Virgin, Capital One and MBNA

Moggles_2

donaldd wrote: »

I applied online last Wednesday for Capital One's* Platinum card, offering 0% on purchases and balance transfers until 1 September 2009, followed by 12.9% APR. The result of the application timed out so I rang them. Was told that the application went through okay but that they have pre-approved me for a different card 0% until 1 February 2009, followed by 19.9% APR.

According to moneysupermarkets smart search my credit profile is Excellent.

I was surprised at being offered such a rubbish card and told them to cancel the application there and then.

Cap One operates a rate-for-risk policy. This means that C1 reserves the right to issue the credit card from its range, which it deems most suitable. In the worst cases you can be sent a totally unsuitable card, leaving you with a wasted search on your credit card.

bigspookydog

Moggles wrote: »

Cap One operates a rate-for-risk policy. This means that C1 reserves the right to issue the credit card from its range, which it deems most suitable. In the worst cases you can be sent a totally unsuitable card, leaving you with a wasted search on your credit card.

This all smells a bit dodgy to me...

Having applied for Capital One's* Platinum card, I have just received the terms of the account. The card was advertised with 0% interest on purchases until September 2009 but what they actually gave me was 0% until March 2009!

I had already signed and returned the credit agreement before I twigged this(dimwit) but just rang them (0800 952 5252) and have been assured that I will infact get the terms that were adverttisd and which I applied for in good faith.

I will post back once I have written confirmation.

Moggles_2

bigspookydog wrote: »

This all smells a bit dodgy to me...

Too right. It should be banned, but we're stuck with it for the foreseeable. Btw, Barclaycard operates a rate-for-risk policy as well.

Best advice is to check your credit files first and apply for these cards only if you have a realistic chance of success.

Moggles_2

bigspookydog wrote: »

Having applied for Capital One's* Platinum card, I have just received the terms of the account. The card was advertised with 0% interest on purchases until September 2009 but what they actually gave me was 0% until March 2009!

I had already signed and returned the credit agreement before I twigged this but just rang them (0800 952 5252) and have been assured that I will in fact get the terms that were advertised and which I applied for in good faith. I will post back once I have written confirmation.

Congratulations
:beer:

Please keep us posted.

Very best
M

galileo

I had the same problem with Capital One. I will never be applying for one of their cards again, it's just a total waste of a credit search.

As a footnote, just been approved for MBNA and Virgin (12k and 9.9k limits respectively) which, if added to my existing MBNA limit makes a total of a 37k limit!

epsilondraconis

galileo wrote: »

I had the same problem with Capital One. I will never be applying for one of their cards again, it's just a total waste of a credit search.

As a footnote, just been approved for MBNA and Virgin (12k and 9.9k limits respectively) which, if added to my existing MBNA limit makes a total of a 37k limit!

If you have a £37k credit limit with MBNA, I don't suppose you mind revealing your income? The reason for asking is that I have approx £5.5k to stooze and was trying to get an idea of the level of credit it is possible to achieve given a specific level of income (lets assume excellent credit ratings for the sake of argument).

Thanks in advance...

lostsoul25

Just thought id share my experience of virgin Card. I got it and did a BT. i forgot to setup my payment, so missed first payment, got late payment plus interest, got nxt statement and my 0% for 15months was gone.

I rang up to confirm, she said yes it had and said lets see what we can do for you.
I never asked for nothing at all, she couldnt give me enough.

Said as was new customer, would reinstate the 0% offer, gave me half my Late fee back, half the Interest and half the interest on the nxt statement.

Couldnt believe it.
Also said that the remaining Credit limit i was in, i could have it sent to my Bank account to spend on anything i want.

Romano10

I too applied for the Capital One Platinum 0% until September 2009 card last week.
I received the paperwork today to find they have offered me the 0% until Feb 2009 card instead. I wasn't too bothered as I was only applying for it as I am moving and wanted to have it handy for emergencies.

However on reading the small print in the agreement which I would never normally do, I couldn't help but notice that there was a heading under 'key facts' stating that the 'total charge for credit at time of me signing the agreement was £155 comprising of interest in the sum of £155'. :mad:

I haven't asked for any balances to be transferred so what am I paying a credit interest charge for exactly??????

I phoned them up thinking it must be a mistake as I have nothing I should be charged this fee for and they said I had to pay the fee just for the privilege of having the card at all.

It kind of negates the idea of 0% credit for 6 months if I have to pay interest in an upfront fee just to have the card. I have an excellent credit rating so I can't see any reason for it.

My advice is even if you do get the Sept 2009 version of the card, read the small print because you may be paying for it in any case.

galileo

I think you may have the wrong end of the stick Bunny. I believe the figure you are referring to is there for illustrative purposes only. Judging by the sound of the customer services rep I spoke to recenylt at Cap One, I wouldn't be surprised if most of them don't understand this either...

Romano10

Well that's what I was hoping - but when I spoke to Customer Services they said that it was a charge I had to pay just to have the card and that different customers paid different charges according to the risk they represented.

I gave up and went to the Halifax instead who gave me their ten month 0% card so it's a better deal anyway.

Thanks for answering.