Capital One's Silver Credit Card has been around for some time now, and for good reason; it's a great credit card in many regards. However, unlike most other Capital one cards, the Silver Select does not come with an extremely high introductory APR (annual percentage rate). That is a big difference from other cards offered by the company, because it can mean hundreds of dollars in lower monthly payments.
The credit line on this card is higher than most others because of the higher interest rate; however, your credit score will likely remain high because of the low introductory rate as well. Of course, after three years, you'll pay the normal credit card rates. So what should you do if you find yourself needing to apply for another credit card? You are able to transfer your account from Capital One to any other card they have.
If you are interested in transferring your account to another card, then you will first need to learn all you can about the card you are considering, including how much interest is paid on this account. For this reason, it is usually best to shop around for as many cards as possible, because it is a good idea to compare the various offers available to you. You may also want to talk with friends or family that also use the same card.
Some people prefer the flexibility of a credit card because they don't always have money on hand to make their payments on time, so they tend to forget about it. A secured card has a very low interest rate, so you'll be able to avoid paying the same interest rate each month. This is especially beneficial for people with poor credit scores, since you're likely to be making fewer payments each month than someone with better credit ratings will.
As with all credit cards, you must be responsible with this card. Always make your payments on time. Many people have found themselves in trouble for late fees and penalties when they have had trouble paying back their credit card's balance. You may not realize that this could become a problem until you've already received some type of penalty for a late payment, so make sure that you pay everything off on time, even if it costs you a few extra dollars each month.
Overall, these credit cards have their advantages, although it is possible to use them for many reasons other than just a new credit line. that will help increase your credit scores. Once you understand how they work and what you need them for, you will be able to use them to their fullest advantage.