No credit history? Bad credit? Self employed? Can't get a credit card? You probably can with Capital One!
'Aha!' I hear you cry. 'There are other companies that provide credit cards for people with difficult credit histories, so what makes Capital One so special?'
1) An easy application process: You can log on to Capital Ones website and complete the application online in a matter of minutes. At the end you get an immediate decision. The form is easy to fill in, you are guided every step of the way and best of all you aren't made to feel like a second class citizen just because you have had financial difficulties in the past.
2) Cool design: How many times have you been at a shop checkout and the person in front of you pulls out a shiny gold or silver credit card that looks very flashy? You might think posing #*#~, but deep inside, many people wish it was them! Especially when the checkout person is extremely polite to them and then glares at you with your handful of copper.
The good news is that Capital One gives you a choice of modern trendy designs to choose from. So even though you haven't got a gold or platinum card you still get a product that is equally impressive and personal to your tastes. For example, I went for a card with a dragon, as I like mystical things and my wife chose a tiger as she loves wildlife.
3) Rewards for good behaviour: Certain other credit card companies will give you a card if you have a poor credit history. They advertise that they will start you on a low credit amount and you can work your way up to a higher amout if you make your payments on time and don't go over your limit.
I have had other cards but the only company to keep to their promise was Capital One. I started with a limit of £200 and after 18months I had worked my way to £1000. All I had to do was pay my bill on time!
4) Excellent customer service: Whenever I have had cause to phone Capital One the customer services representatives have always been very polite, helpful and extremely friendly.
Ok so what's the catch?
I would love to say there isn't one but unfortunately there is and its very subtle.
Going back to point three on my good list, you will see that your credit limit goes up every so often. The bad part of this is that when you reach a certain level they tell you they are upgrading your card to a 'Premier Card'.
For this reward you are charged a fee of around £35, put straight on your account, if you accept. At first this seems great. Especially if you check out their web sites description of a 'Premier Card'. The interest is less than a basic card and the minimum payment is only 5% of the balance outstanding instead of 10%.
Imagine my disappointment after upgrading and receiving my next statement, only to find both the rate and minimum payment had stayed the same.
Obviously I phoned them straight up. Well, I mean I had to rant and rave at someone. Once again, the rep was very polite and explained only the credit limit improved. When I asked about their advertisement for 'Premier Cards', they explained this was only for new customers who initially applied and were accepted for 'Premier Cards'.
As people with good credit, who apply to Capital One, tend to get Platinum Cards, and the computer allocates most other (adverse) applicants Basic Cards, I have a feeling this is a bit of a con!
Overall, if you have had problems in the past and you need a credit card, I would have no problems recommending Capital One as a good option.
HOWEVER,
As with any other form of credit I would warn you not to get one if it will put you in any sort of financial hardship. I do know what I am talking about here; been there, bought the t-shirt and worn it on more than one occasion.
I guess there's just so much to spend on and so little money to do it with!
How helpful would this review be to a person making a buying decision? Rating guidelines
I'm not 100% satisfied with Capital One, they could be better I suppose! x
longlegz 24.05.2006 11:58
I think I'll stick with my Conran credit card for now - hate the thought of being charged annually for the privilege of owning a credit card! Seems ridiculous when there are so many cards out there to choose from that don't charge!
HotBabes 22.05.2006 10:48
So glad I don't have any credit cards but its a good review of one. x
May 21st, 2006
very helpful by (100%):
