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Just how bad are capital one credit cards?

Z

zixxer

Diamond Member
I don't think I can get accepted or anything better... I don't have any credit (good nor bad)

19.8% fixed apr
no membership fee


I was "pre-selected" so I dunno if that is the same as "pre-approved" or not..

I already have a secured credit card for $500... I've had it about 3 months thus far.
 
just a little under 20% is actually pretty standard for those "introductory" credit cards. I'm sure there's some legal reason.

If you already have a credit card, don't bother getting another. You only need one to build credit, and since that and emergencies are the ONLY use for credit cards, there's no need for >1.
 
If you get approved, I would get it.

Use it every month.
Pay it off IN FULL every month to avoid paying interest.
DO NOT apply for any other credit cards or increases for at least 12 months.
Then apply for other better unsecured cc's such as CitiBank, MBNA, Chase, Amex ... once approved close your Capital One.
 
I had one for about 6 months or so...get ready for the worst experience ever.

I'm on the national Do-Not-Call list, but that list is exempt for non-profits and for companies you do business with if the call is "business"-related. What you end up with is about 5 phone calls a week for various "opportunities" Capital One wants to "offer" you. It's complete BS. Not to mention they messed up on some charges to my card, and it took two CSRs and a supervisor to clear it up.

Worst credit card company. EVAR. Get yourself a Citi card or something.
 
Originally posted by: jagec
just a little under 20% is actually pretty standard for those "introductory" credit cards. I'm sure there's some legal reason.

If you already have a credit card, don't bother getting another. You only need one to build credit, and since that and emergencies are the ONLY use for credit cards, there's no need for >1.
Click to expand...
I don't use my credit card for emergencies. I use it because that way I don't have to carry around change after I make purchases.
 
Originally posted by: RossMAN
If you get approved, I would get it.

Use it every month.
Pay it off IN FULL every month to avoid paying interest.
DO NOT apply for any other credit cards or increases for at least 12 months.
Then apply for other better unsecured cc's such as CitiBank, MBNA, Chase, Amex ... once approved close your Capital One.
Click to expand...

whats the diff between unsecured and secured CCs? if there is such a thing as a secured CC
 
pay it off in full every month and start building your credit.

they should up it to about $1000 in 3 months and up it to $2000 in another 3.

if you're real lucky they might even lower your apr, but I doubt it. that's when you get another card because you've rebuilt/built your credit. (that's exactly what I did, capital one was my first credit card)
 
Originally posted by: Aharami
Originally posted by: RossMAN
If you get approved, I would get it.

Use it every month.
Pay it off IN FULL every month to avoid paying interest.
DO NOT apply for any other credit cards or increases for at least 12 months.
Then apply for other better unsecured cc's such as CitiBank, MBNA, Chase, Amex ... once approved close your Capital One.
Click to expand...

whats the diff between unsecured and secured CCs? if there is such a thing as a secured CC
Click to expand...

Unsecured require no "deposit." Secured do.. for the amount that your limit is. $500 deposit for $500 credit limit. Basically like a Paypal/Neteller/other account.
 
Originally posted by: Aharami
Originally posted by: RossMAN
If you get approved, I would get it.

Use it every month.
Pay it off IN FULL every month to avoid paying interest.
DO NOT apply for any other credit cards or increases for at least 12 months.
Then apply for other better unsecured cc's such as CitiBank, MBNA, Chase, Amex ... once approved close your Capital One.
Click to expand...

whats the diff between unsecured and secured CCs? if there is such a thing as a secured CC
Click to expand...

a secured card you send them some $ , usually $100-$300 that they put into a "savings" account which may or may not pay interest

they then give you a credit line that is somewhere between 100% and X% of your deposit
if you fail to make payments/pay back the credit, they take it out of your deposit. if you always pay, whenever you close the account, they send your "deposit" back to you (plus interest if they pay interest)
 
Originally posted by: Aharami
Originally posted by: RossMAN
If you get approved, I would get it.

Use it every month.
Pay it off IN FULL every month to avoid paying interest.
DO NOT apply for any other credit cards or increases for at least 12 months.
Then apply for other better unsecured cc's such as CitiBank, MBNA, Chase, Amex ... once approved close your Capital One.
Click to expand...

whats the diff between unsecured and secured CCs? if there is such a thing as a secured CC
Click to expand...

WTF do people not take personal finance anymore?

secured cc - if you have NO CREDIT, little credit or crappy ass credit this is the cc you should apply for. You are virtually guaranteed to be approved. First you have to deposit $300 or more into a savings account or CD which is frozen and used as collateral. If you default (stop making payments), your cc will be closed, your credit ruined, your savings account or CD will be unfrozen and used to payoff the cc. So there is very little risk to the financial institution which issues your secured cc. My wife is an Australian and had ZERO credit in the USA. She signed up for a secured CC for $500. 2.5 years later she has 5 cc's, the highest has a $10,000 limit.

unsecured cc - no collateral. You apply and either get approved or declined.
 
Originally posted by: DingDingDao
I had one for about 6 months or so...get ready for the worst experience ever.

I'm on the national Do-Not-Call list, but that list is exempt for non-profits and for companies you do business with if the call is "business"-related. What you end up with is about 5 phone calls a week for various "opportunities" Capital One wants to "offer" you. It's complete BS. Not to mention they messed up on some charges to my card, and it took two CSRs and a supervisor to clear it up.

Worst credit card company. EVAR. Get yourself a Citi card or something.
Click to expand...

so much for "no-hassle"...truth in advertising anyone? 😉
 
I get Capital One things all the time and it's uaually like 5-6% or so. And it always says NOT an Introductory Rate which I'd assume means it's permanent. But I don't need another card so I just throw them away.
 
Originally posted by: armatron
I applied. I dunno what'll happen.
Click to expand...

Best of luck.

As others have noted, the APR doesn't really matter if you pay off your balance in full every month.
 
Originally posted by: DingDingDao
I had one for about 6 months or so...get ready for the worst experience ever.

I'm on the national Do-Not-Call list, but that list is exempt for non-profits and for companies you do business with if the call is "business"-related. What you end up with is about 5 phone calls a week for various "opportunities" Capital One wants to "offer" you. It's complete BS. Not to mention they messed up on some charges to my card, and it took two CSRs and a supervisor to clear it up.

Worst credit card company. EVAR. Get yourself a Citi card or something.
Click to expand...

I've had a Capital One card for at least 5 years. They've called me about 3 times in those 5 years to try to sell me some service or another. They've never messed up anything on my account and I've always been satisified with their CSR's. They will try to sell you add on services everytime you call them for any reason. I do find that very irritating, but I just say no thanks and that is it.

I started with a Mastercard with like a $30 annual fee and a $300 limit. After I had been with them for awhile, they raised my limit to $1500 and dropped my annual fee.

Overall, I've been happy with them and I just got a second account with them. I already had a Mastercard so I just accepted a pre-approved offer for a Visa through them and got it last week.
 
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