Best Cashback Cards Article Discussion Area

IvanOpinion

Daveee, don't take it personally, you can appeal the decision from Capital 1. Irrespective of your financial situation the bottom line is whether or not you meet the exact requirements for 'excellent credit'
- already have a credit card with a limit of £5000+
- have had credit cards for at least 5 years
- have never missed more than 2 payments on a credit card or loan
- have credit card balances of less than £10,000
- don't have any previous credit defaults

There was a news story a while back that one of the credit card sompanies was turning down 50% of applications.

I remember being turned down for credit many years ago for reasons I could not understand. I went to CAB to get advice to which I found out that the credit agencu=ies records were 3 years out of date ... they had us at our old address which we had left 3 years previous. However one thing the CAB lady said to me that I have never forgotten is that 'credit is a privilege, not a right'.

Ivan

lisyloo

Well I have had no credit for 20 years when I had a mortgage which I soon paid off. I have 1 main credit card which I pay off each month.

Hi Daveee,

Sound to me like you might not have enough credit history (credit accounts dissappear after 6 years).

Anecdotally I hav heard from renters that not having a mortgage can be a negative.

You could appeal, you could forget it, or you could try building some more history e.g. do some "stoozing" i.e. borrow money at 0% from credit cards and pay back the minimum each month. After the transfer fee you will probably end up in profit but that's not the motivation for suggesting it - the motivation is to build up some more history.

You could also consider a contract mobile phone.

molerat

molerat wrote: »

How quick is the Capital One instant decision. It has been chuntering away now for 5 minutes

EDIT: Still thinking about it

EDIT: F5 and the screen came up with the "get back to you within 7 days"

Received acceptance in post last Thursday (12th) so probably held up in post. Sent off on Friday so now waiting for the card. Hope they hurry up because my Christmas shopping needs doing while there are some bargains about and the car needs servicing. :cool:

therivierakid

loundlodge wrote: »

I have applied to Capital one for the cashback card and their agreement has arrived stating a credit charge of £123.63. I have phoned their customer relations team and they state that this only an example of what I am likely to pay. As I do not ever pay interest, as per your article I am surprised by this. It appears to me that I am agreeing to this charge if I sign the agreement! Is this the norm is is their something 'sinister' here?:rolleyes:

I have got exactly the same figure quoted in my agreement.

Quick question: I applied for the card with my fiancee as a second card holder. I presume we both have to sign the agreement?

skippa59

Hi
Could someone tell me is it possible to set up a credit card to pay direct debits and get cashback off them.
Thanks
Kevin

IvanOpinion

uick question: I applied for the card with my fiancee as a second card holder. I presume we both have to sign the agreement?

I got a card for DW and only I had to sign the agreement

Ivan

lisyloo

Could someone tell me is it possible to set up a credit card to pay direct debits and get cashback off them.

Hi Kevin,

Rather than repeat all the arguments here, I strongly suggest you read this thread and the bbc article.

http://forums.moneysavingexpert.com/showthread.html?t=576712

To sum up they can be a nightmare to stop because you don't have control over cancelling a card authority as you do with the direct debit guarantee.
In theory you should just be able to write in and cancel with the retailer but you'd be amazed how many of those letters get lost in the post (never bills only cancellation :-)
I suggest you think hard about whether it's worth the cashback after reading the above.
Personally I wouldn't do it and I never have to tell sob stories on forums :-)

Ainmhidh

loundlodge wrote: »

I have applied to Capital one for the cashback card and their agreement has arrived stating a credit charge of £123.63. I have phoned their customer relations team and they state that this only an example of what I am likely to pay. As I do not ever pay interest, as per your article I am surprised by this. It appears to me that I am agreeing to this charge if I sign the agreement! Is this the norm is is their something 'sinister' here?:rolleyes:

If you look at section 11 (Financial Particulars) of the Cap-One credit card agreement it explains about this 'charge'. Basically to calculate their APR and comply with various legal requirements they have to make some assumptions about how you will operate the account. In this instance they are assuming you spend £1500 on the card and then pay it off totally by making 12 equal payments over the next 12 months (with no interest rate changes or additional purchases).
If this were the case you would make 12 payments of around £135 and have repaid a total of £1623.63 (£1500 + £123.63 interest).
If, like me, you repay your outstanding balance every month then you can ignore this as you only ever use the credit within the 51(ish) days 'interest-free' period from one statement date to the payment due date of the next statement. HTH.

molerat

therivierakid wrote: »

Quick question: I applied for the card with my fiancee as a second card holder. I presume we both have to sign the agreement?

YOU have applied to have your fiancee issued with a card on YOUR account which YOU are solely responsible for therefore only you have to sign.

Agent_C

IvanOpinion wrote: »

Daveee, don't take it personally, you can appeal the decision from Capital 1. Irrespective of your financial situation the bottom line is whether or not you meet the exact requirements for 'excellent credit'
- already have a credit card with a limit of £5000+
- have had credit cards for at least 5 years
- have never missed more than 2 payments on a credit card or loan
- have credit card balances of less than £10,000
- don't have any previous credit defaults

I meet all of these criteria but I was still turned down for the Capital One card. I'm writing to appeal. It's worth getting your reports from Experian and Equifax and checking them with a fine-toothed comb; although all the financial information on mine was correct, the Experian report says that I lived at my past address for 1 year instead of 7 years, and so there is a gap of 6 years, which may raise some eyebrows (although reading further it shows several credit applications from that address during the gap period, so it should be obvious).