Capital One Balance 0%  until April 2013 (card designed for people without a good credit rating)
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Capital One Balance 0% until April 2013 (card designed for people without a good credit rating)

6
Found 26th Sep 2012
This will (probably rightly) get criticised by people who fell people with poor credit should not get more credit, however...

Capital One has just launced a card for people without a good credit rating, most people who have had issues in the past would never get a 0% credit card, until now!!

Ideal for those who need to make a big purchase and spread the cost over 13 months

Very important you clear it before April 2013 as APR rockets up to 34%

Before you apply, check you're eligible

We're more likely to accept you if:
You're over 18
You have some history of managing
your credit even if you have had CCJs
or defaults in the past
You're on the electoral roll

We're not likely to accept you if:
You've never had credit in the
UK before
You have been declared bankrupt
in the last 12 months
You've had any CCJs or defaults in
the last 12 months

6 Comments

Worst CC company out there AVOID!

Its not even a year, very poor deal, also it says you need average or good rating. so if you have a alright rating you can get most cards.
My rating is not 100% but still get accepted.

Original Poster

it may well be rubbish, and it may well be a poor deal, but for those of us who do get credit cards, we see these as rubbish deals, for those who can never get the 0% deals this may be good for them

They are more likely to accept you, if that balance is outstanding for some while before you transfer, then they're quids in should you fail to pay it off in time.
There is a 3% transfer fee as well.

Basically they are encouraging people who potentially cannot manage their spending/debt in a responsible manner, to borrow more on credit in the knowledge that the 0% balance will not be cleared by April 2013. At that point the interest rate will rocket skywards and the previously manageable payments will become unaffordable. Thus the person trying to improve their credit rating will default and once again fall behind on payments.

I would discourage anyone from using this card unless you have a clear budget plan that works out how much you would have to pay each month to potentially clear your credit limit eg £2000 limit means you should be able to afford to pay £350 back each month minimum (not taking into account you may spend more than £2000).
Edited by: "farmergiles" 26th Sep 2012

farmergiles

Basically they are encouraging people who potentially cannot manage their … Basically they are encouraging people who potentially cannot manage their spending/debt in a responsible manner, to borrow more on credit in the knowledge that the 0% balance will not be cleared by April 2013. At that point the interest rate will rocket skywards and the previously manageable payments will become unaffordable. Thus the person trying to improve their credit rating will default and once again fall behind on payments.I would discourage anyone from using this card unless you have a clear budget plan that works out how much you would have to pay each month to potentially clear your credit limit eg £2000 limit means you should be able to afford to pay £350 back each month minimum (not taking into account you may spend more than £2000).



Completely agree, although the individual should have personal resposability for getting themsleves in debt this type of card aims to enhance that debt at the card issues gain.
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