If you want a credit card company that believes that their customers are their bread and butter. If a credit card company that is constantly improving their service to their customers appeals to you. If you want a credit card company that is in the top 100 World's most Innovative companies list, then look no further. Capitol One credit card is all that and more.
Let's take a closer look at some of the criteria for each credit class. We'll start off with those whose credit needs improvement. If your household income is more than , 000. 00 and you have had credit for one year, whether a line of credit, a credit card or a loan. And in addition to that, if in the last two years you have paid back debt to creditors with no defaults. If you also haven't had more than two missed payments on your credit in the last three months, then you fit in the category of "credit needs improvement".
Second we'll look at those whose credit needs to be established or re-established. If you've never had credit, such as credit card, loan or line of credit. If you're new to Canada or have recently had credit problems, possibly even bankruptcy, then this is where you fit in. You can still get a credit card from Capital One. You may be required to pay some security funds, but you can still get a credit card to help you build your credit, and reward you for good credit behavior.
If your gross income is greater than , 000. 00, and you have not had any defaults in the last seven years, you're off to a good start. Now let's add to that six years of ongoing credit, and no changes in the last nine months. Great! you're almost there. As long as you've made all your payments, and made them on time for at least the past three months, then you've made it. Soon you'll be reaping those rewards of good credit management.
On the other hand if you've had ongoing credit for more than ten years, with no defaults in the last seven years. You've had no missed or late payments in the last six months, and your household income is more than , 000. 00. If your credit situation hasn't changed in at least nine months, then you fit in the category of " Excellent credit". If you've had ongoing credit for more than three years, with no defaults in the last seven years. If you've had no late or missed payments in the last three months, and your household income is more than , 000. 00 then you make it into the category of "Excellent and good credit".
Simply stated, the interest rates vary based on the category you're in, as well as the things you use your card for. For example, if you use your card to buy parts for your vehicle, or put gas in it, that's a purchase, and has an interest rate of let's say prime + 3%. Now if you run out of money at the fair, and you run over to the bank machine and get a cash advance, that's gonna have an interest rate of let's say prime + 12%. These amounts are just examples, to let you see how it works. The prime rate that you can find in Globe and Mail's business section in the business report on the 25th of every month, is the prime that Capitol One uses.
With such a wide range of credit cards, it's not hard to believe that they really do have a credit card suited to every person. It's no wonder they have over 46 million satisfied customers world wide. The bottom line is that credit is convenient, and in this day and age almost a necessity. With their secured credit cards, they really can guarantee you approval. Quite simply, it's worth checking out.
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