How many of the credit-challenged masses would be happy to have Capital One secured credit cards in their wallets? Capital One is one of the best credit card companies out there, and there's something to be said for carrying the "what's in your wallet?" plastic in your pocket. But the Capital One name is for the credit elites only, right? Wrong!

Long Live Capital One

Capital One is not just for the credit elites of the world. The company actually offers credit cards to those with credit challenges, including their Capital One secured credit cards. Better yet, they offer these cards at very reasonable interest rates and with minimal annual fees. But what are these cards, what makes them different from traditional Capital One cards and are they as good as the original?

It Spends the Same

Capital One secured credit cards are just like all of the other Capital One cards out there as far as general use goes. You make purchases with the card and pay the bill when it comes in each month. The difference is that you provide Capital One with an up-front security deposit before they issue you the card. This protects the company in case you should default on your credit card agreement. Is it a bit of an inconvenience to have to pay a security deposit for a credit card? Yes, it can be. Is it worth it? Absolutely.

The Bad News

The bad news is that Capital One does charge an annual fee for its secured cards. That being said, however, the fee is competitive to the other secured cards on the market. You won't be paying more for the privilege of carrying the Capital One name. In fact, you may pay less than you would with some of the other secured credit cards on the market.

Still, as any credit-challenged individual knows, you are going to have to pay for the privilege of credit. Companies are going to view you as a credit risk and that means giving them cold-hard cash to lighten that risk potential. Capital One is no different; they just charge a bit less.

If you've been declined credit cards left and right and most credit card companies treat you as though you have the plague, you really should check into the Capital One secured credit cards available in order to rebuild your credit and meet your credit card needs.