In the current financial sector, a person’s financial health is greatly influenced by the availability of a good credit card. Out of the many choices, the Capital One Classic Credit Card is highly recommended due to its specific features that are aimed at developing the credit score.
Here, we will discuss the main parameters of the Capital One Classic Credit Card, its characteristics, benefits, and the process of its acquisition to help you make the right choice.
Key information about the credit card
How does the annual fee work?
First, this card does not have an annual fee. This is a very crucial for many cardholders as it removes a regular expense that they incur hence making it easier to use the card and manage. This implies that you don’t have to worry about making an annual payment, which allows you to concentrate on the development of your credit history.
How is the credit limit determined?
The credit limit of Capital One Classic Credit Card is between £200 and £1,500. This limit is arrived at based on certain factors such as your credit history, income and other financial standing. Capital One does credit checks on your account from time to time and may raise your credit limit up to twice in a year depending on your usage of the card and payment records.
Advantages of the credit card
- Award-winning app: Capital One is available with a well-rated mobile banking application that will enable you to manage your account anywhere you are. Users can conveniently make payments, check PIN, and even track their transactions at any time or any place of their choice.
- Interest-free periods: You are given up to 56 days of interest free period on purchases made with the card as long as you clear your balance every month.
- Build your credit score: When the card is used responsibly by ensuring that payments are made on time and that one does not exceed the credit limit then the credit score can be raised.
- Purchase protection: Purchases that fall within the range of £100 to £30,000 are protected by Section 75 which provides a sense of protection against non-delivery of goods or substandard services.
Standout advantage
The most impressive feature of the Capital One Classic Credit Card is that it assists in improving the credit score of the users. When one uses the card properly, for instance, paying the amounts outstanding on time and ensuring that one does not exceed the running balance, then the credit score is boosted.
Disadvantages
- High APR: The card has an annual percentage rate of charge of 34% as a representative. It has a 9% variable rate and thus if you are to incur a balance transfer from one month to another you might be charged high interest fees.
- Limited credit limit: The initial credit line is not very high which can be a con if one needs to spend a lot of money or those who have been used to higher credit limits from other cards.
- Potential impact on credit score: Failing to pay the card on time or going over the credit limit that has been given to you will also harm the credit score.
A standout disadvantage
Out of all the drawbacks of the Capital One Classic Credit Card, the high Annual Percentage Rate of 34 is the most arguable. 9% variable. This rate often leads to accumulation of huge interest charges if the amount is not fully settled at the end of each month.
Who can apply for this card?
The Capital One Classic Credit Card is perfect for people who want to establish or restore their credit score. To get this card, there are certain conditions that one has to fulfill for him or her to be eligible for the card.
All the applicants must be above 18 years and must be a UK resident. There is no definite income bar to clear, however, it is useful to submit proof of income for the application. This card is open to those with different credit statuses such as those with a limited or poor credit history.
How to apply for the Capital One Classic Credit Card
For the website
To apply for the Capital One Classic Credit Card, one has to go to the Capital One website. After getting to the card services click on the credit cards and then choose the Classic Credit Card. There will be an option to check the eligibility without coming up on one’s credit report. Choose this option and submit your individual information including your name, contact address, income, and the employment status.
Once you have filled in all the details and hit the submit button, Capital One will then perform a soft search on your credit file and give an instant decision. After you send in your application you will receive an email confirmation, and your new card will be mailed to you within several days.
Through the app
Using the mobile app, one is able to easily apply for the Capital One Classic Credit Card. First, you have to get the Capital One app from the App Store or Google Play Store. First things first, download the app and if you have not done so already, create a new account. Go to the credit card category and choose the Classic Credit Card.
You will be taken through the eligibility check where you will be required to key in your name, address and financial status. If you are eligible, further details can be provided within the application and terms and condition can be accepted. The application enables you to monitor the process of your application submission and get notifications on your smartphone.
At the branch
For the do-it-yourself type of person, one can fill an application for the Capital One Classic Credit Card at a physical branch. Go to the nearest Capital One bank and talk to the bank officer on the Classic Credit Card application.
The representative will assist in the verification of the applicant’s eligibility and the application procedure. You will definitely be required to submit your identification data, proof of identification, and financial information.
The representative will conduct a soft pull of your credit report which will not impact your credit rating in any way. If you meet the above criteria, you will be able to fill and submit the application at the branch with any further details and sign on the papers that are necessary. After the approval, you will get your new card at your address which you have given.
