Capital One Classic Card - Dropped Interest Rate!

Tori_Bellatrix

Chrysalis wrote: »

2nd increase this month which I think is about 8 or 9 months in, Defenitly in my 1st year. £200 to £500 3rd month, now £1100.

Thanks Chrysalis ... Out of interest, do you pay in full or make part payment?

Chrysalis

Since I got this card I have paid in full every month and paid no interest, but I am using at least 4 or 5 transactions every month so I guess capital one making money that way off me.

I just checked online to see if the APR also changed but cannot find it, so need to wait for my next statement.

England2010

Hi there,

i have a Capital one classic credit card for two month now and always keep it in good working order and pay on time and always pay abit more then minimum payment and also paid my account ones in full but used a little again.

My question is: my credit limit is currently £200, how much you think capital one will increase it by on 4th statement ? Will it be less than £500 you think ?

londonuk2008

My question is: my credit limit is currently £200, how much you think capital one will increase it by on 4th statement ? Will it be less than £500 you think ?[/quote]

the pattern I have seen on here is it will go up to £500.:beer:

skyrider007

£200 -> £500 (maybe?)

---

I can confirm the following trends:

£500 -> £1,100
£1,100 > £2,000
£2,000 > £2,500

PROLIANT

So how do you get Capital One to raise the limit, do you pay in full every month like I do or pay 50%, 80%, 90% and leave a little balance?

skyrider007

PROLIANT wrote: »

So how do you get Capital One to raise the limit, do you pay in full every month like I do or pay 50%, 80%, 90% and leave a little balance?

I've been paying the full balance by Direct Debit since my first statement (about a year now). I would never leave a balance on any card with 20%+ APR!

clio

Do you have to be a good customer to get 2,000 of Cap 1, reason i ask is if it,s sub prime how can they
justify a 2,000 credit limit, surely the person would apply and go elsewhere and get a better rate on the apr.!!

skyrider007

You just need to show them that you can responsibly manage a credit account over an extended amount of time (6-18 months after account opening) in order to climb up the limit ladder (max £2,500).

Some Capital One Classic customers may not be able to obtain mainstream credit cards with higher limit (not necessarily the case) and lower APRs. With higher credit limit on the Classic card, people can benefit from the 59 day interest-free period and other protection that comes with using a credit card to pay for large purchases. Higher limit allows for more flexibility and is a good buffer incase of emergency.

I would also imagine that having a £2,000 limit on the credit report would look better than having £200 when it comes to applying for a mainstream or "prime" card as this gives lenders less clue that you've been a sub-prime credit user. Just my 2¢.

PROLIANT

I have held my account since July 2007, have been given 1 increase from £200 > £500, and it has stayed put, I clear my balance every month so that is maybe why because they are not making money out of me.