No, Capital One isn’t a bad credit card in that respect. However, it is a credit card that will give you credit if you have a bad credit history; so in this respect it is a bad credit card. Confused? Good, then allow me to explain and sort it all out for you…
When you’ve been in debt and things are going particularly bad for you, there is hope to rebuild your credit rating. You can simply apply for a bad credit card like Capital One. Capital One considers many new customers, from bankrupts to those who have CCJs against them; it isn’t the end of the world when you’ve been in debt. Here’s what Capital One can offer.
Now you needn’t think that everything is rosy though. Capital One know that you have been in trouble before and they’re not about to give you a shed load of money to play with straight away because the chances are that you have been terrible with money in the past and they are not prepared to take too big a risk. Interest is charged from the date any item is purchased if you don’t clear your account in full each month, so they are pretty harsh really; although it doesn’t hurt to have a few lessons in paying your bills if you’ve had a past of not being very willing and able to, does it?
The interest rate is also not very favourable from Capital One at a massive 34.9% typical APR!
Tags: Bad credit cards, Bad debt, Capital One