Capital One instant decision card explained

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For Bad Credit Capital One Instant Decision Card May The Be Answer

People are so used to their poor credit closing doors that they are often surprised to qualify for a credit card. Some credit card companies have elected to take a chance on these individuals.

They offer low credit limit cards designed to help people rebuild their credit score. For people with bad credit, Capital One instant decision card accounts may be just what is needed.

Responsible use of this credit card helps an individual get back to good financial standing.

With an instant decision card, individuals receive an online reply to their electronic application within minutes. The Capital One Classic Visa is one of these cards and it is designed for people with poor credit scores.

Based on its target audience, the interest rate is a bit higher than that of regular credit cards. This card features 34.9 percent APR representative variable based on a £1,200 credit limit.

Basic qualifications include being at least 18 years of age, a resident of the UK listed on the electoral roll, and a previous credit history. A person who has declared bankruptcy within the prior 12 months is not eligible for this card.

Just because someone meets these criteria does not mean that approval will be granted. The card issuer must review and verify this and additional information to ensure the person is creditworthy.

Certain features of this Capital One Classic make it excellent for people with poor credit. Two free credit reports are provided by Equifax each year at no additional charge.

Capital One Identity Theft and Fraud protection are also provided, safeguarding the cardholder from unauthorized access of the account. Purchase Protection Insurance provides damage, theft, and loss coverage for many purchases for 100 days at no charge.

Cardholders can establish online alerts regarding payment due dates, access their account online at any time, view online statements, and make payments over the Internet.

Up to three additional family members may be added to the account and receive separate cards. This popular card helps households manage their spending while they attempt to improve their credit.

Capital One offers another instant decision card called Progress. This is a MasterCard and features a 29.9 percent variable APR representative. By staying within the credit limit, which cannot exceed £2,500 in any circumstance, and keeping on track with minimum monthly payments, cardholders may be able to reduce their interest rate to 17.9 percent p.a. variable within just 36 months.

Benefits include free Equifax credit reports, Purchase Protection Insurance, and Identity Theft Protection. Online account access and management comes standard, as does the ability to add up to three cardholders.

Neither of these cards have an annual fee, making either one a decent choice. An individual who qualifies for both cards and knows that he or she can manage credit wisely might prefer the Progress.

Shrinking the interest rate simply by using credit in the proper way is not something that most cards can offer so it should not be overlooked.

For those who find themselves with bad credit, Capital One instant decision credit cards can help the situation. By being careful not to charge too much and repaying at least the minimum amount due on time each month, consumers can begin to rebuild their credit.

The blemishes on the credit history will soon fade away, opening doors to other types of financing.