Don't do it!!!!!!!11 (Capital One)

Member Name: lulu2004

Product:	Capital One
Date:	18/01/04 (732 review reads)
Rating:

Advantages: anyone can get the card!

Disadvantages: hidden fees

Where to start!!?

A few years back i wanted to be able to buy things online. I was a student, and although i worked part-time and had a student loan, my bank wouldn't give me a switch card as i didn't have £700 going through my account each month. (i keep my finances in seperate accounts) so out of boredom i filled in a Capital One form that popped up on my desktop.

It came, no questions asked. I had a £200 limit and i used the card without thinking too much about it. I'm sensible with money. Although instead of paying the whole balance each month i paid a set sum. That was mistake number 1! The interest on this card is collosial! And they raise you through the credit limits so quickly! My last credit limit was set to £1,550. Now i believe this is a ridiculous limit for a student to have. Luckily is never go that far. £600 was the most i had on this card, and that was because i used it to pay off a holiday, and had most of the cash to pay off the balance.

Anyway. when my balance was £400 it became apparent that the £30 a month that i had coming out to pay the balance each month was just being eaten up by interest, purchase protection and annual fees, and not actually paying off any of my purchases. None of these things were clearly stated in the application form!

Out of the blue Abbey National phoned me up, asking would i like a balance transfer. which i accepted immediately, and have never looked back. Yes, capital one is a good bet if you have bad credit rating. But if you don't then you really should wait and try different companies. Capital One profit off other people's misfortune.

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