Capital One

TWS89

Is a Capital One credit card worth having? I keep seeing it advertised everywhere as a credit building card, but is this really the case?

I have another credit card (I don't need the money, it's there as an emergency fund but was lucky enough to be accepted) but I am wondering if it's worth the switch from my BarclayCard at 34.9% to the Capital one at 34.9%

Thanks in advance

[Deleted User]

All credit cards will help to build a credit file if used in the right way.

Cap One advertise theirs as a credit building card as it is suited to those with poor/little credit history.

TWS89

Deleted_User wrote: »

All credit cards will help to build a credit file if used in the right way.

Cap One advertise theirs as a credit building card as it is suited to those with poor/little credit history.

So it's not worth switching then? I applied for the basic BarclayCard on the proviso that within a year, the 34.9% rate will better and they may increase my credit limit.

I don't want to have too many credit lines open as I have been told it's bad to do this - Is that correct?

[Deleted User]

Personally, I'd have at least a couple of credit cards as back up for each other. You're unlikely to get high limits which would cause much concenrn.

SeduLOUs

I have a Capital One Progress card which has a steadily reducing APR as long as you use the card correctly (i.e. stay within limit, meet minimum payments etc).

I'm using it as a stepping stone to try to build a relationship with Cap1 to enable me to get a 'proper' credit card with them in the future.

I also have a Barclaycard Initial which in the long run will be upgraded to an ordinary Barclaycard once they allow me. I have just has the APR reduced so it is now 27.9% which isn't fantastic but significantly better than the eye-watering 49.9% offered by Aqua.

TWS89

SeduLOUs wrote: »

I have a Capital One Progress card which has a steadily reducing APR as long as you use the card correctly (i.e. stay within limit, meet minimum payments etc).

I'm using it as a stepping stone to try to build a relationship with Cap1 to enable me to get a 'proper' credit card with them in the future.

I also have a Barclaycard Initial which in the long run will be upgraded to an ordinary Barclaycard once they allow me. I have just has the APR reduced so it is now 27.9% which isn't fantastic but significantly better than the eye-watering 49.9% offered by Aqua.

The Initial one is what I have. How long have you had that before noticing the APR reduction? I only applied for that one 2 months ago so am I better off waiting a few months to get the Capital One card so I don't look eager?

SeduLOUs

TWS89 wrote: »

The Initial one is what I have. How long have you had that before noticing the APR reduction? I only applied for that one 2 months ago so am I better off waiting a few months to get the Capital One card so I don't look eager?

I've had my Barclaycard Initial for about a year, and it didn't go down on it's own. I did go overlimit in May by about £4 because of my own error, so wasn't expecting much success. I actually phoned this morning to ask about reducing my interest rate and was offered the reduction over the phone. Try calling them at the 6 month mark.

Advisor confirmed that eventually I would be able to upgrade to an ordinary Barclaycard if I maintained my account well, so will call again in 6 months.

Aquamania

TWS89 wrote: »

Is a Capital One credit card worth having? I keep seeing it advertised everywhere as a credit building card, but is this really the case?

I have another credit card (I don't need the money, it's there as an emergency fund but was lucky enough to be accepted) but I am wondering if it's worth the switch from my BarclayCard at 34.9% to the Capital one at 34.9%

Thanks in advance

I would never hold one again.

Yes, they are designed for those who have difficulty getting a card elsewhere. (and I think that was probably the cause of our issues as they tried venturing into the better creditworthy market in the past)

I'd say stick with the Barclaycard.

Do you not pay off the amount in full every month?
If so the APR is not really of any interest.
If not, perhaps have a word with Barclaycard and see if they would be prepared to offer you a better deal, even temporarily.

I think my normal interest rate with Barclaycard is only 11.4% and they are always sending me offers through the post for temporary deals.

If you can't get a better deal off Barclaycard, try another card that offers 0% balance transfers if that would help (Use the MSE elibibilty checker)

Or try a loan to pay off the credit card debt. I'm sure you can get something better than 34.9% APR

Aquamania

TWS89 wrote: »

The Initial one is what I have. How long have you had that before noticing the APR reduction? I only applied for that one 2 months ago so am I better off waiting a few months to get the Capital One card so I don't look eager?

Oh, didn't know you only had one (the initial, which is also aimed for those looking to build their credit) for 2 months!!! :eek:

Forget all the above.

But I wouldn't go applying for any new cards just yet.
So stick with your Barclaycard for now.

TWS89

Aquamania wrote: »

I would never hold one again.

Yes, they are designed for those who have difficulty getting a card elsewhere. (and I think that was probably the cause of our issues as they tried venturing into the better creditworthy market in the past)

I'd say stick with the Barclaycard.

Do you not pay off the amount in full every month?
If so the APR is not really of any interest.
If not, perhaps have a word with Barclaycard and see if they would be prepared to offer you a better deal, even temporarily.

I think my normal interest rate with Barclaycard is only 11.4% and they are always sending me offers through the post for temporary deals.

If you can't get a better deal off Barclaycard, try another card that offers 0% balance transfers if that would help (Use the MSE elibibilty checker)

Or try a loan to pay off the credit card debt. I'm sure you can get something better than 34.9% APR

I only have a limit of £500 and I only put £50-£100 a month on it just to show that I am using it. I always pay the full amount off every month. Yes, I guess the APR is currently irrelevant, lets hope I don't have any emergencies! Just didn't know if the Capital One could do more for my credit than the BarlayCard

SeduLOUs

Both Capital One and Barclaycard offer 'proper' credit cards along with the sub prime which is why I have decided to build a relationship with both of them - often a history with the lender is just as important as what they can see your credit file.

Do agree with an above poster that if this is your first an only credit card you should give it a few more months before applying for anything else though.