"Approved But Have Comments"

Capital One® No Hassle Cash (SM) Rewards Credit Card Review
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Written by: scamps218 on 2011-08-25

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scamps218's review: Callout Comment Relatively new to credit, so I hope I am some help. I decided to apply for this card based on CreditKarma's recommendation. I was approved with the following info:
Transunion: 670
Equifax: 649
Experian: 645

I am showing a Capital One inquiry on all three reports. At the time of my application, I have two student loans and 3 credit cards. The only negative was one 90 late payment from 9 months ago when I was late on a payment and my interest rate increased to such a degree that I was unable to pay.
My limit is rather lame at $500 and the interest rate is 18.25%. I decided to reap the rewards for the card without paying any interest or having utilization reported beyond 20%. So, I used the card for groceries and gas and paid it using my bill pay account online (their website would not accept my payment until after the first statement was sent out per their customer service rep.). This worked great for the first month. All charges used on the card were paid within two days and my balance returned to 0. I was accumulating major points for purchases using the card pretty much as I would my bank debit card (with just a minor extra step).
However, last week, I noticed that my payment posted on their website, but was not reflected in my available credit. I waited a few days, still nothing. I contacted their rep using the online chat option and was told that all of my payments were being held for 14 days due to multiple payments within a billing cycle. They freed my credit when I explained that it had already been withdrawn from my account, but they said I was not allowed any cash advances (I do not use those anyway, waste of money).
What I am planning in the future is to use the card until I am at about 50% utilization then pay it off rather then sending a payment every time I use the card. This should occur about twice a month if I'm using it only for gas and groceries. Hopefully, I will not have the hold issue again. I will keep you updated.
Overall, I'm pleased with the card. The website is easy to follow and understand what your rewards are. Things in general are running smoothly with the exception of the previous story. The negatives are a very low credit limit that knocks utilization to 30% with a single grocery trip. Overall, I would recommend this card as an introduction into reward programs.


Comment 1 by derek1061
Re: Approved But Have Comments User Icon on 2011-08-25

Remarks Personally I think that Capital One is only for people who are either new to credit or are trying to rebuild. Once you hit a certain point its best to just drop them and get a prime credit card from Bank of America, Chase, CITI, Discover, or even American Express. Congratulations though.
Comment 2 by wanderer
Re: Approved But Have Comments User Icon on 2011-08-25

Remarks Great!WOW! Super card report. Keep working the credit game and it is a game!
Comment 3 by scamps218
Re: Approved But Have Comments User Icon on 2011-08-25

Remarks Thanks Dereck. I agree with you that this card is more a stepping stone. The low limit seems almost comical, but it is a start. I will keep my card open as long as I can to expand on my credit history and diversity. However, I would like to move on to Discover More or Amex when the time comes.
Comment 4 by derek1061
Re: Approved But Have Comments User Icon on 2011-08-25

Remarks I would go with the Discover More I have that card and love it. American Express is really not that good of a company. They are extremely picky about who they approve.
Comment 5 by scamps218
Re: Approved But Have Comments User Icon on 2011-09-10

Remarks Derek. I definitely agree that Discover is awesome. But I like Amex. They are a company that has been willing to work with us in the past when we were financially struggling, and for that, I will be loyal to them.
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