Capital One secured credit card

D34N

Hi

Ive never had a credit card before, so i applied for the capital one classic card as i have a poor credit history.


Today i received a letter saying they cant offer me a classic card but if i payed £99.00 Security deposit i could have a Secured credit card with a £200 credit limit.


As any body had any experience with this card?


I think I'm going to accept the offer so i can start to rebuild my credit file, how long does the whole process take till you receive your card?


Also will i have to under go another credit check?


Thanks & sorry for all the questions :rotfl:

LMCD

Whats the terms of the deposit? how long do they hold it etc?

doubt if you would need another credit check as they are offering this to you on their terms from the info they have already got.

D34N

LMCD wrote: »

Whats the terms of the deposit? how long do they hold it etc?

it says till i close the account.

Thanks for your reply:)

InsertWittyName

Got my missus one of these recently (£49 deposit for £200 limit).

They return the deposit when the card is closed. There is no additional credit check as far as I know and it took around 10 days from receiving the letter you've had to then pay the deposit and receive the card and pin.

D34N

InsertWittyName wrote: »

Got my missus one of these recently (£49 deposit for £200 limit).

They return the deposit when the card is closed. There is no additional credit check as far as I know and it took around 10 days from receiving the letter you've had to then pay the deposit and receive the card and pin.

I have to sign and return a credit agreement, does not say how i will pay the security deposit i suppose that will come after they receive the agreement back.

Thanks for your reply

InsertWittyName

Yes, if I remember rightly this was the exact order of events:

- Applied for Capital One Classic.
- Letter saying declined, but offered secured card.
- Signed and returned CCA.
- Received email with a link to pay the deposit.
- Received pin.
- Received card.

chanz4

Imagine if you cca capital one after giving them your money, to say we cant find your agreement do one... that would be funny

D34N

chanz4 wrote: »

Imagine if you cca capital one after giving them your money, to say we cant find your agreement do one... that would be funny

i dont understand what u mean lol?

Buzby

'Secured' on a CC agreement does not mean a security deposit - it means the agreement is secured on something of value. Many standard credit cards are not secured, but become so when they take the customer to court. They then use court action to 'attach' the property of the cardholder. The reason why this ius so evil, is because a secured loan is normally much less interest, due to the reduced risk to the lender. The companies (like MBNA) charge high interest rate, THEN rush to secure the debt on the first hint of trouble. THe damning thing is, it's legal.

chanz4

D34N wrote: »

i dont understand what u mean lol?

all the mickey cca people who try to get out of paying, capital one could do the same to them

boogiemaster

My wife is still waiting for an email to send the deposit but when she gets the credit card I doubt she will spend much on it when she has two of mine to use

Don't you just love wife's