Capital One Luma Purchase Mastercard review
- 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
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 | 3.9 ★★★★★ |
| Doing its job | 3.8 ★★★★★ |
| Extras | 4.0 ★★★★★ |
| Overall Finder Score | 3.9 ★★★★★ |
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
Other popular credit builders
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. Most of the data in Finder's comparison tables is provided by Moneyfacts.
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 (£168.83), it'll cost you around £4.64 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
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.
