capital one card

jayremoh

hi all

ive had a capital card no hassle platinum card for a few years now with a 10k limit. used as a rainy day card if you like. currently has a zero balance.

the rate has always been low about 6% more or less but has varied over the last 12 months obviously. currenlty its 8%

today i received a letter saying its increasing to 15.31% !!!!!

so do a keep it, or do i cancel it.

the main reason im asking is because i also have a 0% virgin money card with a balance of 8k which i need to move elsewhere in about 3 months and hopefully start paying off.

i was going to apply for a new 0% card but what are the chance of capital one doing a deal for me if i threaten to leave?

cheers

Fairzo

My rate has just gone from around 11% to 17%. Phoned to cancel and not a hint of a deal. Are you eligible to apply for the Santander 0% no fee card?

jayremoh

i have a first direct offset mortgage so i could do their 0% card which is a longer term but 2.98% free

i do have an abbey account too, but doesnt really get used much (its actually the lottery syndicate account for work) does that qualify me?

obviously i need the new card to give me at least 8k, so will cancelling the cap one card affect this limit?

Fairzo

You need to be a Santander current account / mortgage holder to qualify for the fee free deal.

Cancelling the Capital One card will free up credit but doesn't necessarily mean that another lender will fill in the gap.

snowball1972

I received a letter more than 6 months ago, informing me of a steep increase in the APR, however they said if i agree to stop using the card, the APR will not increase, so i am slowly clearing it off.

mendedmyways

wonder whats happening here?
I had exactly the same thing, 6% purchases... on an empty card, letter last week to put it up to 17.9%!!! I did wonder if it had something to do with the fact im trying to claim ppi for a loan off them.
Anyway rang at 5pm today ... no deals available so I cancelled the card!

jayremoh

hi all

right, this morning ive cancelled the card.

how long before my file is updated and i can apply for another card?

i need a new 8k card for a balance transfer and im hoping that a removing the 10k cap one card will allow this to happen.

note, i already have 8k virgin card and a 4k natwest (whihc i use for daily purchases to allow me to save money in my FD offset mortgage.)

tahnks

CannyJock

jayremoh wrote: »

hi all

right, this morning ive cancelled the card.

how long before my file is updated and i can apply for another card?

i need a new 8k card for a balance transfer and im hoping that a removing the 10k cap one card will allow this to happen.

note, i already have 8k virgin card and a 4k natwest (whihc i use for daily purchases to allow me to save money in my FD offset mortgage.)

tahnks

Can take up to 2 months for the CRA's to show the closure of a card. If you do apply before then, you can include the fact you've closed a card in your appeal letter if rejected.

jayremoh

ok thanks.

obviously i need my next card to be 0% and have 8k credit for the transfer, but how do the creditors define your lending limit?

am i likely to get 8k, considering ive just cancelled a 10k card?

or things so bad these days, that they give me 5k.

i also have a 4k natwest card.

CannyJock

jayremoh wrote: »

ok thanks.

obviously i need my next card to be 0% and have 8k credit for the transfer, but how do the creditors define your lending limit?

am i likely to get 8k, considering ive just cancelled a 10k card?

or things so bad these days, that they give me 5k.

i also have a 4k natwest card.

Impossible to say, all you can do is apply and see what happens, if you don't get enough of a limit on 1 card then you might need 2.

illuminate

yep... I'm off too.

Rate increased from 16% to 23%.

Time to start shopping around.

Any recommendations ?