In this guide

  • Our verdict
  • Details
    • Product overview
    • Fees and charges
    • Application requirements

Capital One Luma Purchase Mastercard review

  • Avatar
Capital One Luma Purchase Mastercard
3.5
★★★★★
Finder score
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).
Minimum credit limit
£200
Interest-free each billing period
Up to 56 days
Account fee
£0

Our verdict

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

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

  • Applicants with low credit scores may be eligible
  • Customers report excellent customer service when dealing with Capital One
  • Three months to spread the cost of purchases
  • No annual fee

Cons

  • You may be offered an opening credit limit as low as £200

In this guide

  • Our verdict
  • Details
    • Product overview
    • Fees and charges
    • Application requirements

Details

Product overview

Issuer Capital One
Network Mastercard
Annual/monthly fees £0
Minimum credit limit £200
Maximum credit limit Subject to status: £1,500
Purchases 0% for 3 months reverting to 35.94%
Purchases interest-free period (days) 56
Balance transfers 35.94%
Additional cards available 3
Potential costs 4.0 ★★★★★
Doing its job 2.0 ★★★★★
Extras 4.0 ★★★★★
Overall Finder score 3.5 ★★★★★

Fees and charges

Minimum monthly payment 3% or £5 (whichever is greater) or the total of any interest, default fees and charges, 1/12th of annual fee plus 3% of the outstanding balance.
Annual/monthly fees £0
Balance transfer fee 3%
Money transfer fee 3%
Foreign usage charge (EU) 2.75%
Foreign usage charge (rest of world) 2.75%
Cash advance fee 3% (min. £3)
Late payment fee £12
Duplicate statement fee £0
Exceeding limit fee £12
Additional card fee £0
Dormancy fee £0

Application requirements

Minimum Age 18
Availability Available to new customers

How does it compare?

Capital One's card

1 - 1 of 1
Name Product Finder score Annual/monthly fees Initial credit limits Minimum income Representative APR Incentive Link
Capital One Luma Purchase Mastercard
3.5
★★★★★
£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).
loading

Other popular credit builders

Table: sorted by representative APR, promoted deals first
Name Product Finder score Annual/monthly fees Initial credit limits Minimum income Representative APR Incentive Link
Additional account needed
HSBC Student Credit Card Visa
3.5
★★★★★
£0
Min. limit £250, max. limit £500.
Not specified
18.9%
Available alongside an HSBC Student Account (receive £100 and a 1-year subscription to Headspace when you open a new student account).
Representative example: When you spend £500 at a purchase rate of 18.9% (variable) p.a., your representative rate is 18.9% APR (variable).
Go to site
Barclaycard Forward Credit Card
4.0
★★★★★
£0
Min. limit £50, max. limit £1,200.
£3000
33.9%
Rate discounts: 3% interest rate reduction if you make all your repayments on time for the first year, and a further drop of up to 2% more if you continue to do so in the second year.
Representative example: When you spend £1,200 at a purchase rate of 33.9% (variable) p.a., your representative rate is 33.9% APR (variable).
Go to site
118 118 Money Guaranteed Rate Card
3.5
★★★★★
£0
Min. limit £500, max. limit not specified.
£8400
34%
Representative example: When you spend £1,200 at a purchase rate of 34% (variable) p.a., your representative rate is 34% APR (variable).
Check eligibility
Zable credit card
3.5
★★★★★
£0
Min. limit £200, max. limit £1,500.
£9,600
48.9%
Representative example: Representative 48.9% APR (variable). Based on assumed borrowing of £1200. Rate of interest 48.9% (variable) annual.
Check eligibility
loading

Approval for any credit card depends 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 offers you this deal, it 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 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 purchase 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 (£170.97), it'll cost you around £4.70 in fees.

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%.

Finder credit card scores

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — 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.
Go to site