Advantages Ease/speed of application
Disadvantages Customer service
|Competitiveness of APR|
|Quality of Customer Service|
|Security and Privacy|
|Ease of Application|
I chose the Capital One credit card when I needed to get a credit card quickly to pay for my work expenses. I’d managed to avoid getting a credit card when at university but was forced into getting a credit card when I started my job as my work travel company wouldn’t accept switch. And so I was faced with deciding between the hundreds of credit cards that are available. (Please ignore the two long paragraphs at the end of this review if you’re not in the mood for some serious ranting – I just had to get it off my chest!)My priority when choosing a card was speed – I needed a card fast and wasn’t too bothered about interest charges as I was only going to be using my card for work expenses that I would be reimbursed for. I didn’t want to be burdened with any annual fees and wanted to be able to pay the balance off in full every month. And so I chose the Capital One card…
Application for the card is entirely on-line. This was really handy. The decision was made there and then – I was accepted without any problems. None of the questions I was asked were too probing and the speed of decision led me to believe that they’re not too picky about who they give cards to. However, I was happy as my card arrived within the promised two weeks. One of the questions you are asked when applying for the card is what style of card you want. There is a choice of about ten different designs to choose from (ranging from the standard silver card which I went for to some wild designs with dragons etc). I’m not aware that other credit card companies offer this kind of choice of card.
The annual rate of interest is around 30%. This interest could really add up if you don’t pay off your balance regularly but I suppose it’s not a great deal worse than other cards that are out there.
You are obliged to pay a minimum of 5% of your balance each month and interest will be charged on the remaining balance. This is in line with most other cards. I understand that if you have a poor credit history then you must pay 10% of your balance each month. This seems like a good idea as it encourages better credit control if you’ve had problems in the past.
I was given a credit limit of £3,000 and this limit hasn’t increased over the couple of years that I’ve had the card. It’s great that they don’t automatically increase your credit limit because, in my opinion, it’s morally reprehensible to do so.
Now, this is where my issues with Capital One really begin – please prepare yourself for a long rant! I’ve had two occasions on which I’ve had to contact Capital One and each time I’ve been left feeling frustrated to put it mildly!
Rant number two is on a related topic. When Capital One finally cancelled the card they had sent but didn’t arrive they also cancelled my bank mandate. Fair enough, I hear you say. However, what they didn’t do is to renew the bank mandate when they reissued my card. This meant that they didn’t take February’s payment from my account and charged me a £12 penalty because they had been unable to take the money from my account. When I phoned up to complain the boy on the phone could barely speak English and kept insisting that I had charged because there was not enough money in my account, which I knew not to be the case. After about ten minutes of arguing with him he finally agreed that, as a goodwill gesture, the £12 would be refunded. Still, however, he did not admit that it was the company’s fault! Then, to my horror, about a week later I received a patronising letter from the company giving me advice on how to keep up with my payments and informing me that if I failed to make payment again there would be no further goodwill gestures! I was absolutely fuming! End of rant number two.
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