Capital 1 Cashback card

Empty_pockets

Hi,

I'm an existing Cap 1 card holder, one of the basic cards.
I'm wanting to apply for either thier Aspire or Elite cashbach cards. I spend around £700pm on credit cards.

My query is, will Capital 1 accept me as a for a cashback card when they know they are unlikely to get and interst from me.
I have been a customer on a basic card for about a year. They upped my credit limit to £2K and I use it regulally but have not given them any interest whatsoever since I've had it.

Has anyone been in this situation before and subsequently been granted a cashback card from the same company?

Thanks

thegoodman

The card companies don't look at how much intrest you have paid.
To get the elite card you need to have at least
Before you apply, check you're eligible

We're more likely to accept you if:
You've had credit cards in the past
You're aged 21 or over
You're a home owner
You have an income of more than £50,000 p.a.

We're not likely to accept you if:
You have missed payments in the past
You've never had credit in the UK before
You've had CCJs or defaults

Please note that meeting these criteria does not guarantee acceptance.

With credit cards it depend on your income, if you have any red marks on your credit file over six years, if you own a house etc

Gromitt

They don't really care if they'll get interest from you. Every time you spend on the card, they will be making money. If you have a history of paying your statements on time then bonus.

Empty_pockets

Ok thats good news. I'm eligible for either, need to look at which one would suit me best.

Thanks

w211

Empty_pockets wrote: »

Ok thats good news. I'm eligible for either, need to look at which one would suit me best.

Thanks

Haven't looked at the figures accurately yet, but the Aspire Elite comes with a £120 annual fee, while the Aspire World doesn't have an annual fee.

The cashback earned with your £700/month spending may not cover the annual fee.

And it appears from the website the Aspire Elite comes with a £12,000 credit limit (a big jump from your £2,000 limit at present!), whilst the Aspire World will come with a limit of between (£3,000 and £7,500).

Kezia2911

With the Capital One Aspire Elite card, you would need to have an annual salary of at least £50,000 to qualify and comes with a £12,000 credit limit.

Empty_pockets

I can meet that. I am more concerned as to whether the annual cost is worth it.

Just waiting for my mortgage to complete before I apply.

mgarl10024

Empty_pockets wrote: »

I'm an existing Cap 1 card holder, one of the basic cards.
<snip>
My query is, will Capital 1 accept me as a for a cashback card when they know they are unlikely to get and interst from me.
<snip>
Has anyone been in this situation before and subsequently been granted a cashback card from the same company?

I don't know the answer, but that would be my concern.
I've read different things on here about only being able to have one Capital One card.

Kezia2911

Capital One do have customers (called Multi-customers) who have more than one card. At the moment, you can only apply for Aspire by phone or website so it may be worth your while applying and see what Capital One say. Aspire Elite is designed with customers who have a perfect credit rating/history and World is for those with a not-quite so perfect credit history

izools

Empty_pockets wrote: »

I can meet that. I am more concerned as to whether the annual cost is worth it.

Just waiting for my mortgage to complete before I apply.

Is it a remortgage or a house move?

If the latter don't apply at your new address; this will hurt your credit score to the point of being declined unless you wait to apply for atleast 6~18 months after moving

ahxcjb

Empty_pockets wrote: »

I can meet that. I am more concerned as to whether the annual cost is worth it.

Just waiting for my mortgage to complete before I apply.

Don't mean to be rude, but how have you gotten yourself in a situation where you earn >=50k yet only have a CC targeted at sub-prime users with a very low limit?