2 years since my last update and i am still alive and kicking (18.8.09) xxx
2 years since my last update and i am still alive and kicking (18.8.09) xxx
Member since:21.01.2004
Reviews:98
Members who trust:40
I have one of these!
I have had my fair share of debt problems and hence my credit rating is not too brill - this is where Capital One came to the rescue.
The hubby has no problem getting credit - but as for me - well they see me coming and run a mile - except for Capital One that is.
They do a card especially for those with a duff credit history and they very kindly gave me a card all in my own name.
Just on a side note did you know that how you handle your credit and pay your bills affects more than just your ability to get credit.
Apparently quite a few lenders and employers will check your credit rating not just to see if you are viable for credit but also as a judge of personal character! Landlords and insurance companies are some of the few who use the credit scoring system and many other non-financial companies can look at your credit rating/reference before they decided whether they want to do
any business with you.
###THE INTEREST RATE###
Anyway it was great to be granted the card, the only downside is that the interest rate is a bit steep at 29.9% APR variable on purchases - that’s 2.207% per month.
###THE CARD###
When you receive the card you will need to activate it before you can use it. There will be a sticker attached to the card with the number to ring. At this point the very nice customer service chap kept me for ages trying to get me to take extra protection.
The aim of this card is to help build or strengthen your credit history.
There is no Annual Fee.
You get to pick your card design with 8 different ones to choose from.
Capital One will allocate you a credit limit between £200 and £2,500
Monthly payments are a minimum of 5% of your outstanding balance or £5 which ever is higher - e.g. if you have £1000 outstanding you will have a monthly repayment of £50.
###HOW TO PAY###
Capital One gives you a number of ways to pay your monthly bill.
TELEPHONE BANKING Just contact your bank by telephone and give them the relevant details about your Capital One card. These details are found on the front and reverse of your statement. When making a payment by this method you should always allow 5 bank working days for it to clear.
INTERNET BANKING is my preferred method. Just go into your banking details on the net and choose the option to set up a new payment. Quote your card number and Capital Ones account number and sort code all of which can be found on your statement. Really easy. Again allow 5 bank working days for processing.
If you choose to pay AT THE BANK then all you need do is take your statement with the giro slip attached and hand it over with your payment to the cashier - cash or cheque accepted - be warned that some banks may charge a fee for this service. Again 5 days for processing.
You can POST A CHEQUE to Capital One at the address provided on the statement. Write your account on the back of the cheque and send it with the giro slip from the statement - no cash or post-dated cheques.
Alternatively you can set up a DIRECT DEBIT. Just give them a call on the number on the front of the statement and they will sort it for you.
###CUSTOMER SERVICE###
I have never had the need to speak with anyone directly since activating my account as the only time I telephone is for a balance and this is all done via an automated connection.
There are quite a few options to choose from but if all you want is a balance choose option 3 and key in your details.
If the automated line can’t help then you will be transferred through to a Customer Service Rep.
### EXTRA CHARGES###
If your payment doesn’t reach them on time you will be liable for extra charges - the late payment fee is £20!.
To avoid the charge always make sure that the payment is in your account by the date specified on your statement.
###WITHDRAWING CASH###
Capital One will provide you with a PIN Number so that you can obtain instant cash from any cash machine that displays the MasterCard sign - and there are plenty around.
If at any point you forget your PIN and need reminding then just let them know and they will post it to you.
You can also obtain cash over the counter in any high street bank and you will not need your PIN to do this. Just hand them your card and request an amount, sign the slip and provide some positive identification.
When taking cash over the counter or via the cash machine Capital One will charge you a fee.
The fee is 1.5% with minimum of £2.
### STATEMENT DISCREPANCIES###
Just let them know if you think something is on your statement and shouldn’t be. Contact them within 60 days of receiving the statement. They will remove the item whilst they look into the transaction - but be warned - if it turns out that you did make the transaction they will charge to cover there processing costs.
The statement is simply and clearly set out, with account number, credit limit, balance, available credit and minimum payment all easy to find.
###CREDIT LIMIT###
All applicants must be aged 18 or over and live in the UK. Credit is available subject to status and conditions. If your application is accepted Capital One will set the credit limit.
Capital One will also review your account regularly to see if they are able to increase your credit limit.
The increase depends on the way you look after your account - namely by staying within the limit and making your payments on time you could qualify for a higher credit limit. You can of course telephone them and request this at any time.
###VERDICT###
APR is very high but for those who need a card to fall back on and are having trouble finding a card company who will oblige it's the one for you.
###TELEPHONE NUMBERS
0800 9 52 22 44 Account Queries
0800 9 52 52 67 Lost/Stolen Cards
How helpful would this review be to a person making a buying decision? Rating guidelines
I have a Capital One card myself, I also have a duff credit record and so had to pay £49 as a security deposit. They set my credit limit to £200 which is more than enough for me to use my card to do the grocery shopping online every week. Something my cash card the bank provided me with won't allow me to do. Because it's the weekly grocery shop I pay my card straight off via internet banking so am strengthening my credit rating.
pmcg01 23.02.2005 19:50
i have one too so appreciate hw good the review actually is
mayorpablo 16.06.2004 18:09
You are not supposed to include contact details simply to elongate your review. It wasn't a bad attempt but i'll be ever so glad to rerate it if you re-write it. Smiles Me.
Jun 1st, 2004
(Jun 2nd, 2004)
exceptional by (2%):
very helpful by (95%):
helpful by (2%):
