Capital One Classic

The Capital One Classic is a visa card from the Capital One bank.  The visa is accepted by the most retailers around the world making it a good brand to have.  The Capital One Classic has several interesting aspects that you may find helpful in your life.  When you are looking for a new card it is helpful to have a review of the product.

• Balance Transfers:  This card will accept balance transfers; however it doesn’t have an introductory rate.  In other words you will be charged interest from the first moment you transfer a balance.  The balance transfer will be 3 percent of the amount you decide to transfer, if you want to transfer.
• Purchases: The Capital One Classic will not offer any introductory rate on purchases.  The current interest rate on this card is 34.9 percent.  This interest rate is charged on balance transfers as well.  As you can imagine 34.9 percent is not a low interest rate.  In fact being the standard on this card and variable makes it one of the highest interest rates you could be charged on any card. There are few cards that charge this high of a rate per year.  This interest rate is even across the board, meaning that cash withdrawals will have the same interest.
• The Capital One Classic card is good for a few things.  If you have had trouble getting a card in the past from other companies Capital One will consider your application.  They may also consider your application if there have been arrears on your credit history that are older than a year.  This card can be used to help rebuild credit; however it is not easy to obtain when your risk is high.  The fact that they may be willing to offer the card to higher risk individuals is one of the reasons why the annual percentage rate is rather high.  If you have been rejected in the past they may not offer you a card, especially if it has been in the last six months.  They also will not offer a second card account if you already have an account with them.
• This card doesn’t have an annual fee.  
• The classic card offers the card design of your choice, free identity theft service, and online alerts. 
• They normally increase your credit limit after four months if you have shown that you pay on time.  The initial credit limit is usually very low.  The lowest they will offer is 100 pounds and the most is 2500 pounds.
•  

The Capital One Classic Cards is very expensive to have.  If you do wish to apply you should use it sparingly and as a way to increase your overall credit score.  When you use the card it is best to pay off your balance every month.  In other words you shouldn’t have a balance that extends for a few months.  This is what makes the card even more expensive.  There are no benefits or discounts offered.

Back To Credit Card Reviews