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  • FIRST POST
    • iPeteM
    • By iPeteM 11th Jan 18, 9:09 AM
    • 7Posts
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    iPeteM
    CC question re. Capital 1 APR
    • #1
    • 11th Jan 18, 9:09 AM
    CC question re. Capital 1 APR 11th Jan 18 at 9:09 AM
    Hi there.

    I currently have a Capital 1 credit card with a 0% APR, 1500 limit. I've maxed out the limit (I know) and am paying back the minumum every month. However, my 0% APR introductory rate is ending, going up to a 30% APR. Can you tell me what my minimum monthly fee will be now, if I keep my spending the same (i.e. don't repay any of the 1500)?

    Also, I see 30% APR is very bad, which would be the best credit card to get, in order to bank transfer the 1500 debt to Capital 1, in order the repay the new card at a more reasonable level?

    I know this is pretty irresponsible of me, I will work towards paying it off in the future. Your advice is greatly appreciated.

    Thanks.
Page 1
    • Dobbibill
    • By Dobbibill 11th Jan 18, 9:20 AM
    • 3,152 Posts
    • 4,061 Thanks
    Dobbibill
    • #2
    • 11th Jan 18, 9:20 AM
    • #2
    • 11th Jan 18, 9:20 AM
    Your minimum payment would depend on the T&Cs with Cap 1 - some cards are 1% plus interest & charges, others are different.

    To keep spending would be foolish - if you use a CC, only put spending on it you would have done anyway with your debit card and then pay off in full.

    There isn't a best card as such, any balance transfer card offering 0% promo offer would suit.

    Have a look at the eligibility checker to see the likelihood of being accepted. (it is only a guide and never guaranteed)
    https://creditcards.moneysavingexpert.com/?balance-transfer&_ga=2.819185.1370069363.1515183781-1037682649.1480869123

    There is normally a BT fee to do a BT though so make sure that isn't going to be more than the interest you would pay before it's cleared otherwise it is pointless moving it.

    Don't beat yourself up about being irresponsible, everyone does things they reconsider in hindsight. How you deal with it going forward is more important and will define you/your relationship with money & finances.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
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    • iPeteM
    • By iPeteM 11th Jan 18, 9:23 AM
    • 7 Posts
    • 0 Thanks
    iPeteM
    • #3
    • 11th Jan 18, 9:23 AM
    • #3
    • 11th Jan 18, 9:23 AM
    Thanks for the advice
    • A4445
    • By A4445 11th Jan 18, 9:56 AM
    • 769 Posts
    • 354 Thanks
    A4445
    • #4
    • 11th Jan 18, 9:56 AM
    • #4
    • 11th Jan 18, 9:56 AM
    I've worked out the minimum to be around 48 a month, if the APR is 30% the simple rate is 2.2% per month plus 1%.
    • Candyapple
    • By Candyapple 11th Jan 18, 11:21 AM
    • 2,909 Posts
    • 2,247 Thanks
    Candyapple
    • #5
    • 11th Jan 18, 11:21 AM
    • #5
    • 11th Jan 18, 11:21 AM
    Why did you choose a Capital One card in the first place? Do you realise that they are subprime lenders?

    Assuming that you have a poor credit history and Cap One were the only card providers willing to give you a card, then your chance of getting a further 0% balance transfer card elsewhere are slim to none. In which case, you had better look to pay off as much as you can until you clear the debt otherwise you'll find yourself clearing the minimum payment each month and paying a tiny amount off your debt due to the high APR.

    As in post #2, enter your details into the eligibility checker to see what the results say.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • BoGoF
    • By BoGoF 11th Jan 18, 11:27 AM
    • 3,216 Posts
    • 2,539 Thanks
    BoGoF
    • #6
    • 11th Jan 18, 11:27 AM
    • #6
    • 11th Jan 18, 11:27 AM
    If you can't get a balance transfer card you need to be paying more than the minimum or this will take you several years to clear.
    • tastyhog
    • By tastyhog 11th Jan 18, 2:40 PM
    • 433 Posts
    • 731 Thanks
    tastyhog
    • #7
    • 11th Jan 18, 2:40 PM
    • #7
    • 11th Jan 18, 2:40 PM
    Why did you choose a Capital One card in the first place? Do you realise that they are subprime lenders?

    Assuming that you have a poor credit history and Cap One were the only card providers willing to give you a card, then your chance of getting a further 0% balance transfer card elsewhere are slim to none. In which case, you had better look to pay off as much as you can until you clear the debt otherwise you'll find yourself clearing the minimum payment each month and paying a tiny amount off your debt due to the high APR.

    As in post #2, enter your details into the eligibility checker to see what the results say.
    Originally posted by Candyapple
    maybe it was the only card with a 0% term that they could get and their plans to pay it back in full have failed for whatever reason.

    what has being a subprime lender got to do with availing yourself of a 0% interest term?
    • vacheron
    • By vacheron 11th Jan 18, 3:04 PM
    • 831 Posts
    • 764 Thanks
    vacheron
    • #8
    • 11th Jan 18, 3:04 PM
    • #8
    • 11th Jan 18, 3:04 PM
    Why did you choose a Capital One card in the first place? Do you realise that they are subprime lenders?
    Originally posted by Candyapple
    Wow, I was completely unaware of this. I had a Capital One cashback card a few years ago, good interest rate, high cashback and a more than decent credit limit.

    Had you not informed me of this I would have spent the rest of my life in ignorance that I had a "sub prime" credit card on my file!
    Last edited by vacheron; 11-01-2018 at 3:07 PM.
    The rich buy assets.
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    The middle class buy liabilities they think are assets.
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    • msallen
    • By msallen 11th Jan 18, 3:50 PM
    • 840 Posts
    • 923 Thanks
    msallen
    • #9
    • 11th Jan 18, 3:50 PM
    • #9
    • 11th Jan 18, 3:50 PM
    Why did you choose a Capital One card in the first place? Do you realise that they are subprime lenders?
    Originally posted by Candyapple
    Really? I wonder if they know that I have a cashback card of theirs with an 18K limit.
    • SnowTiger
    • By SnowTiger 11th Jan 18, 3:55 PM
    • 3,301 Posts
    • 2,275 Thanks
    SnowTiger
    Wow, I was completely unaware of this. I had a Capital One cashback card a few years ago, good interest rate, high cashback and a more than decent credit limit.

    Had you not informed me of this I would have spent the rest of my life in ignorance that I had a "sub prime" credit card on my file!
    Originally posted by vacheron
    I think Capital One lost its way here in the UK a few years ago.

    I remember when they offered about half a dozen cards with a mix of features: low APR, cashback, balance transfers and credit building.

    Now they only offer two cards: one for bad credit and an unexciting balance transfer card.

    What is a sub-prime card?

    Aqua is considered sub-prime, but one of its cards offers .5% cashback on purchases and free foreign spending.

    I have an old type Natwest Platinum card. It's platinum, so it must be a prime card. It offers me no incentives to use it.
    • A4445
    • By A4445 11th Jan 18, 4:46 PM
    • 769 Posts
    • 354 Thanks
    A4445
    I've got a Capital One non credit builder card 7250 limit. Standard APR is 19.9%. It offers 6.9% on balance transfers no fees for life of balance. They don't offer the card anymore.

    I've also got a Natwest Platinum, it never offers me anything either, hardly ever use it!
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