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 check out some of their categories or credit classes a little closer. We’ll start with the one for people whose credit needs improving. If you earn more than $10, 000. 00 per year and you’ve been extended credit for at least one year. If, as well as that you are default free for a minimum period of two years. Then as long as you haven’t missed or been late on more than two payments in the last three months, Congratulations you make it into the category of people whose credit needs improving.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 $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.Likewise, if you can say you’ve had credit for at least ten years, and your household income is more than $40, 000. 00, you’re on your way to the “Excellent Credit” category. If you can add to this no defaults for the last seven years, and have made all your payments on time in the last six months, then you’re in. Provided nothing has changed in the last nine months. Trouble is, I don’t make $40, 000. 00 per year. Surprisingly enough, if you made it past the no defaults in seven years trial, and over the no late or missed payments in the last three months hurdle, you’re halfway there. If you can get through the three year credit tunnel, and come out above the $30, 000. 00 yearly household income pool, you’ve made it. Straight into the “Excellent and Good Credit” category.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 just because you’ve had some bad breaks, or made some bad choices, is no reason to give up. With Capitol One you are just a few mere steps from getting the benefits you deserve. Some people say there’s no such thing as a second chance. Well apparently Capitol One doesn’t believe that, with amazingly flexible credit cards, there’s always hope. Go ahead check it out for yourself.
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