The prepaid deal that you can get form Capital One is really quite amazing. You can make a deposit and get a higher credit limit than the one of your deposit amount. This is rather good as they really give you a chance to work on your credit.
The big disadvantage is that Capital One will charge you a fee for cash up front as well as interest fees of up to 25%. You will also only be allowed to take out 25% of the total limit on cash withdrawal all together so it therefore makes the round robin approach to rebuilding credit not possible. It is an amazing card to have as far as the security deposit goes although and is truly worth considering.
When you apply for some of these cards, you can also get some reward cards. These cards can ask for as little as $200 deposit. You can still earn your credit back when you go through any of these offers and thousands of others. We do suggest however, that if you at all can, try to go through banks and financial institutions for your secured credit cards as these will offer a better turnaround time for re-establishing your credit.
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