How Low Can They Go!! (Capital One)

Member Name: andy0304

Product:	Capital One
Date:	16/09/04 (1470 review reads)
Rating:

Advantages: Low Rates, Choice of Statement Date, No Fraud Liability

Disadvantages: Minimum 3% Payment

Over the past few years I have become one of those people who won’t stick to credit cards for very long, I like to switch between those that can get me a better offer time and time again. It can be a lot of hassle at times when it comes to the balance transfer and applying to new credit card companies etc but sometimes worth while.

It was then, thanks to a flyer through my door I came across the Capital One Platinum card. One which apparently has a very low interest rate that stays low permanently. I had my doubts to begin with but if that was the case as that sounded like too great an offer. It was at that point I decided to have a look on their website rather than just go ahead and apply as this would give me definite information.

This clarified for me that it was 0% for the first 6 months on purchases and 3.9% for any balance that I wanted to transfer to them which would last for the life of the balance transfer and for the first 6 months I could make as many transfers as I like at that same rate. Fantastic offer I thought. But what made this card different? What made it different is that instead of the APR jumping upto around 13%, maybe even 15% it goes upto a very low 6.9%.

This was the lowest rate I had ever found and decided to apply. The application was online and was very straight forward; I was also given the opportunity at that point to enter any balance transfer request I wanted to do. Throughout the application process Capital One was very helpful, they would call to confirm details and send letters informing you of what is happening at every step of the way. Not always you get such good service from credit card companies is it!

Once the card arrived, which was via secure delivery with a courier and not just in the post like some cards arrived. The courier would have to see I.D before he would be allowed to give me the card and I had to sign to confirm I received it. Once opened I also than had to confirm I had received the card by calling Capital One to activate the card where more security checks were carried out. All of which makes you feel better for using them as they have secure procedures in place for this sort of thing.

The statements come through in the same way as every other card does. Capital One asks for a minimum of 3% of the outstanding balance or £5 which ever is the greater. Although this is slightly more than some cards who only ask for 2% I feel it is worth it due to the low interest rates they charge. However if you wish you can change the statement date that your statement is issued.

One thing that did surprise me was that it is not yet a Chip and Pin card it still uses that old signature method as payment. I have had the card for about 4 months now and had already received other chip and pin cards so that was I thought a little bit strange, but no doubt them cards will come about soon.

Something that Capital One pride them selves about is their No Fraud Liability, which basically means that unless you have given someone permission to use your card then you will not be liable for the spending that happens. That is something that I have not had to use of theirs, fortunately and hope I never do but it’s good to know it there if I need it.

Just a bit of advice be careful if you use your card other than for making purchases as if you use it to withdraw cash then you will pay the price. That is 20.5% APR for the withdrawal plus a handling fee doing so of 1.5% with a minimum of £2 so that withdrawal could turn out to be quite expensive. But other than that this is certainly a card I would recommend and the great thing is you can either get your balance on line or call the automated phone system!

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