How slow can you get?!?! (Capital One)

Member Name: Sweden

Product:	Capital One
Date:	21/02/05 (1402 review reads)
Rating:

Advantages: Anyone can have one., Friendly staff.

Disadvantages: Long processing time.

For someone with a fairly low credit score Capital One was my obvious choice. It sounds good and to be honest starting with a £200 limit doesn't bother me. I use the card for day to day expenses and then pay the full balance on payday. So far so good.

What I didn't like was the long processing time. I applied on line and got told that they would contact me by post. Fine. 6 days later I got a letter asking me to provide 2 forms of id to finish my application. 8 days after that I got a another letter informing that I had been accepted and that my signature was needed so they could send me my new card. 10 days after that I got a letter informing me that "yes, you have been accepted and your card is waiting for you!" All I needed to do was to pay £200 as a security deposit and the card would be with me in 18 - 21 days after my payment was cleared by their system. In all it took 49 working days from application to delivery of the card.

I can just about understand the initial 24 days it takes before you send of your security deposit. But the 18 - 21 days after your payment has cleared? If anyone here knows the reason, please tell me. It didn't take that amount of time to set up an account and send a card out to my Capital One platinum card holding friend. So why the delay with the less desirable ones? I know that banks like to hang on to our cash whenever they can, but this... Ah, well.

Summary: