Capital One Platinum

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Capital One Platinum

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64% positive

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Review of "Capital One Platinum"

published 28/03/2001 | casper77
Member since : 18/07/2000
Reviews : 35
Members who trust : 0
About me :
Super
Pro Low APR, 0% offer, cash back
Cons May use high hand tactics to increase their profits
very helpful
Competitiveness of APR
Product package
Quality of Customer Service
Reward Scheme
Additional Charges

"Credit reference and high-hand tactics"

Capital one is the largest credit card issuer in the USA and is actively pursuing the UK market. One thing alarming according to BBC watchdog is that they are not a member of any UK Banking society and hence is not obliged to comply with any of these code of practise.

During application, the information they collect for credit rating is not as complete as some other provides and hence may not actually reflect one's circumstances - which is unfair. Then, they started to offer the so-called "personally priced" credit card offers which charged an staggering interest rate of 20-30%. Also, in such circumstances, their customer service department is less than interested to let you present other evidence to support your credit status.

Nevertheless, they are one of the few provider that offers cash back and low APR and a 0% introductory rate.

However, as being complained on BBC watchdog, some customers have been receiving the statements later and later so that they would not have enough time to pay. This will enable them to charge the late payment fee.
Actually, this is nothing new, this tactic has been used in the states for years. Combined with this is credit scoring criteria which MAY be aimed at identifying customer who will likely NOT be able to pay back the amount after the 0% interest free period has lapsed. Also, if they have fully adopted the 'American Credit card industry strategy', cheque payment sent to them which is stapled may also caused late payment charges as these cheque has to be processed manually (they will get stuck in machines).

Also, their online application facilities simply translate the application into paper application which takes ages to process.

So, far, I still find truly UK based credit card issuers being more ethical and professional. Egg Card is my favourite...

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Comments on this review

  • Simoncook1 published 28/03/2001
    From an Englishman in the USA I can say that out of all the credit cards that help you rebuld credit, Capital One are the best. I have not had any of the problems you describe and am slowly building up credit (In the states you start off with a poor credit ratinf regardless of how good your rating was in England)....
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Product Information : Capital One Platinum

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Ciao

Listed on Ciao since: 16/02/2001

Capital One Platinum - Review - Credit reference and high-hand tactics

casper77 4

casper77

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About me:

Member since:18.07.2000

Reviews:35

Quote-start

Credit reference and high-hand tactics

Quote-end
28.03.2001

Advantages:
Low APR, 0% offer, cash back

Disadvantages:
May use high hand tactics to increase their profits

Recommendable No:

Detailed rating:

Competitiveness of APR

Product package

Quality of Customer Service

Reward Scheme

Additional Charges

Security and Privacy

Ease of Application

4 Ciao members have rated this review on average: very helpful See ratings
very helpful by (100%):
  1. soldierwhy
  2. Lucy2001
  3. angieb4him
and 8 other members

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The overall rating of a review is different from a simple average of all individual ratings.

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Capital one is the largest credit card issuer in the USA and is actively pursuing the UK market. One thing alarming according to BBC watchdog is that they are not a member of any UK Banking society and hence is not obliged to comply with any of these code of practise.

During application, the information they collect for credit rating is not as complete as some other provides and hence may not actually reflect one's circumstances - which is unfair. Then, they started to offer the so-called "personally priced" credit card offers which charged an staggering interest rate of 20-30%. Also, in such circumstances, their customer service department is less than interested to let you present other evidence to support your credit status.

Nevertheless, they are one of the few provider that offers cash back and low APR and a 0% introductory rate.

However, as being complained on BBC watchdog, some customers have been receiving the statements later and later so that they would not have enough time to pay. This will enable them to charge the late payment fee.
Actually, this is nothing new, this tactic has been used in the states for years. Combined with this is credit scoring criteria which MAY be aimed at identifying customer who will likely NOT be able to pay back the amount after the 0% interest free period has lapsed. Also, if they have fully adopted the 'American Credit card industry strategy', cheque payment sent to them which is stapled may also caused late payment charges as these cheque has to be processed manually (they will get stuck in machines).

Also, their online application facilities simply translate the application into paper application which takes ages to process.

So, far, I still find truly UK based credit card issuers being more ethical and professional. Egg Card is my favourite...

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Comments about this review »

Simoncook1 28.03.2001 22:55

From an Englishman in the USA I can say that out of all the credit cards that help you rebuld credit, Capital One are the best. I have not had any of the problems you describe and am slowly building up credit (In the states you start off with a poor credit ratinf regardless of how good your rating was in England)....

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This review of Capital One Platinum has been rated:

"very helpful" by (100%):

  1. soldierwhy
  2. Lucy2001
  3. angieb4him

and 8 other members

The overall rating of a review is different from a simple average of all individual ratings.



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