33, male, married, no kids, foodie, bargain hunter.
33, male, married, no kids, foodie, bargain hunter.
Member since:11.11.2002
Reviews:14
Members who trust:6
Update August 2004: from the end of this month, the cashback rate is being reduced to 0.5%. This makes cards such as Mint and CreateCard (both at up to 0.8%) much more competetive. Amex Blue is still at 1%, and the new Amex Platinum credit card (now you can apply for it rather than wait to be offered it, as the other benefits have largely disappeared) doe 0/5% to £2000 pa, then 2$% on all purchases above this. Make your own decisions!
Having checked extensively on Capital One's website, I can't see that they do two Circle Mastercards - and the one I've got - Circle Rebate - offers 1% cashback on all purchase transactions. I'm a reasonably high earner and have a good credit record, and nearly always pay off my card bills in full at the end of the month. I decided last year to look for a cashback card which I could use for everyday purchases in place of my debit card, and got an AMEX Blue card - which also offers 1% cashback.
The only problem was that quite a lot of UK retailers don't take AMEX due to the higher charges incurred, so when I found that Capital One did a Mastercard with the same basic deal I was interested.
The interest rate isn't competitive - but I don't pay interest due to paying off the balance. The credit limit I received was perfectly adequate - but Capital One don't advertise this as a 'first time' card or for those with below average credit scores - the whole point of this card to me is the cashback scheme. By the time my wife and I have paid £1400 each for rail season tickets, done the weekly shopping, paid for petrol and a holiday, we're looking (conservatively) at £100 cash - not points - credited back to the account at the end of the year - not a bad night out, you'll agree.
How does it work, then. I do all my banking on the internet, and their website, two months in, is fine - quick, accurate and up-to-date. That of AMEX in comparison is slow, clunky, confusing and unreliable. I've only used their telephone customer service line once - and that was fine and dandy.
The application process was without fault - again over the internet - and I honestly can say I have no cause for criticism at this (early) stage. Perhaps I'm unusual in that I don't often have cause to speak to a human being in my financial transactions (I'm polishing my anorak as I write) - and perhaps this is the great weakness of many call centre-driven institutions - their staff.
In summary, then - so far, no problems, excellent cashback scheme on all transactions (rather than the tiered rates many other cards offer), widely-accepted when compared with AMEX blue, functional website which works. Recommended if you pay your balance off in full each month and put as many of the household expenses on it as possible.
Update - 21/12/03
Another member usefully suggested that I might update this review - which I'm happy to do. In the year I've had the card (and my wife as a second cardholder) I've had no problems at all. I've had cause to call their customer service line only once since the op was written, and the call was handled curteously and efficiently. I've paid the grand total of about £2 in interest and just had a rebate (on December 16th) for a whopping £100.35.
Basically I've put as many of the household expenses through this card as possible (including two £1500 season tickets sponsored by work loans and a pretty epensive holiday). I also have an EGG credit card which I keep solely because it has the fantastic feature of allowing you to register various third-party accounts securely and will sum up all the credits and debits therein. When logging in to my acount through EGG I have never had a problem accessing my Capital One details - first time every time.
Overall, I've just got a hundred quid back for nothing (near enough), with great online sevice and no hassles at all. I'll be keeping this card and ditching the AMEX blue.
Tony
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Great review - I think that their 1% cashback scheme is one of the best around. I used to have an Alliance & Leicester card but cancelled it when they quietly reduced it to 0.50% cashback. Regards Lexy
elkiedee 22.12.2003 00:26
Have rerated as very helpful because of your update as this makes it fuller. Thanks for letting me know about your amendments.
elkiedee 20.12.2003 01:45
An update on this review would be interesting as you seemed to have taken this card out quite recently at time of writing - are you still really happy with this account or have you had any problems since?
Apr 29th, 2003
(Aug 18th, 2004)
very helpful by (80%):
helpful by (20%):
