Get £10 a year for doing very little. Where is the catch ??

adindas

Dear all

I just notice that Capital one Classic Extra Card do offer a credit card with annual reward of £10.00 . Here is the link
http://www.capitalone.co.uk/creditcards/classic-extra-credit-card.jsf

£10 a year reward is very small. But considering that
- This is an annual recurrent event
- No extra work as I will be using credit card for purchase anyway.
- I could spend as little as few pences once in a month and pay the balance in full to get this reward.
- Extra benefit is that no fees on purchases in foreign currencies, 0.5% cashback on all purchases
- No fee like general features of other credit cards

Have I missed something here ?
Is there any catch, loophole that I will need to keep an eye on ?

Thanks

Herbalus

Things that you will need to keep an eye on/be aware of:
1. statements.
2. remembering the pin of a card you don't use much.
3. forgetting to use the card and having it closed.
4. an application will affect your credit file, so may have consequences (or equally, may not).
5. Lastly, do you have a spare slot in your wallet?

lisyloo

If you don't use the card every couple of months it may get closed.
I would advise using it once every 2 months at least for a sandwich if you want them to keep it open.
It could still be closed but depends on what criteria they use.

OllyM

lisyloo wrote: »

If you don't use the card every couple of months it may get closed.
I would advise using it once every 2 months at least for a sandwich if you want them to keep it open.
It could still be closed but depends on what criteria they use.

The reality is they probably won't do this though. I've got a Capital One card that I haven't used since December 2009 and it's still active, they sent me a new card a few months ago!

reclusive46

OllyM wrote: »

The reality is they probably won't do this though. I've got a Capital One card that I haven't used since December 2009 and it's still active, they sent me a new card a few months ago!

Indeed. Capital One don't really care. I use mine but I have other family members who haven't used theirs for years. Capital One is a big company with lots of capital. It can afford to leave high credit limits.