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Capital One credit card review: Plus

Capital One's Plus credit card offers extras to customers with a good credit history: a rate of 0% on purchases until August 2010, plus the excellent identity theft protection offered to all Capital One credit card holders.

The 0% rate on purchases is what really makes this credit card stand out from the crowd and it's reasonably long, lasting until the day after your August 2010 monthly statement.

While that's not the longest 0% purchase deal around - Halifax's All-in-One and the Bank of Scotland's All-in-One credit cards have 9 month 0% offers - it will still be adequate for most users, particularly those looking to spread the cost of one large purchase.

As a Capital One customer you'll benefit from cardholder services such as online account management and the ability to add up to three cardholders to the account. Capital One also offer some of the best Identity Theft Protection and anti-fraud services on the market.

Since the Capital One Plus is a premium credit card you will have to have an excellent credit rating to apply.

That means you'll be over 18 on the electoral roll with a significant history of managing credit commitments competently in the UK - always making payments on time, for example - and not have any CCJs or defaults.

If you have applied for a Capital One credit card in the past six months or you already have a credit card with Capital One you aren't eligible to apply for this credit card.

If you do think that you'll be eligible, however, the Capital One Plus credit card has the advantage of offering an instant decision when you apply online.

All in all, the Capital One Plus credit card offers a great deal for those with a very good credit history. More details below.

Interest Rates and Fees
		Notes..
Typical APR	14.9% APR (variable)	14.9% or 24.9% APR depending upon an assessment of your circumstances. The typical APR is the rate most people are offered.
Introductory Purchases	0% until 1 August 2010	Payments will be applied towards promotional rates first.
Balance Transfers	14.93% p.a.	-
Balance Transfer Fee	3%	-
Cash Withdrawal Rate	34.94% p.a. (variable)	-
Cash Withdrawal Fee	3% (£3 minimum)	-
Annual Fee	None	-
Foreign Transaction Fee	2.75%	This fee will be charged if you make a purchase or cash withdrawal in a foreign currency.

Cardholder Services & Extras
Online Account Management		You can manage your Capital One Plus credit card account online. Optional Paperless statements.
Internet Fraud Guarantee		100% Internet fraud guarantee if your card is used without your knowledge.
Fraud Monitoring		Active Fraud Protection Capital One will monitor your account for any unusual activity and alert you straight away.
Identity Protection		Identity Theft Assistance Help and guidance on how to prevent identity theft, as well as your own named advisor to help with your case from start to finish if you ever experience identity theft.
Credit Report Access		Identity Alerts If your credit report changes, for example if someone applies for your credit using your name or if any key changes are made to your Equifax credit report you will be alerted. 2 Free Credit Reports a Year Free access to your Equifax credit report two times each year.
MasterCard SecureCode		An extra layer of security when shopping online. Register and set up a password-protected identity-check when you shop online with participating online retailers.
Purchase Protection Insurance		Up to £1,000 per claim, up to £20,000 in any 12 month period Most items bought with the Capital One Classic credit card will be covered against loss, damage or theft for 100 days after purchase (restricted to the UK only and any stolen purchases must be reported to the police within 24 hours). - Does not cover delivered items. - Exclusions apply.
Purchase Delivery Insurance		The 'Purchase Protection Insurance' policy does not include delivered items.
Comprehensive Travel Insurance
Travel Accident Insurance
Travel Inconvenience Insurance
Assistance Abroad
Emergency Card Replacement
Other Extras	- Up to 3 additional cardholders free.
Optional Extras	These are extras that you can choose, but you will have to pay for them. - Payment protection.

Payments & Payment Details
		Notes..
Credit Limit	£500 minimum, £5000 maximum	Credit limit may vary from person to person and is subject to status.
Interest Free Period	Up to 56 days	For purchases if you pay your balance in full and on time each month. There is no interest free period on cash withdrawals or balance transfers.
Minimum Monthly Payment	1% (£5 minimum)	The minimum monthly payment will be the greater of: - 1% of the outstanding balance, plus all interest applied in that month, plus all default sums incurred in that month, plus one twelfth of any annual fee, OR - £5
Allocation of Payments	Fees, Charges & Expenses » Interest » Insurance Premiums » Promotional Balances (lowest rate balances first) » Standard Rate Balances (balance transfers, then purchases, then cash withdrawals).	-
Default Charges	£12	This is how much you will be charged for late payments, returned payments and if you go over your credit limit.
Copy of Statement Fee	£3	Maximum £10 per request.

Card Details
		Notes..
Online Application	Yes: Instant Decision	Get a decision in 60 seconds when you apply online.
Card Type	Platinum	-
Payment Company	MasterCard	The company who provides the payment technology and infrastructure to allow you to use this credit card. Retailers and ATM machines displaying the 'MasterCard' logo will accept this credit card.
Card Issuer	Capital One	The bank who issues this credit card.
Card Advertiser	Capital One	The company who advertises and promotes this credit card.

Capital One Plus Credit Card User Reviews

Review Continued...

The Capital One Plus credit card offers a great deal for those looking to keep it simple with their credit card purchases.

That Headline Deal

A fixed 0% on purchases rate with the Capital One Plus credit card lets you borrow interest free: a great plus if you want to spread the cost of a large purchase or a few unusually expensive months.

Having a definite date for the end of the 0% on purchases rate might be a slightly sneaky trick to encourage you to sign up sooner rather than later but it could also help you to remember that crucial end of offer date.

There are just a few things to be aware of with this introductory rate: the transactions that count as purchases under the credit card's terms and conditions and the order that they're paid off.

The Capital One credit card, in common with other cards, only counts certain transactions as purchases. Getting foreign currency, travellers' cheques or money orders, making an electronic money transfer to a current account and gambling transactions all count as cash withdrawals rather than purchases and won't be subject to the promotional 0% rate.

Purchases made at the 0% interest rate will be paid off first, as per the credit card's Allocation of Payments clause.

This will only be a problem if you're carrying a balance at a higher interest rate and at the 0% rate - the higher rate part of the balance will be trapped behind the 0% part and could continue to accrue interest.

More on Interest Rates

After the 0% on purchases period is over you'll go back to paying the standard interest rate on any borrowing.

Typically, the per annum interest rate will be around 14.93% and it's the same for balance transfers.

A Little more Security

Capital One Plus cardholders can take advantage of the identity protection and fraud monitoring services that come with the card.

The Capital One credit card comes with active fraud protection which will monitor any unusual activity on your account and contact you if they think that it might be fraudulent.

You'll also be able to register for MasterCard SecureCode services for extra protection on your online purchases.

Finally, the Capital One Plus credit card allows you to use services from the credit reference agency.

Equifax. The service will alert you if someone applies for credit using your name and when any major changes are made to your Equifax credit report with or without your permission.

You'll also be able to apply for two Equifax services a year absolutely free.

Credit ratings can be a mysterious business so this innovative way of opening up the process definitely gets a thumbs-up from us.

Finally, as well as cover under section 75 your Capital One Plus credit card will cover your purchases against loss, damage or theft for 100 days after purchase up to a maximum £1,000 per item claimed on.

There are some exclusions including delivered items (so that's anything bought online out), jewellery, cameras and second hand goods.

... But no Cash

In common with most credit cards, the Capital One Plus credit card isn't suitable for withdrawing cash.

With an extremely prohibitive 34.94% per annum interest rate on cash withdrawals from the moment you make a withdrawal plus a 3% 'handling fee' with a minimum of £3.

Using the Capital One Plus credit card abroad will be subject to a 2.75% transaction fee.

Final Word

The Captial One Plus credit card is a simple one-trick pony of a card that delivers with a 0% purchase rate and good overall services.

Apply Online for Capital One Plus credit card »