After narrowing down my choices for a first credit card I went to Capital One's website and clicked on "See if you're pre-approved" to my surprise the card that it said I was approved for was much better than the one I had been trying to get. The card they offered was the Capital One No Hassle MilesSM Rewards card with a 13.9% variable rate and no annual fee. The card I wanted was the Capital One Standard Platinum, which has a 19.8% variable rate with no annual fee. My credit rating is 660 which is almost exactly between fair and good, but this card is listed under good, which seems kind of weird? I have student loans, but have never had a credit card. It seems weird that they'd offer me a card for my "excellent credit" that is much better than I thought I was qualified for? Anyways I don't plan to use my card for much more than building credit and pay the full balance, so the credit line and rate don't matter too too much. Still I want the best card that I can get. PS. I have no use for a rewards card at all, but they have a 12.9% variable Capital One® Platinum with no fee in the good score range. Is it right to deduce that I could get this card if I can get the miles one? I'm also considering the Citi select card for college students, but Cap1 has less fees, roadside assistance, and sounds like a better deal. Thanks.
It's hard to tell what you'll get approved for. You may be better off taking what they've offered, then later calling and seeing if you can convert it to something else. And don't say you don't need a reward card. Sooner or later you'll need to rent a car or go on a vacation, and you can turn in the points for hotels, air fare, or rental cars on most rewards cards. On some it's only airline miles.
Well that's true, but I've looked into it and their cards offer very little rewards unless you use thousands of dollars. I might as well go with the lower rate, right?
There's not a card on the market that somebody has had a problem.But if you can get a reward card with a decent rate it will pay off.It depends on you what you want.
jjgross is right, you'll find someone to bad mouth just about any card. Personally, I've done well with Cap One and Juniper both. But I have prime cards with both.
Whichever one gives you the best deal, based on your circumstances. If you carry a balance, worry about the interest rate. If you don't, who cares what the interest rate is. Do you care about an annual fee (I'll pay it for a good rewards card). All other things being equal, go for the higher credit limit. If you don't use it much you'll keep your ratio low.
Good suggestion. I think I'll just go for the capital one standard platnium since I don't want to carry a balance. I mean if it means I'll more likely get it and I'll be less inclined to use it than why not I guess? If I knew I could get it than I'd probably go for the capital one platinum. Is it worth applying for if I get denied?
