Dodgy Capital One

Curry_Queen

I applied for one of these cards last week and recieved a letter today stating that I've been provisionally approved, subject to providing the necessary ID paperwork. There was no mention of providing a security deposit though so does this mean they don't need one from me or will they ask for it when they send the credit agreement?

I've been keeping some money set aside in case they requested it but don't want to go and spend it in case they ask me for it later

grumbler

Curry_Queen wrote:

There was no mention of providing a security deposit though so does this mean they don't need one from me or will they ask for it when they send the credit agreement?

...to provide a deposit of between £49 and £200 if required for a secured card†

† The secured card has all the benefits of the Classic card - all you have to do is provide a cheque as a security deposit, of an amount between £49 and £200. Don’t send any payment now. We will write to you if we require a security deposit. See clause 25 of the terms and conditions for full details.

25. Security.
You must pay to us, within 28 days of the date of this agreement, by way of security, the advance amount specified in clause 10 and notified to you ('the security deposit') by cheque payable to Capital One Bank (Europe) plc crossed with the words 'account payee' or 'a/c payee' (with or without the word 'only') or by postal order payable to Capital One Bank (Europe) plc and crossed, or by cash. If we do not receive the security deposit, or it is returned unpaid, we will not open the account nor issue any cards and will return any amount we may have received from you by way of security. No interest will accrue on the security deposit. You charge to us, with full title guarantee, all your rights to the security deposit as continuing security for the repayment of all amounts owing or which may become owing by you to us under this agreement. You may not dispose of the security deposit, create any security over it or withdraw any of the monies held on security except as stated below. You may not set off the security deposit against any amount you owe us, whether in your name or jointly with any person, under any other agreement with us. The security deposit will be repaid to you, and may be withdrawn by you, not earlier than 30 days after the account has been closed, provided that we are reasonably satisfied that there is no undisputed amount owing or which may become owing by you to us under this agreement. Subject to any prior written notice we may need to give you, we may set off and apply the security deposit towards repayment of any undisputed amount owing by you to us under this agreement. We may return the security deposit to you at any time should we no longer require security under this agreement.

Curry_Queen

Sorry, maybe I didn't make myself very clear ... I've read all the above before I applied, but I'm now wondering whether I've been automatically approved for the Classic card rather than the secured card as there was no mention of a deposit required in the letter I received today.

I wondered what other people's experience was in applying for this card and whether I may yet receive a request for a deposit after they've checked my ID papers

Str4berr3

Curry_Queen wrote:

Sorry, maybe I didn't make myself very clear ... I've read all the above before I applied, but I'm now wondering whether I've been automatically approved for the Classic card rather than the secured card as there was no mention of a deposit required in the letter I received today.

I wondered what other people's experience was in applying for this card and whether I may yet receive a request for a deposit after they've checked my ID papers

Yes i did receive the same letter as you did asking for 2 forms of ID which i have received back from them today. i am confused too as i do not know if a security deposit is needed from me. have you received anymore news about your card yet?

Curry_Queen

Just to follow up to this, I've had my ID approved and returned, and today I received a credit agreement to sign and return and my card will be sent within 7-10 days, but ... they still haven't told me whether they require a security deposit, nor have told me which card I have been approved for or what the credit limit will be :mad:

Is it normal practice to sign a credit agreement without knowing exactly what you're signing up to?

I'm very reluctant to continue with this application, but at the same time I need this card as a way of improving my credit file as it records all transactions, unlike most of the high street banks that only record payment defaults (which i don't intend to have!)

Str4berr3

Curry_Queen wrote:

Just to follow up to this, I've had my ID approved and returned, and today I received a credit agreement to sign and return and my card will be sent within 7-10 days, but ... they still haven't told me whether they require a security deposit, nor have told me which card I have been approved for or what the credit limit will be :mad:

Is it normal practice to sign a credit agreement without knowing exactly what you're signing up to?

I'm very reluctant to continue with this application, but at the same time I need this card as a way of improving my credit file as it records all transactions, unlike most of the high street banks that only record payment defaults (which i don't intend to have!)

Looks like we will receive the card first but will be useless til we ativate it by ring them up and arranging a deposit.
Now a days, theirs no need for special credit card couriers to send you your credit card and to sign for it as now they will just send it to you normally with a sticker on the card to ring them, identify yourself and then it gets activated. they might wanna ask for a deposit then. ( of course you maybe told with the letter that came with the card before hand.)

moggins

Hubby has one of these cards as he had a rubbish credit rating due to being a very reckless student

They never asked him for a security deposit ever, he just had a low starting limit which they raised every few months until the dozey plonk forgot to make his payment on time when I went into hospital. Then they lowered his limit and have never raised it since and that was two years ago

scroogey

I was asked to pay a security deposit of £200 before I can even get the card so it looks like you won't need to send one. I went to pay the deposit yesterday but as my bank (halifax) aren't part of the bank credit system (or whatever it is you pay the deposit via) I spent a good 40 mins trying to unsuccessfully trying to find somewhere to pay it. Well I could have paid it at the HSBC if a paid a fiver! Went back to my bank and decided to see if they'd give me card as I've had my current account and isa with them for years. I got accepted for their one card with 0% for nine months then 12.9%!
I was chuffed! only wish I tried there first instead of wasting my time with Capital One.
(the only reason I want a Credit Card is for my internet shopping) and the £200 is back in my isa now earning interest.