Are you looking for a credit card that you can use to rebuild your credit rating? The Capital One Classic Credit Card can help you turn a bad credit score into a good one. This card offers you the chance to rebuild your credit if you keep up with payments each month.
In addition, the credit limit can increase easily if you prove financial responsibility. While other cards may just outright deny those with poor credit, the Capital One Classic Credit Card offers those people an opportunity to begin establishing good credit.
Are you intrigued by the possibility of having this card? Continue reading to learn more about it and how you could be eligible to apply for one today.
The Capital One Classic Credit Card: Good & Bad Points
Capital One makes banking simple yet rewarding. By providing access to credit, they can help customers pay for day-to-day expenses and more. In this article, we’re going to look into the benefits and drawbacks that come with the Capital One Classic Credit Card.
- The application process is simple: One of the reasons to apply for this credit card is that it has an easy and hassle-free application. Capital One gives a chance to people with bad credit ratings and only has minimum requirements. Just make sure to provide all the necessary documents to get approved.
- Savings on fees: This credit card also has a longer interest-free period of 56 days (for purchases where the balance is paid on time and in full). This means that your purchases will not be charged interest immediately if they are paid off fully and on time. Further, there is no annual fee with this card, so you do not have to pay outright to use it.
- Backed by Mastercard: If you’re a frequent flyer and travel overseas for business or pleasure, you’ll be glad to know that this credit card is powered by Mastercard. Mastercard is accepted worldwide and cardholders have access to massive retail discounts at partner stores.
- An opportunity to rebuild credit: Another reason to get the Capital One Classic Credit Card is the ability to rebuild your bad credit. Credit history will impact your credit rating; therefore, by using the card regularly and paying for the full amount each month, you can gradually improve your credit score. This card is an excellent chance for those with bad credit to start over.
- High-interest rates: Since the Capital One Classic Credit Card is aimed at giving an opportunity to those with bad credit, it naturally comes along with a higher than average APR. With a representative APR of 34.9 %, this is not a credit card you will want to carry a large balance on. This high-interest rate is to protect the bank while they loan to those with poorer credit.
- Potential to damage your credit score: If you have a history of being financially irresponsible, the credit card not protect you. Although it is aimed at helping those with bad credit, if used irresponsibly, it can damage your credit further. The Capital One Classic Credit Card is really for those who may have had financial hardships or made mistakes in the past and are looking for an opportunity to get on the right track again.
Capital One Classic Credit Card: Important Charges
- No annual fee
- 34.9% APR representative variable
- 34.94% p.a. variable on purchases
- Purchases: 34.94% p.a.
- Cash withdrawals: 34.94% p.a.
- Balance/Money transfers: 34.94% p.a.
- Non-sterling Transaction Fee: 2.75%
- Foreign cash fee: 3.0% (minimum £3)
- Late payment fee: £12
- Over credit limit: £12
Do You Want to Apply for This Card?
Applying for this credit card is simple and easy. To qualify as a cardholder, you need to be at least 18 years old, a UK resident and employed. Additional requirements include having a previous credit history in the UK and being on the electoral roll. Additionally, the bank won’t consider your application if you have declared bankruptcy in the past 12 months.
When you are ready to apply, head to the Capital One website and click apply now to get started. The process is relatively easy and can be done quickly.
Since this is a credit card for those starting with poor credit, note that your credit limit assignment will start low, but the range of offerings is from £200 to £1,500. However, cardholders have two optional credit limit increases each year, if payment history is good. If you use this card responsibly, it will be easy to get a higher credit limit.
Overall, the Capital One Classic Credit Card is a valuable card for those who want to start anew and improve their credit health. By staying up to date with payments and settling balances in full, cardholders can earn a higher credit score and credit limit. To learn more about this card, you can visit the website of Capital One.
If you want to keep looking for a card that can help you rebuild bad credit, we can help you with that too! Here is another option. There are a lot of credit cards out there, so you don’t have to decide until you find one that is best for you!
Note: There are risks involved when applying for and using a credit card. Please see the bank’s Terms and Conditions page for more information.