A transaction fee applies to each transfer.Ĭonsolidating balances this way can help you pay down your credit card debt by allowing you to focus on a single card. You can transfer your other credit card balances and consolidate them on a single card that won’t charge interest on the combined amount for a set period. Some Capital One cards, such as the Capital One Quicksilver Cash Rewards Credit Card, may offer 0% intro APR promotions for balance transfers from time to time. Paying down your card balances will help build credit. You also build credit by keeping your credit utilization ratio (CUR is defined as credit used / credit available) below 30%. Conversely, a clean payment history allows your score to rise. Your credit reports list payments past due by more than 30 days, causing your credit score to drop. The credit card companies, including Capital One, report your payment activity to one or more of the three major credit bureaus (TransUnion, Equifax, Experian). You build credit by paying your bills on time and keeping your debt levels in check. That’s one good reason to prequalify for a Capital One credit card before applying. It’s not clear whether Capital One’s credit categories match FICO’s. Many of the issuer’s cards mandate good or excellent credit scores. The Capital One Platinum Credit Card also serves consumers with limited or no credit. Most other Capital One cards require borrowers to have at least fair credit, which translates to a FICO score of 580 or higher. You may have trouble getting one from Capital One if you have a recent default, collections account, bankruptcy, or outstanding late payments. You may receive a higher credit limit without an additional deposit by paying your bills on time for at least six months.Įven secured credit cards may reject some applicants. The card offers no rewards and charges no annual fees. Because you secure these cards with cash collateral, you may receive approval even if you have a very poor FICO score.įor example, the Capital One Platinum Secured Credit Card is available to consumers with limited or bad credit. In addition, the issuer offers a pair of secured cards that accept applicants with fair, limited, or no credit. If you qualify, you can get a Capital One student credit card without any credit history. Other factors include income, housing costs, and existing debt. You can then remove the sticky label, sign the back, and go shopping.Īll Capital One cards have access to Eno, which provides virtual card numbers, fraud alerts, and account monitoring.Ī credit score is but one factor in Capital One’s proprietary algorithm for approving or rejecting credit card applications. Activation triggers the annual fee, if any. You can activate your new card online or over the phone. Once approved, your credit card should arrive in seven to 10 days, although expedited shipping may be available. Hard credit pulls remain on your credit reports for two years but only impact scores for the first year. If you decide to apply for a Capital One credit card, expect the issuer to make a hard credit inquiry that will lower your credit score by a few points. While preapproval doesn’t guarantee you’ll receive the card, it helps narrow your focus to feasible choices. The bank’s reward cards offer cash back or miles that save you money on previous and new purchases.Ĭapital One’s preapproval tool lets you check for credit card offers without harming your credit score. Many emphasize affordability by waiving annual fees. You’ll find multiple Capital One cards for almost every niche: cash back, travel, business, student, and credit rebuilding. There’s no grace period for cash advances or balance transfers. You’ll avoid interest charges on purchases if you pay your credit card bill in full each cycle. Capital One cards use either the Mastercard or Visa processing networks, ensuring broad acceptance around the globe.Ĭapital One cards usually provide a 25-day grace period from the end of each billing cycle to the payment due date. The cards allow you to finance purchases over multiple billing periods at your assigned annual percentage rate (APR). You can use them to charge purchases, get a cash advance, and utilize balance transfer transactions to consolidate credit card debt. They operate like any conventional credit card but carry no hidden fees or tricky loopholes. Capital One credit cards are popular due to their value, simplicity, and customer service.
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