Capital One Platinum credit limit?

Pielander

Hi

I've just been approved for one of these but the card hasn't arrived yet. They told me I had a provisional credit limit of only £2000, which is not enough even for by BT (3k), never mind actually using the card as well!

The question is, is this standard? Is my credit limit likely to rise immediately to something I can actually use (say around 10k, like my existing card)? I asked them about it and they were very cagey and just told me to see what happened when my card arrived. I also worryingly saw a Capital One advert that said "credit limit up to £2500", but I'm not sure it was for the platinum card.

If they won't give me more credit, I'll have to apply for yet another card straight away!

Thanks,

Pie

peaceandlove_2

Hi Pie

I was considering applying for one of the capital one cards, but now I'm not so sure following your post. I require a BT of £7500. I might try Barclaycard Platimum instead. I wonder if there is any way of finding out how much the credit limit might be before applying? I hope that Capital One give you more credit or it looks like they'll lose your custom!


best of luck and thanks again,

Peace and love

Zebedee69

Pielander wrote: »

I also worryingly saw a Capital One advert that said "credit limit up to £2500", but I'm not sure it was for the platinum card.

No thats the crapy Classic sub prime card for people who dont pay their bills:rotfl:

People say all the time about Cap1 being pretty sticky on giving out the Platinum card, maybe you met the criteria to obtain the card but you only met it to get a fairly low limit. They do seem to be picky with it. Exactly the opporsite of the Classic card which they'll give to anyone.

exel1966

Nope it's not standard. Some cards are just more generous than others.

Had my Cap1 Plat for 2 months now with a limit of £8K intially so I asked for an increase at the card activation stage and was given another 10% which suited my needs.
If you're not granted an increase at this stage or it's not enough for what you require then you are fully entitled to speak/write to the new accounts dept and explain your personal circumstances. They will have the authority to iincrease your limit to something more suitable if they you think you're worthy.

Pielander

Thanks for the replies so far guys!

Does anybody know if it would make any difference if I reduced the credit limit on my existing card to say £5000, to get an extra £5000 put on the limit for my new card?

rbrian

You mentioned a balance transfer, and then spending on the card...
NEVER EVER SPEND ON A BALANCE TRANSFER CARD
Sorry for shouting, but it had to be said. Or shouted. If you get a 0% balance transfer, and then spend on the card, your payment will go to the 0% balance first, and only when that is paid off will you start paying towards the spending, which will be 17% or more. If you spend on a balance transfer card it will cost you a small fortune.

http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards#never

Also, never take out cash on a credit card - the interest rate is always higher than the spending rate, and you start paying interest immediately, even if you pay the balance in full.

YorkshireBoy

rbrian wrote: »

You mentioned a balance transfer, and then spending on the card...
NEVER EVER SPEND ON A BALANCE TRANSFER CARD
Sorry for shouting, but it had to be said. Or shouted. If you get a 0% balance transfer, and then spend on the card, your payment will go to the 0% balance first, and only when that is paid off will you start paying towards the spending, which will be 17% or more. If you spend on a balance transfer card it will cost you a small fortune.

It's a useful reminder, but the Capital One Platinum card has identical 0% durations for both BT's and purchases.

Zebedee69

YorkshireBoy wrote: »

It's a useful reminder, but the Capital One Platinum card has identical 0% durations for both BT's and purchases.

Whats in your wallet?.........

Sorry couldnr resist!:D

Tori_Bellatrix

Zebedee69 wrote: »

No thats the crapy Classic sub prime card for people who dont pay their bills:rotfl:

Errrr... Excuse me Zebedee ... I have a 'crapy' Classic card and I happen to pay my bills ....

It also just happens to be my first credit card ...

Pielander

YorkshireBoy wrote: »

It's a useful reminder, but the Capital One Platinum card has identical 0% durations for both BT's and purchases.

Exactly. Pretty useful if you can actually use it. Unfortunately, my card has arrived and the limit is still £2000, of which I spent 900 on the first day.

If I can have something like an £8000 limit then it might be worth doing a BT (currently standing at £4400), but otherwise I think I'm better off just having 0% on purchases and saving the 1.7% BT fee. The !!!!er is that I now have to pay off my hard-earned £4400 debt!

Does anybody know who to actually write to at Capital One? I've drafted a letter and I need to make sure it goes to exactly the right person. (I have 2 weeks to get the BT done!)

I won't deal with their call centre again after last night. In contrast with the friendly and competent service offered by Halifax, the imbecile I spoke to last night at Cap 1 took a full 30 minutes (on an 0870 number) just to activate my card and set up a monthly payment. The fact that my name was printed slightly differently on my credit card (first name) as opposed to my debit card (initials only) absolutely blew his mind. He had my details in front of him and knew my name, yet incorrectly read back my first initial as "M" rather than "N" a full 6 times! He sounded just like the 'free ringdings' guy on Fonejacker, to the extent that I was literally on the verge of asking him if it was a wind-up! :rotfl: Not impressed!

"Would you like to change your credit card providings for a providings that provides a better service of credit card providings than your current credit card providings?":T

Pie