Capital on tap

Andy_Southorn

Has anyone heard of a credit card called Capital On Tap. Is it a real card or a scam?

Superscrooge

A Google search shows it is a form of lending for businesses rather than individuals. But other than what's on their website I have no other knowledge of it

https://www.capitalontap.com/en/how-it-works

Windywah

Just went through the application process for curiosity as much as anything, but also as I was being seduced by a 9.9% APR on Limits up to £25,000, with no fees, so thought it was worth a look.

Good News! I got approved.

Bad News! I got approved.

£2,500 Credit Limit
Minimum Payment: £250 or 10% Per Month (Whichever is greater)
Interest Rate: 4.94% Per MONTH!!!
That's a horrendous: 78.36% APR!!!

I have a long established company, with good cash flow and A1 credit. In my opinion advertising an interest rate of 9.9% APR and offering an interest rate of almost 80% APR is outrageous and highly misleading.

I also think that showing the interest rate as 4.94% Per month, is likely to catch many people out that read it as an APR's.

Needless to say I did not complete the application.

Swebberdee

Receive pre-approved offers from capital on tap most months to my business address. Decided to check them out, again out of curiosity to see what the could offer. Went through the application process -
Message; Great news! You’ve been approved for a £2400 limit!
Your first Billing Period: 15/11/2018 - 14/12/2018
Monthly Minimum Payment: 10% of balance OR £250
(whichever is greater)
Monthly Interest Rate: 0% on card spend if you repay in full every month, otherwise
3.43% on card spend
4.99% on any cash withdrawals or transfers to your bank account.
Message; Congratulations! Your direct debit has been set up!
Message: Congratulations! Your card has been posted out to you, it will arrive in 4 days!
Message; Final chance to change your billing date!
Message: login into your account as soon as your card arrives and activate your card!
Message; We are sorry we cannot help you at this time! Reapply in 6 months ???
Response: Does this over ride your previous acceptance?
Message: sorry, Your card will come to you but we’ve cancelled it, as a further search resulted in our this offer being withdrawn!
There is no negative financial history relating to our business - no reason was provided for this offer withdrawal. We were not looking to borrow money so it didn’t matter to us but I imagine it could be a real for someone

System

Windywah wrote: »

Just went through the application process for curiosity as much as anything, but also as I was being seduced by a 9.9% APR on Limits up to £25,000, with no fees, so thought it was worth a look.

Good News! I got approved.

Bad News! I got approved.

£2,500 Credit Limit
Minimum Payment: £250 or 10% Per Month (Whichever is greater)
Interest Rate: 4.94% Per MONTH!!!
That's a horrendous: 78.36% APR!!!

I have a long established company, with good cash flow and A1 credit. In my opinion advertising an interest rate of 9.9% APR and offering an interest rate of almost 80% APR is outrageous and highly misleading.

I also think that showing the interest rate as 4.94% Per month, is likely to catch many people out that read it as an APR's.

Needless to say I did not complete the application.

The APR doesn't really matter though.

crispy_duck

Windywah wrote: »

I have a long established company, with good cash flow and A1 credit. In my opinion advertising an interest rate of 9.9% APR and offering an interest rate of almost 80% APR is outrageous and highly misleading.

Do the rules about giving the advertised APR to 51% of applicants apply to business products as well as personal credit products?

Potbellypig

I got one of the these letters recently too. 'Pre-approved' for up to £50k so I was curious more than anything. Approved for £10k, but haven't taken the card out.

Looks genuine enough though.

woofdonkey

They are genuine, we use the money transfer facility for short-term borrowing.

onlyfoolsandparking

Looks a right rip-off to me with those rates!!

PaulW922

They are indeed genuine. My business has a £1k limit with a 1.67% charge. Its very fast if you want to draw down cash etc

grahamnyman1234

It's genuine and a useful alternative to collect avios rather than amex