I have just gotten a credit card offer. It is a Pre-Approved Capital One Gold Mastercard..... with a 0% Intro APR for all purchases. (no security Deposit required, and the application is free. Just wondering... I was looking for anything on the Terms and Conditions about any hidden costs, or fees, or later Higher APR's. It has 19.8%.. I am also trying to find things on the net to about this card, but it doesnt seem to be one of the well known ones. All I have to to do is put in the numbers that are on my acceptance certificate on the net on www.getmycard.com Just want to make sure this is a good card. I signed up for a Capital One Student VISA card online...but I think they gave me this offer instead, becuase I havent gotten the other one yet. Anyone know anything, let me know if I should agree to this. It seems like it is a decent deal. WOuld this be a good first credit card for me?? (no cedit right now) Thanks for your help!
RE: New card... Is it a good o I also got an offer from Capital one for their gold card. no annual fee, but there is a participation fee of $7/ month. You may want to read the terms closer. That's $84 per year. What a rip-off!
RE: New card... Is it a good o Keep in mind what a joke Capital One has made of the Gold Card. The credit limit can be as low as $200, and they are not very generous with credit limit increases. Nonetheless, they are a good company to do business with. They have excellent customer service, and they post all payments on time. The ability to pay your statements online is another plus. Their sub-prime products, which include their Gold Card, are great for building positive credit lines, but they are pathetic when it comes to credit limits. I have their Platinum card now, and it's a VERY difficult card to get. Even so, it's worth it.
RE: New card... Is it a good o Doris-- Did you have one of their subprime cards before? Were you upgraded to the platinum or did you have to cancel your accounts to get the platinum?
RE: New card... Is it a good o Okay, I got a letter stating that I have been approved for a Capital One credit card... with an initial credit line up to $1,000. I got this letter yesterday, before I got the Capital One Gold Mastercard offer today. I am trying to figure out if this is the same offer. The membership fee is 6 bucks a month (which adds up!)... this doesnt make sense, since I signed up earlier for a STUDENT VISA credit card. Talk about confusing. I am a student who has no credit, and I just want a decent credit card without the membership fees, or the high interest. This is getting frustrating too!!!
RE: New card... Is it a good o This is not something that Capital One alone is doing. There are many companies offering these types of cards. Before MC and VISA changed the regulations to allow a lower credit limit than $5000 for a gold card, millions of people could not qualify for the benefits that are associated with a gold card. A higher credit limit used to be one of the perks, but you also get rental car protection, purchase protection, etc. These things are not offered on classic cards. It's actually something to help the little guy who normally wouldn't get all the added benefits that a gold card has to offer.
RE: New card... Is it a good o $6 per months is too much. Don't go for it. Call them and have them explain the offers, and why there are two of them. If you're a student, get the student card, usually you'll get better terms... Hope that helps... but anyway, don't pay that monthly fee...
RE: New card... Is it a good o I began with one of their sub-prime cards, with a $200 unsecured limit. It was great for building credit from nothing at all. Capital One reported to all three CRAs, and they were instrumental in my building superior credit. After establishing my credit, I was required to cancel my Visa Classic account before applying for their Visa Platinum card. I began with a $10,000 limit; however, I was never granted a credit limit increase on my sub-prime card. The $200 limit remained for the three years that account was open. Although I had no late pays on any account, no inquiries, no over-limits, or any other derogatory mark on my credit reports, they wouldn't budge an inch. Still, this shouldn't discourage anyone from applying for Capital One's beer money Visa. When working to establish or re-establish a good credit rating, this card is a MUST! You won't be able to charge a European vacation on your low-limit card, but they'll treat you right. The interest rates aren't bad at all for a sub-prime card. The 19.8% is much better than the rates on many so-called prime cards.
RE: New card... Is it a good o Doris-- thanks for sharing that info. I had a difficult time getting cap1 to give me increases. I just closed both accounts partly for that reason and also because cap1 wouldn't unsecure one of my cards after six years even with a good payment history and no lates in the last seven years with any creditor. In contrast to our experience, others on this board have talked about getting significant increases 18 months after coming out of a chapter 7. How long have you had the platinum and have you gotten any increases yet?
RE: New card... Is it a good o I've had the Platinum for a couple years now, and they have been very generous with credit limit increases with the Platinum card. While it's not my highest-limit card at $25,000, it's probably the best one I have. Again, as far as their sub-prime products are concerned, their cards seem to serve no other purpose than to give those with no credit or bad credit an opportunity to redeem themselves. It's certainly no good for major purchases as there's not enough of a credit limit to buy a second-hand chew of tobacco. ;-)
