How long before I can ditch the Capital One card for a better interest rate?

moneyballs2

I've had a Capital One card since about November and have fully paid off the balance each month.

I know I've not had the card long, but I was just wondering how long it would take before I can get a card with a more favourable interest rate? My current interest rate is 30.4%, which seems quite mad.

I think my rating has improved to some extent, as Barclays have offered me a £100 overdraft if I open a bank account with them.

Thanks

intranicity

Why not use the smart search and get some kind of idea if you are a better risk?

https://www.moneysupermarket.com/credit-cards/smart-search/?Source=MSE1

fishty

You could always try the barclay card pre-application just to see what that offers up (doesn't leave a search on your credit file that other lenders can see).

http://www.moneysavingexpert.com/news/cards/2009/09/barclaycard-application-checks-coul

CLAPTON

whyever do you wish to reduce your standard of living by paying interest at whatever rate?

smj43

CLAPTON wrote: »

whyever do you wish to reduce your standard of living by paying interest at whatever rate?

The OP stated the balance is paid in full each month, so they wouldn't be paying any interest.

To the OP, I have held the Classic card for nearly a year and have just been accepted for the Progress card with them, which has a slightly better initial rate (29.9%) to start which reduces to 17.9% over 36 months if the account is kept in good order. So maybe keep the Classic a little longer and then apply for that?

PNPSUKNET

The progress as well after the couple of years will be same as mainstream