’re not confident about your ability to pay off your credit card bills in full, you should definitely prioritize low interest rates in your search. Many cards will even offer you 0% interest for a number of months to start, which is great if you need to finance a big purchase that you can’t pay off right away.
Your Chase Freedom points don’t expire. The only way you can lose them is if you close your account ( or Chase does it for you because of missed bill payments). That applies to all Chase rewards cards, by the way. But even though you can keep your Chase Freedom points indefinitely, it’s still a good idea to redeem them often. You don’t want to forget to use them, and you do want to avoid rewards devauation. But before getting into devaluation, let’s cover the specifics of point loss. Chase gives five different conditions where this can happen.
These are the reasons you might lose Chase Freedom Points:
o Abused the reward system
o Committed fraud
o Failed to pay even your minimum payment
o Declared bankruptcy
So, you have to basically be doing something really wrong to lose your points. Otherwise, you can accumulate as many as you want. But it’s best for you to redeem your points frequently. Because the rewards aren’t proper cash back, it’s possible for Chase to devalue them. For example, they could say that rather than 1 cent per point, the new rate is 0.8 cents per point, and you’d suddenly have 20% less value. So it’s always best to be careful and redeem often.
There are two ways to get a Capital One Secured Card credit limit increase: depositing more money than required and consistently paying your monthly bill on time. The first option is available prior to account opening and the second after your account has been open for at least five months. I’ll walk you through both below.
Capital One Secured Card Credit Limit Increase Options:
1. Over-Deposit Before Getting Your Card
If you get approved, Capital One will require you to place a security deposit of $49, $99 or $200 to actually open your account. The deposit amount you’re assigned depends on your overall creditworthiness, but everyone starts with a $200 credit limit – unless you deposit more than is required, that is. Any amount you deposit above what’s required will boost your spending limit by the same amount. For example, if you’re required to place a $49 deposit and you put down $149, your credit limit will be $300 instead of $200.
You can actually raise your credit limit up to $1,000 this way. But that’s the absolute maximum, and you can only do it when you first send your deposit.
2. Pay On Time For 5+ Months
After account opening, the only way to get a Capital One Secured Card credit limit increase is to pay on time for 5 months. If you do, Capital One will likely raise your credit limit during the 6th month. By how much, though, is completely up to them. If you pay on time but other aspects of your credit get worse, you might not get an increase.
It’s also possible that Capital One will eventually return your deposit and transition you to an unsecured credit card with a higher credit limit. But that depends on how financially responsible you are.
Different secured cards have different rules regarding security deposits and spending limit increases. You can usually increase your limit by depositing more money, often at any time. But you generally can’t just call and ask for more spending power without giving the credit card company something in return. And Capital One certainly doesn’t allow that.
The only chance you have to get yourself more credit is at the very start when you send in extra money on top of your deposit. Otherwise, you’ll have to speak with your actions by paying on time until Capital One raises the limit themselves.