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Capital One to avoid
Member Name: jolenehp21
Advantages: Perhaps good for those with bad credit
I had my card for a year and cut it up yesterday, don't know why I didn't do it before.
I wanted a credit card to pay for some repairs I needed to the house, I was looking to borrow around £1000 so not much really. I chose Capital One as at the time it has a 0% on purchases for 6 months and I could clear £1000 in that time.
The application was so easy, I applied on line, it took around 10mins to gather the info I needed and complete the form. It said instant decision but after I had filled the form in the problems began. The got a screen message saying they needed more time to consider the application and would write to me in 5 working days, bit annoying but fine I had the time.
The letter actually took 10 working days. I was told 'congratulations' we can offer you a card but not the one you wanted. Instead of 0% for 6months followed by 18%, I was offered a flat rate of 34% and a credit limit of £300. What good is that?
I have seen on Dooyoo that this is a popular card for rebuilding credit ratings and it may well be but as a general use credit card it is more use as an ice scrapper (mine came in handy for this). I have had credit cards in the past and always got the intro rates and limits of £5000+, have a mortgage, income and never missed a credit payment ( I know goody two shoes, I have a banker for a mum). So what was Capital One looking for that the other credit cards did not need?
I took the card anyway, I thought I'd use the £300 and pay it off so I paid no interest. This worked fine but, the credit card cheques I received every month like clock work, after I said I did not want them became annoying. Received them was just added to the junk mail as they were thrown away but I thought of those who may have been tempted to use them. After all if it is for those who find it hard to obtain credit the temptation of the cheques may have proved too much and with a 34% interest rate calculated from the day you cash the cheque they can only cause more problems. I am not nieve, it is a company's job to make money, but I had refused the cheques and I do think a company has to have some social responsibility.
I cancelled my card yesterday, I enjoyed cutting it up. Capital One is a company that should be avoided by most. For those with bad credit and a strong will power it may be useful but I would say one to avoid for most.
Summary: One to avoid for most