Capital One Luma Purchase Mastercard review 2021

This credit-building card offers 0% on purchases for 3 months.

You say: ★★★★★We say: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 35.94% (variable) p.a., your representative rate is 35.9% APR (variable).

£200

Minimum credit limit

Up to 56 days

Interest-free each billing period

35.9%

Representative APR

£0

Account fee

Details

IssuerCapital One
NetworkMastercard
Annual/monthly fees£0
Min credit limit£200
Max credit limitSubject to status: £1,500
Purchases0% for 3 months reverting to 35.94%
Purchases interest-free period (days)56
Balance transfers35.94%
Additional cards available3

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

If you don’t have perfect credit but you want to spread the cost of a large upcoming purchase, this Capital One card could help you.

There’s no annual fee to worry about. However, don’t forget that after the introductory 0% interest period on purchases any outstanding balance will start to accrue interest at the card’s standard rate.

Pros and cons

Pros

  • Applicants with low credit scores may be eligible
  • Three months to spread the cost of purchases
  • No annual fee

Cons

  • A steep interest rate on purchases after the introductory period expires

How does it compare?

Capital One's card

Name Product Annual/monthly fees Initial credit limits Minimum income Representative APR Incentive Link
Capital One Luma Purchase Mastercard
£0
Min. limit £200, max. limit £1,500.
Not specified
35.9%
Representative example: When you spend £1,200 at a purchase rate of 35.94% (variable) p.a., your representative rate is 35.9% 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 Representative APR Incentive Link
Marbles Classic Credit Card
£0
Min. limit £250, max. limit £1,200.
Not specified
29.7%
You could get a credit limit increase after three months. Choose a monthly repayment date that suits you and change it up to twice a year.
Representative example: Assumed credit limit £1,200, representative 29.7% APR (variable), purchase rate 29.75% p.a. (variable).
Please note: you can’t have two Marbles accounts or open a Marbles account within 12 months of opening an Aqua, Fluid or Opus account, issued by New Day
Check eligibility
Aqua Classic Credit Card
£0
Min. limit £250, max. limit £1,200.
Not specified
29.7%
Representative example: Assumed credit limit £1,200, representative 29.7% APR (variable), purchase rate 29.75% p.a. (variable).
Please note: you can’t have two Aqua accounts or open an Aqua account within 12 months of opening a Marbles, Fluid or Opus account, issued by New Day
Check eligibility
Aqua Classic Balance Transfer Card
Aqua Classic Balance Transfer Card
£0
Min. limit £250, max. limit £1,200.
Not specified
34.9%
Representative example: Assumed credit limit £1,200, representative 34.9% APR (variable), purchase rate 34.95% p.a. (variable).
Please note: you can’t have two Aqua accounts or open an Aqua account within 12 months of opening a Marbles, Fluid or Opus account, issued by New Day
Check eligibility
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).
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Approval for any credit card will depend on your status. The representative APRs shown represent 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 Luma Purchase Mastercard, 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 Luma Purchase Mastercard?

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 Luma Purchase Mastercard?

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

The cash advance fee on the Capital One Luma Purchase Mastercard 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 35.94%, 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 Luma Purchase Mastercard abroad?

Non-sterling transactions are subject to a 2.75% charge. For example, if you spend 200 euros (£170.75), it'll cost you around £4.70.

Can I transfer money from the Capital One Luma Purchase Mastercard to a bank account?

Yes. That's what's known as a "money transfer" (rather than a "balance transfer") in credit card jargon. You can arrange this from your online banking or using Capital One's app. This part of your card balance will incur interest of 35.94%. The fee for a money transfer is 3%.

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