14 day cooling off period on Credit Cards?

juliushibert

I recently applied for a new Capital One card as I wanted to get access to their free Identity Theft Alerts/Reports. The card I applied for was a Capital One World Aspire Mastercard. I was denied it (I'm guessing because I'm not a home owner as my credit history is excellent). I was offered a Capital One Aspire with 0.5% cashback and what I thought was access to the same ID Theft Alerts/Reports.

On receiving access to my account online it has become clear that I don't think this is the case and therefore don't really see much point in having the card other than the relatively low cashback amount. In hindsight I'd much rather have applied for say the UlsterBank MasterCard that adds an extra years extended warranty to up to 6 items a year as this would be much more useful to me now.

I applied for the card online about 10 days ago. Does anyone know if there's a cooling off period with Credit Cards and if I cancel the account now if it'll damage my credit score. I'd plan to apply for the previously mentioned UltserBank Card but want to avoid loads of credit searches in quick succession as I believe this affects credit ratings right?

debtcutter

Yeh it applies to credit cards as well.

As long as you're quick and within the 14days, you should be fine.

They're allowed to charge you "Reasonable charges" for the period you've had it. But if you've never used it for anything, this would be minimal, if anything at all.

lisyloo

Does anyone know if there's a cooling off period with Credit Cards

Why not just cancel/close it.

and if I cancel the account now if it'll damage my credit scor

Won't make any difference. Generally having 1 search and 1 account on your report will make no difference unless your situation is absolutely maxxed out, so only if you are already in the situation where the final straw would break the camels back would it makes any difference.

but want to avoid loads of credit searches in quick succession as I believe this affects credit ratings right?

It's too late to avoid the search.
But two is not loads !!!

They take some time to appear so if you apply for Ulster now, they probably won't even see the latest one as it's probably not on there yet.

InsideInsurance

You do have a cooling off period of 14 days but to cancel it under that will make no difference than cancelling it normally if it is the Aspire World card. If it is the Aspire Elite then there is the difference because of the annual fee

Gromitt

All Aspire cards give 5% for the first 99 days (max £100), isn't it worth keeping for this? then close after the anniversary ?

lisyloo

I think they'd been offered Classic Extra with 0.5% cashback and that's a typo.

juliushibert

Thanks for all the help people.

lisyloo wrote: »

I think they'd been offered Classic Extra with 0.5% cashback and that's a typo.

I'd originally applied for the Aspire World Card but been refused (guessing because I'm a renter and not a home-owner). So I'd been offered the Classic Extra with 0.5% cashback.

IMO this was good as long as the ID Fraud Protection came with it but on reflection it seems it doesn't so I don't see it as such a good deal over the Ulster Gold Card that offers an extra years warranty on up to 6 goods a year. For me this is a much more valuable thing to have.

So I'm just going to cancel the Capital One card and apply for the Ulster one.

Hopefully other can avoid making this mistake too! And I guess MSE article on Free ID Fraud Protection Loophole (I can't post links because I'm a new user) should be updated as this says any Capital One Card comes with free ID Fraud Protection.

Thanks again.

dalesrider

juliushibert wrote: »

but on reflection it seems it doesn't

And I guess MSE article on Free ID Fraud Protection Loophole (I can't post links because I'm a new user) should be updated as this says any Capital One Card comes with free ID Fraud Protection.

Thanks again.

So have you asked Capital One if it does come with ID protection ?

As you seeming to think it does not. Is not exactly a reliable Yes/No answer.

As this link Seems to say otherwise....

Capital One Classic Extra
Great benefits

• Download our Mobile App
• Identity Theft Assistance
• Online Account Services

Also on the 14 days... Its in pre contract information link.

You have the right to withdraw from the credit agreement before the end of 14 days beginning with the day after the day on which you receive your card and a copy of the concluded agreement.

Gromitt

dalesrider wrote: »

As this link Seems to say otherwise....

That's "Identity Theft Assistance", not "Identity Theft Alert".

The former gives your assistance after the fact (like pretty much any credit card does), the later tells you before the fact (ie, alerts you when anyone applies for credit in your name). Big difference.

juliushibert

Gromitt wrote: »

That's "Identity Theft Assistance", not "Identity Theft Alert".

The former gives your assistance after the fact (like pretty much any credit card does), the later tells you before the fact (ie, alerts you when anyone applies for credit in your name). Big difference.

Exactly. The main difference between the two is the the Assistance service is more defensive where the Alert service are more proactive.

This seemed to confuse the Customer Relations department too when I called them earlier tonight.

Turns out after July 2011 you now have to have a Capital One World Aspire Mastercard to get access to the ID Fraud Alert service. All other card do not get access to it.

Card Cancelled.

exel1966

So you'd get rid of the card just because it doesn't have the level of fraud protection you think you require.

Do you realise how rare fraud is, you got just as much chance of winning the lottery.

Have you suffered from paranoia for long ?