Classic from Capital One

Card Details
Overall Rating:
Issued By:	Capital One
Card:	Classic
Network:	MasterCard
Category:	Credit Builder
Acceptance:
Insurance:	None
Service:	8am to 10pm telephone line (7 days). Online account management.
Comments:	This card is idea credit builder.
Pitch:	"Apply for the new Capital One MasterCard and help strengthen your credit history."
APR & Rates
Typical APR:	29.9%
Interest Free Days:	54
Minimum Repayment:	-
Annual Fee:	No annual fee.
Balance Transfers
APR:	None
Period:	None
Charges:	-
Purchases
APR:	-
Period:	-
Rewards
Type:	No rewards scheme.
Description:	-
Reward Rate:	-
Period:	-
Comments and Reviews
Aimed At:	Individuals with poor credit histories, hoping to rebuild their credit score.
Review:	The Capital One Classic card is termed a “credit builder” card. Individuals with poor credit histories, who may have multiple CCJs, arrears and other debt problems, will find it relatively easy to obtain this card. For such individuals, restructuring debt and improving existing credit scores are a priority. For many, the best option to restructure debt would involve consolidating all debt into a relatively low-APR personal loan. This card helps with the latter priority of improving your credit rating. When credit card companies and other lenders look at credit histories of applicants, they are more likely to accept an individual that already holds a credit card. The Capital One Classic card helps people with poor credit, by acting as a “stepping stone” card – using this card wisely for a few years will demonstrate that you have “learnt your lesson” and that you are no longer a credit risk. If you decide to apply for this card, under no circumstances should you be tempted to spend excessively on it. With a standard APR of 29.9%, using this card to make large purchases that you cannot otherwise fund would be incredibly foolish. The best option may be to get the card, yet when it arrives, to put it away at the back of a drawer somewhere. For people that are struggling to raise money to cover other debt, this card is not an option. You should go and see your bank manager, explain your circumstances, and try and come to an agreement regarding debt – DO NOT BORROW EXCESSIVELY ON THIS CARD. Overall, this card acts as a “last-chance saloon” for people attempting to sort out their credit history. If used wisely and prudently, this can benefit you in the long run. If, however, you end up bowing to temptation, max the card and realise you can’t repay it, then you will struggle with any form of credit in the future. At 29.9%, this is one of the highest standard interest rates available in the UK, but that’s the price you pay for a poor credit history. We can’t state this strongly enough: USE THIS CARD WISELY, and you’ll be able to rebuild your financial status.
Verdict:	-
Apply Online:	Click here to apply for this Classic from Capital One
Overall Rating:

 
Click here to give us your comments on this credit card