Capital One Classic Credit Card review 2021

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A no-frills card for those looking to build or rebuild a positive credit history.

You say: ★★★★★We say: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 34.94% (variable) p.a., your representative rate is 34.9% APR (variable).

£200

Minimum credit limit

Up to 56 days

Interest-free each billing period

34.9%

Representative APR

£0

Account fee

Details

IssuerCapital One
NetworkMastercard
Annual/monthly fees£0
Min credit limit£200
Max credit limitSubject to status: £1,500
Purchases34.94%
Purchases interest-free period (days)56
Balance transfers34.94%
Additional cards available3
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Review by


Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.

Expert review

Capital One’s most popular credit card is a “credit builder”, meaning it’s designed for customers with a less than perfect credit record, or simply not much in the way of credit history. Use it responsibly, and this card could help you to improve your credit score (and in turn access better rates).

As you might expect, opening credit limits are likely to be relatively low (the maximum you’ll be offered initially is £1,500), but provided you don’t miss repayments, you could be rewarded with two optional credit limit increases a year.

There’s no annual fee, and if you clear your balance in full each month you’ll be able to take advantage of the 56 interest-free days on purchases. The card’s standard interest rate is high, making it an expensive option if you don’t clear your balance in full each month.

The Capital One Classic Credit Card is issued on the Mastercard network so it's accepted at nearly 53 million merchants across more than 210 countries and territories.

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Pros and cons

Pros

  • Applicants with low credit scores may be eligible
  • No annual fee

Cons

    How does it compare?

    Capital One's card

    Name Product Annual/monthly fees Initial credit limits Minimum income Rep. APR Incentive Link
    Capital One Classic Credit Card
    £0
    Min. limit £200, max. limit £1,500.
    Not specified
    34.9%
    Representative example: When you spend £1,200 at a purchase rate of 34.94% (variable) p.a., your representative rate is 34.9% APR (variable).
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    Other popular credit builders

    Table: sorted by representative APR, promoted deals first
    Name Product Annual/monthly fees Initial credit limits Minimum income Rep. APR Incentive Link
    TSB Classic Credit Card Mastercard
    £0
    Min. limit £500, max. limit not specified.
    Not specified
    26.9%
    Representative example: When you spend £1,200 at a purchase rate of 26.95% (variable) p.a., your representative rate is 26.9% APR (variable).
    Tesco Bank Foundation Card
    £0
    Min. limit £100, max. limit not specified.
    £5000
    27.5%
    Collect 1 Tesco Clubcard point per £4 spent (£4 minimum) in Tesco and 1 Clubcard point per £8 spent (£8 minimum) outside Tesco in each purchase transaction.  Must have available credit to collect Clubcard points. Clubcard points are turned into Clubcard vouchers every 3 months or sooner using Faster Vouchers. Clubcard vouchers can be used in Tesco or with Clubcard Reward Partners to get even more value on dining out, hotel stays and travel.
    Representative example: When you spend £1,200 at a purchase rate of 27.542% (variable) p.a., your representative rate is 27.5% APR (variable).
    Vanquis Bank Chrome Credit Card
    £0
    Min. limit £250, max. limit £1,500.
    Not specified
    29.5%
    Representative example: When you spend £250 at a purchase rate of 29.5% (variable) p.a., your representative rate is 29.5% APR (variable).
    Vanquis Bank Aquis Visa
    £0
    Min. limit £250, max. limit £1,000.
    Not specified
    29.8%
    You could get a credit limit increase after your 5th statement and further increases every 5 months, up to £4,000.
    Representative example: When you spend £1,000 at a purchase rate of 29.84% (variable) p.a., your representative rate is 29.8% APR (variable).
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    Approval for any credit card will depend on your status. The APR shown represents the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.

    Repayment options

    You can make manual repayments through Capital One's app, by logging in to your online banking or over the phone (03444 812 812). Alternatively, you may wish to set up a direct debit.

    A direct debit protects you from forgetting to make a repayment and damaging your credit score – making it harder and more expensive to borrow money in the future – and getting hit with a penalty fee (£12) as a result.

    You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.

    Choose from the following direct debit options for your monthly repayments:

    Minimum amount Fixed amount Fixed percentage Full amount

    How to apply

    If you've compared cards and settled on the Capital One Classic Credit Card, completing the secure online application form takes about 15 minutes. Before you apply, check that you meet the eligibility requirements and have the information and documents you'll need to make the process as straightforward as possible.

    Frequently asked questions

    What credit limit will I get with the Capital One Classic Credit Card?

    If Capital One is able to offer you this deal, the offer will specify a personalised credit limit based on Capital One's assessment of your situation. The minimum limit offered on the card is £200, while the maximum is £1,500. Once you've had the card for a while and shown Capital One that you're reliable, you may wish to apply for a credit limit increase.

    Can I withdraw cash using the Capital One Classic Credit Card?

    Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (withdrawing cash at an ATM, getting cashback at the till, spending at a casino, buying currency, etc.) often incur steep fees and/or higher rates of interest.

    The cash advance fee on the Capital One Classic Credit Card is 3% (min. £3). For example, if you withdraw £50, you'll incur a fee of £3.00. Withdraw £250, and you'll incur a fee of £7.50.

    The interest rate on this part of your balance will be 34.94%, which is the same as the standard purchases rate (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).

    How much does it cost to use the Capital One Classic Credit Card abroad?

    Non-sterling transactions are subject to a 2.75% charge. For example, if you spend 200 euros (£174.17), it'll cost you around £4.79.

    Finder credit card ratings

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    ★★★★★ — Poor

    Our experts score credit builder credit cards to determine their value against similar products on the market. We look at a number of important factors, like interest rates, credit limits, features to help you track your credit, plus the potential costs involved with running the card both in the short and longer term.

    You can read more about our scoring criteria on our credit card methodology page.

    We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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