Capital One Classic Visa Card

xetyb

I just had a couple of questions regarding the 34.9% APR typical variable card from Capital One which is aimed at those with a bad credit rating. Capital only provide an overview of why you might have bad credit but it does not mention CCJ's or defaults on your file. I applied for the card and it said they would write to me within 7 working days with their decision. I just wondered if anybody had applied for this card or if they think they will accept someone with a CCJ.

Another point I was hoping to clarify was about interest rates. "Whenever an interest free period does not apply, interest is charged to your account from the date of the transaction and will continue until the statement balance is paid in full. Interest is calculated daily on the account balance." Does this then mean if I purchase an item for £100 I am charged interest daily from that point? I always thought if you paid your balances off each month you would not incur interest. Please help!

Thanks

PARIS_5000

I managed to get a Capital One card when I had multiple defaults on my credit file and if you pay your balance in full every month you will not paid any interest.

Good luck

TheExpert

xetyb wrote: »

I just had a couple of questions regarding the 34.9% APR typical variable card from Capital One which is aimed at those with a bad credit rating. Capital only provide an overview of why you might have bad credit but it does not mention CCJ's or defaults on your file. I applied for the card and it said they would write to me within 7 working days with their decision. I just wondered if anybody had applied for this card or if they think they will accept someone with a CCJ.

Another point I was hoping to clarify was about interest rates. "Whenever an interest free period does not apply, interest is charged to your account from the date of the transaction and will continue until the statement balance is paid in full. Interest is calculated daily on the account balance." Does this then mean if I purchase an item for £100 I am charged interest daily from that point? I always thought if you paid your balances off each month you would not incur interest. Please help!

Thanks

If you pay your balance off in full, you will incur NO INTEREST. If you don't you will effectively pay for your most recent transactions and interest on the oldest transactions will typically accumulate from the day your transaction went through. If you do not pay the interest off in full one month, you will have to pay it off in full for TWO MONTHS IN A ROW before you will again not be charged any interest.

Hope that helps.

dylanuk

I think CCJ's are ok on the Capital One Classic as long as it's 'past credit problems'... so I think with CCJ's they have to be over 1 year ago.

I thought the Capital One credit card gave an instant decision though (http://credit-card-comparison.../instant-decision.html)

TheExpert above is right about the interest charging, the T&C's state: "No interest is payable on subsequent statements if the outstanding balances on your current statement and the previous statement are paid in full by their respective payment due dates."

Remember though there won't be any interest free period on cash withdrawals - even if you pay them off in full.