Circle Card - Free Pennies (Capital One)

Member Name: upton66

Product:	Capital One
Date:	06/02/02 (1653 review reads)
Rating:

Advantages: 1% cashback, On-line Access

Disadvantages: Some Security Concerns

Another card, another free penny a pound spent. I was after a cashback credit card for my daughter; so as to keep her finances separate from mine.

Egg initially met the bill, but when they halved their 1% cashback they very rapidly lost our business. I am lucky enough to be able to just pay off my card balances as soon as they are due so I am not bothered what the rates of interest are on overdue accounts; in fact they are presently a horrific 16.9% on purchases and 20.6% for cash advances.

For me, basically, if it works then that is all that matters. The Capital One Circle card is their 1% cashback card. Bit gourdy and cheapy looking, but it works. I have had no problems with the account and recommend it to anyone, but would like to point out a couple of concerns.

Applying for the card is easy on line. Sure you can get thirty second credit approval for the card but then I did have to wait twenty days for the card to arrive. I made a phone call after about fifteen days and was re-assured that my application was in hand. No paperwork required, the application was being processed.

Paperwork arrived with usual terms and conditions and a request for MY signature. That was my first concern as I had requested a second card for my daughter. They didn't want a sample of her signature! Right me thinks, so whoever receives the second card and signs it then they can spend, spend, spend at my risk. I phoned and was "re-assured" that this was correct, ie no signature required and yes whoever receives it can sign it and use it, "it is in the terms and conditions Sir, would you like to name any other card holders Sir", I was told, "err No", I said.

In fact, unlike some other credit cards, you can have up to three extra cardholders and they don't appear to have to be 18, as the conditions "cutely" state, "...as long as they can sign the back of the card they can have one..",
so here you are baby! I suppose you could give them as Christmas presents. Whilst on the phone I did request that they send me no junk mail and he was happy to take note of that request.

To my relief the two cards arrived within the next week. Next concern was that no action was required to start using the card, no phone number to ring, no activation code to quote. Oh well, they've safely arrived and they work.

You can set up to view your statements and recent transactions on-line through their website. Again setting it up seems alarmingly simple - requires card number, postcode, date of birth and card verification code and then new username and password - and you are up and running within minutes. Again no confirmation required in writing that someone/anyone has requested to view your transactions on line.

Once on-line the website shows your whole card number, name and credit limit in all its glory for all to see. Make sure you log out properly and delete your cookies etc! However it works fine and to log in subsequently I am asked for user name, date of birth and password. I think it is essential to check your card transactions on line so you can spot any stray transactions that you don't recognise. I managed to lock myself out once when I couldn't remember my username, but they were very quick and courteous on the phone and I was back viewing my transactions within five minutes. You can change your password on line, and there is also a facility for sending secure e-mail. There is a fairly comprehensive faq section.

Monthly printed statements arrive in the post which are very clear, and your 1p in the £1 cashback is clearly shown. We started using the card at the end of November 2001 and the first cashback has already been credited on the end December statement, the next rebate should be at the end of this year. I gather that if you default on the conditions or close your account you will lose the cash rebate for t
he year.

Even paying the bills is pretty laissez faire. There is a note on the statement that you just need to ring them, quote your bank sort code and account number and your money will be transferred. There is no urgency or insistence on setting up direct debit arrangements. Payments arrive ok; in fact my daughter transfers payment from her building society directly to Capital One on line and it works fine. I can always live in hope someone might find one of my statements and pay it for me!

So maybe those with security concerns or of nervous disposition may not feel too easy with Capital One. They do advertise that they offer 100% internet guarantee for what it is worth.

For my daughter though she is happy to receive 1% back on all her university expenditure. Their attitude to security might seem a bit alarming in contrast, for example, to trying to access my BankOne (now Halifax) card on line. That is Fort Knox in contrast, so secure in fact I have just been locked out again for the third time and I waiting for another new password in the post. That will be another story (opinion) for you shortly.

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