Hi everyone, I got one hell of a deal out of my mailbox today,and it is from capital one.This offer is for a 7.9% fixed rate on everything,no cash advance fees ever,no balance transfer fees ethier,and no annual fee.I wonder how hard this would be to get?I have 6 cards already,and a total credit limits of $60K.I am really thinking this one over because i might have too many bank cards for them to issue me their card,i have a very decent income but i can still get rejected because of my number of cards that i am currently carrying.Has anyone else gotton this kind of offer,and if so did you try for it,and got approved?I wouldn't think that too many people would get this kind of offer for it is a low interest rate on purchases,cash advances,and balance transfers.I wonder how strict capital one's credit requirements are for this kind of card?
Sounds unbelievable from Capital One. No cash advances fees and 7.9% just blows my mind on cash advances. I tried for their Platinum and and they offered me 19.8% and $6 a month annual fee totaling $72 a year. A 200 - 1000 Limit. On my top 6 cards have $61,500 credit limit. Truly a once in a lifetime credit card deal. Send it in and please let us know how it turned out.
Capital One has thrown their hat into the 'super prime' credit card ring. I recently got one of their Platinum cards with a rate of LIBOR + 2.12% with a 8.9% floor, no cash advance/convenience check fees, no overlimit fee, and they promised no telemarketing. There is a late fee though. I'd be careful with the 7.9% fixed rate. Fleet issued a Titanium card with those terms about 18 months ago before interest rates started going up and tried to jack up everyone's rate and would up getting slapped with several class action lawsuits for deceptive business practices. Remember, a 'fixed' rate means that they only have to give you 15 days notice before raising it. You always have the right to refuse the increase and continue paying under your current terms, but you may no longer use the card or you will have deemed to have accepted the rate change.
Please explain this. I don't know where CAP One is incorporated but I'm not sure you can still pay your card off at the current terms. Kiplingers had an article on this which said Delaware cc's had to follow this procedure and allow you to close the account to new charges and pay the old balance off at the current terms. Then, I went to a site that talked about how Delaware had lifted their max APR cap (was 24.99%) as well as this provision. The bank/state who tried to (now rescinded) raise my rate to 27.99% had no cap on APR and, despite closing the account to new charges you could not refuse their change of APR to an existing balance. If they raise it and you can't get it rescinded the only way you can avoid paying the 27.99% is to pay off the card before the stated execution date of the new interest rate. Anyone have the real low down on this?
Hi George, Yes i did receive this by invitation only,and here is what's funny, it only asks for my SSN,annual household income,and just sign my name on the invitation.It makes a person think that this would be a real pre-approved offer but i am sure their has to be a catch to this.This is my first very low rate offer fom any bank that offers these every day low rates on everything.I would think a very high FICO score is required along with a reasonable debt load to in order to qualify for this card from capital one.It said if i didn't qualify for the platinum,they would issue a classic one with the same terms,and only has classic benefits instead of the platinum ones.7.9% A.P.R. is pretty low for a unsecured credit card.
