Capital on tap

PRAISETHESUN

Don't really see why anyone needed to revive this 2 year old thread, almost a year after the last response. Especially since OP hasn't come back to the forums since making their post...

segovia

is it a credit card or pre-paid debit card ?

I have one and I thought it was a CC, I am now told its a prepaid debit card

Terry_Towelling

segovia wrote: »

is it a credit card or pre-paid debit card ?

I have one and I thought it was a CC, I am now told its a prepaid debit card

Who told you that? If you have one, it should be obvious what sort of product it is.

segovia

They told me it is a pre-paid debit card as I tried to lodge a Section 75 claim. However, I have looked at my account and I do have credit with them I am not obliged to pay off the full amount every month. In my book that's a credit card

Ben8282

segovia wrote: »

They told me it is a pre-paid debit card as I tried to lodge a Section 75 claim. However, I have looked at my account and I do have credit with them I am not obliged to pay off the full amount every month. In my book that's a credit card

I believe it is a high interest business credit card.

Terry_Towelling

segovia wrote: »

They told me it is a pre-paid debit card as I tried to lodge a Section 75 claim. However, I have looked at my account and I do have credit with them I am not obliged to pay off the full amount every month. In my book that's a credit card

Notwithstanding what they've actually told you (which sounds like a nonsensical fob off - even their own website describes it as a credit card), did you apply for it in the name of your business to pay for business expenses and are you in fact using it for personal expenses? There are debates to be had about the applicability of S75 to business cards. From memory, sole traders and small partnerships can potentially have S75 cover but Limited Companies cannot.

I think (but am not sure) it is a question of what is an 'individual'. The CCA seems to imply that a debtor can invoke the terms of the act, but that debtor is then described/defined as an 'individual'. A limited company is not an individual but a sole trader/small partnership might be.

HappySpaceInvdr

I received one of these this morning in the post. It came in a very fancy cardboard “wallet”. The card number and expiry date Are printed on the back, but has my name and company name on the front.

There’s no accompanying letter to explain the terms, rates, or why you’ve been sent it. The fancy card wallet has a pull out with instructions (all in the imperative):

1. Sign the reverse of the card
2. Log in at (their website address)
3. Activate your card on the Cards page
4. Retrieve your PIN
5. Start using your card right away

It looks for all the world like a replacement card for an account you already have. Not having heard of “Capital On Tap”, I spent a while wondering whether or not this was a replacement deferred debit card from my company bank account - maybe they had re-branded? I only worked it out by Googling, which is how I came across this thread.

Question: Should I/we report this to Trading Standards (or is it Advertising Standards - I can never remember)? I feel it’s misleading advertising. How many people might simply follow the orders and end up with a card they don’t want?