What Everyone Should Know About The Capitol One Credit Card

Posted by Andy Zain

September 18, 2009

Whether you have Excellent credit, or have struggled for years and ended up going bankrupt. Capitol One credit card has a credit card for you. It sounds like a good line, or a long shot, but really it’s true. And as if that weren’t enough, they put their customer first with an attitude that what’s important to their customer’s is important to them. And then to top it off, they only want to serve you to the best of their ability.

Let’s suppose you’ve never had much credit, but perhaps your parents have co-signed for a vehicle loan for you. Well believe it or not, you may just fit in the “Credit needs improving” category. Here are some of the easy criteria for this category. Your household income must be more than $10, 000. 00, and you’ll need to have one year’s credit. This is where that co-signed loan comes in. If you can add to that the fact that you are at a minimum two years or more default free, you’re almost there. One last criteria is that you have not missed more than two payments in the last three months. Woohooo!! You made it.

Let’s suppose you’ve had credit before, say perhaps, as I have, you had financed a vehicle only to have work deteriorate and be left with your vehicle being repossessed. Not a fun place to be, but when you look at the criteria for someone in the “Credit needs established” category you’ll see there is hope. Even if you’ve just moved to Canada, you can fit in this category. You will most likely have to pay a security deposit, but hey at least you can start on the road to building or rebuilding your credit.

If your gross income is greater than $30, 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.

If you want to reach for the category of “excellent credit”, here are some good first steps. Obviously you can’t have had any defaults in the last seven years, and you must have made all your payments, and made them on time in the last six months. If you can meet that, and you’ve had credit for the last ten years or more, with no changes to your credit situation in the last nine months, you’re almost there. The last thing you’ll need will be a household income in excess of $40, 000. 00 per year. The good news is if you can’t quite reach the Excellent category, but reaching good was a breeze, there appears to be a category in between called “Excellent and Good”. You need ongoing credit for a minimum of three years, with the standard no defaults in seven. If your household income exceeds $30, 000. 00 and you’ve made all your payments on time in the last three months, congratulations. You’ve made it.

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.

So instead of wishful thinking, check out the credit card company with over 46 million satisfied customers world wide. They have a place for everyone so all you have to do is find out where you fit in. Then start reaping those rewards.

For more information and tips on capitol one credit card, reward credit cards and Sears credit cards mastercard visit Credit Card Offer

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