Capital One (Classic Card)

jamesh

Thanks for the idea,

I'm not sure Barclaycard would give me a card if Capital one won't without a deposit.

But I'll try with them in a few months down the road when I have some positive history with Cap One.

danjaq2004

I thought the Capital One card was guaranteed - as long as you pass the checklist?

jamesh

It is but my point was Capital one are getting a deposit from me, if they need one I can't see barclays giving me a card without a deposit.

danjaq2004

Ah, well you never know - companies all have different criteria.

MyUserNamesTaken

What's the difference between the different Capital One cards? I applied recently and was given a platinum card.

THE_ROCK84

MyUserNamesTaken wrote:

What's the difference between the different Capital One cards? I applied recently and was given a platinum card.

which card did you ACTUALLY apply for?

MyUserNamesTaken

THE_ROCK84 wrote:

which card did you ACTUALLY apply for?

Platinum. Was through Martin's link a while back. Wasn't really interested in Capital One before that, as I'm happy with my Nationwide Visa.

cifpower

There are 4 types of Capital One Card. 2 platinum card for those with excellent credit history, a premium one for those with good history and a classic one for those with no or poor credit history. The Classic card is guaranteed to everybody because it uses a deposit method. Basically, if your credit is really poor they will give you a Visa with a £200 limit as long as you can provide a deposit before hand of £49 - £200. This lowers the risk that Capital One is exposed to but they still make money from the 29.9% APR.

Str4berr3

does anybody know how you would get the deposit back?

cifpower

Str4berr3 wrote:

does anybody know how you would get the deposit back?

Probably if you prove to them that you are less of a risk that at the start. This can be by never going over the limit, making payments on time etc. The deposit is used to help CapOne recoup the outstanding debt on delinquent accounts. They may offer to upgrade the account to a Premium one in which case you would get the deposit back or, if you get a credit card elsewhere and close the CapOne card, you would get the deposit back once the account was closed and all debts repaid.