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 10/02/2002 | kryptic
Member since : 03/06/2001
Reviews : 3
Members who trust : 0
About me :
Super
Pro Introductory interest rate of 0%, free travel insurance.
Cons High interest rate on cash advances and transfers
very helpful
Competitiveness of APR
Product package
Quality of Customer Service
Reward Scheme
Additional Charges

"Painful application but trouble free usage"

Wanting to restructure my finances (well more realistically my debts :-) ) I chose to apply for a Capital One Platinum VISA card. This was in its self an interesting experience, the application is done via phone, web or through the post form. Their website was having problems with performance issues, so I chose to use the phone to apply. I spoke to one of their call centre staff who took me through the usual questions: name, address, dob, employer, length of employment, etc. When all the information was passed to the person on the phone there was a 30 second wait and then the reply "I'm afraid that your application hasn't been automatically accepted, we will send you a letter asking for more information in a week or so, good bye", click, and the phone went dead.

A little shocked, I waited the week or so, and received the letter stating that I had been turned down and should I wish to appeal I should contact two credit reference agencies (eqifax and Equarian?), review my file which they will send me for £2 and if I can't see anything obvious write to Capital One's "Appeals department" at the address on the letter head.

Knowing that I wasn't on the electorial register I wrote back with proof of identity and my address, including proof that I had been living there a number of years. Within a week, I received back my proof of identity with a compliments slip. I waited a further week and phoned Capital one, to enquire about progress of the appeal. I was advised that the appeal staff do not talk to members of the public and that I have to leave 1 clear month from receiving my proof of identity back before they will chase up the appeal.

So I waited, to be honest I forgot, then after two months, I called Capital One back. They looked at my application and informed me that they didn't have any record of my correspondance on their files, other than my initial rejected application. I explained that they had returned my proof of identity and they seemed bemused that they had lost my details, they could only put it down to the fact that on the original letter they sent me, the postcode was wrong. I was asked again to submit my proof of identity, this time I got an acceptance with a week.

When I got the card, it was actually a Mastercard rather than VISA, not that this bothered me, from what I understand this only causes problems in some US states where some cash machines only accept one or the other.

Activating the card was painless, the documentation that came with the card, explained the interest rates and 0% interest rate period clearly. Infact due to the delay in processing my application the 0% interest period had been extended from 6 months to 9 months.

I have been using the card for 5 months and have had no problems, so far, bills paid on time, interest charged at the right rate (where applicable).

I accept that my application was less than standard, it is worth noting that you will not get automatically accepted for any Capital One card if you aren't on the electorial register (at the address you want the card registered at), if you already have a Capital One card (they have lots of affilliate cards), or if you have been turned down by Capital One in the last 6 months. If you get turned down and you believe that you are credit worthy, it is always worth appealing with proof of identity (drivers licence, utility bills, and/or bank statements at your current address, preferably over a period of time) to prove where you live and for how long.

As I mentioned above, I originally applied for the card to help restructure my finances, the card has a 0% interest rate for the first 9 months for purchases. This means that I can funnel all purchases through there for 9 months, but the interest rate increases to 10.9% after that. Before the 9 months are up I will be looking for more competive rates for balance transfers.

All in all, Capital One, seem setup to deal with bulk processing of the average person, if your circumstances deviate from this you need to be persistant.

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Comments on this review

  • sue.51 published 22/03/2003
    Interesting reading this from a year ago - as it seems their standard rate is now 12.94% - its amazing that as the bank of England continues to lower interest rates, the credit card companies continue to subtly increase theirs under the guise of good introductory offers. Sue
  • Nikki1979 published 28/03/2002
    Thanks for this op, I've had trouble with Capital One in the past too, but I find pestering seems to help! :-)
  • tange published 09/03/2002
    A good and interesting opinion...well written and very informative too!
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Product Information : Capital One Platinum

Manufacturer's product description

Ciao

Listed on Ciao since: 16/02/2001

Capital One Platinum - Review - Painful application but trouble free usage

kryptic 4

kryptic

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About me:

Member since:03.06.2001

Reviews:3

Quote-start

Painful application but trouble free usage

Quote-end
10.02.2002

Advantages:
Introductory interest rate of 0%, free travel insurance .

Disadvantages:
High interest rate on cash advances and transfers

Recommendable Yes:

Detailed rating:

Competitiveness of APR

Product package

Quality of Customer Service

Reward Scheme

Additional Charges

Security and Privacy

Ease of Application

11 Ciao members have rated this review on average: very helpful See ratings
very helpful by (100%):
  1. Lucy2001
  2. Nikki1979
  3. bwanamdevu
and 21 other members

View all ratings

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

Share this review on

Wanting to restructure my finances (well more realistically my debts :-) ) I chose to apply for a Capital One Platinum VISA card. This was in its self an interesting experience, the application is done via phone, web or through the post form. Their website was having problems with performance issues, so I chose to use the phone to apply. I spoke to one of their call centre staff who took me through the usual questions: name, address, dob, employer, length of employment, etc. When all the information was passed to the person on the phone there was a 30 second wait and then the reply "I'm afraid that your application hasn't been automatically accepted, we will send you a letter asking for more information in a week or so, good bye", click, and the phone went dead.

A little shocked, I waited the week or so, and received the letter stating that I had been turned down and should I wish to appeal I should contact two credit reference agencies (eqifax and Equarian?), review my file which they will send me for 2 and if I can't see anything obvious write to Capital One's "Appeals department" at the address on the letter head.

Knowing that I wasn't on the electorial register I wrote back with proof of identity and my address, including proof that I had been living there a number of years. Within a week, I received back my proof of identity with a compliments slip. I waited a further week and phoned Capital one, to enquire about progress of the appeal. I was advised that the appeal staff do not talk to members of the public and that I have to leave 1 clear month from receiving my proof of identity back before they will chase up the appeal.

So I waited, to be honest I forgot, then after two months, I called Capital One back. They looked at my application and informed me that they didn't have any record of my correspondance on their files, other than my initial rejected application. I explained that they had returned my proof of identity and they seemed bemused that they had lost my details, they could only put it down to the fact that on the original letter they sent me, the postcode was wrong. I was asked again to submit my proof of identity, this time I got an acceptance with a week.

When I got the card, it was actually a Mastercard rather than VISA, not that this bothered me, from what I understand this only causes problems in some US states where some cash machines only accept one or the other.

Activating the card was painless, the documentation that came with the card, explained the interest rates and 0% interest rate period clearly. Infact due to the delay in processing my application the 0% interest period had been extended from 6 months to 9 months.

I have been using the card for 5 months and have had no problems, so far, bills paid on time, interest charged at the right rate (where applicable).

I accept that my application was less than standard, it is worth noting that you will not get automatically accepted for any Capital One card if you aren't on the electorial register (at the address you want the card registered at), if you already have a Capital One card (they have lots of affilliate cards), or if you have been turned down by Capital One in the last 6 months. If you get turned down and you believe that you are credit worthy, it is always worth appealing with proof of identity (drivers licence, utility bills, and/or bank statements at your current address, preferably over a period of time) to prove where you live and for how long.

As I mentioned above, I originally applied for the card to help restructure my finances, the card has a 0% interest rate for the first 9 months for purchases. This means that I can funnel all purchases through there for 9 months, but the interest rate increases to 10.9% after that. Before the 9 months are up I will be looking for more competive rates for balance transfers.

All in all, Capital One, seem setup to deal with bulk processing of the average person, if your circumstances deviate from this you need to be persistant.
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Comments about this review »

sue.51 22.03.2003 13:58

Interesting reading this from a year ago - as it seems their standard rate is now 12.94% - its amazing that as the bank of England continues to lower interest rates, the credit card companies continue to subtly increase theirs under the guise of good introductory offers. Sue

Nikki1979 28.03.2002 21:09

Thanks for this op, I've had trouble with Capital One in the past too, but I find pestering seems to help! :-)

tange 09.03.2002 10:11

A good and interesting opinion...well written and very informative too!

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This review of Capital One Platinum has been rated:

"very helpful" by (100%):

  1. Lucy2001
  2. Nikki1979
  3. bwanamdevu

and 21 other members

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



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