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What is the Capital One Classic credit card?

The Capital One Classic credit card is a UK credit-builder card meant for people with bad credit or trying to build their credit history.

Capital One Classic is issued by Capital One, the 12th largest American bank. Capital One also has businesses in Canada and the UK. In the UK, it focuses mostly on credit cards meant for people rebuilding their finances: credit-building cards and balance transfer cards.

What is the interest rate for a Capital One Classic credit card?

The Capital One Classic credit card has a representative Annual Percentage Rate (APR) of 34.9%, variable.

What you need to keep in mind about this APR:

  • 34.9% is fairly standard by UK credit-builder card standards. Most credit-building cards we’ve seen offer this rate or something near it.
  • “Representative” means that slightly over half of the people who get this card receive this rate or lower. This doesn’t mean you’ll be offered 34.9% – your individual APR could be higher.
  • “Variable” means that it can go lower or higher in the future based on how the Bank of England base interest rate moves.

What is the Capital One Classic card credit limit?

The Capital One Classic credit card has an initial credit limit of £200 to £1,500, depending on your situation and credit history.

This limit can also be increased twice yearly if you pay all credit card balances in full and on time.

Does Capital One Classic charge an annual fee?

The Capital One Classic credit card does not charge an annual fee.

However, it does charge other fees:

  • Late payment fee: £12;
  • Fee if you go over the credit card limit: another £12;
  • If you withdraw cash at an ATM, you’ll pay 3% (and at least £3 each time);
  • And if you use it to buy things abroad, you’ll pay another 2.75% as a non-sterling transaction fee.

What is the minimum credit score for a Capital One Classic card?

There is officially no minimum credit score required for a Capital One Classic card.

However, Capital One does mention that only people with an existing UK credit history can apply. This means that even if you have a poor credit score, you should still be eligible for the card.

But if you’re very new to the UK and don’t yet have your credit score calculated by the credit reference agencies, you might need to look elsewhere. Fortunately, there are plenty of credit-building cards and apps aimed at people with no UK credit history.

How can I apply for the Capital One Classic credit card?

Here is how to apply for a Capital One Classic credit card:

  1. Check if you meet the criteria. You must be at least 18 years old and a UK resident. Capital One Classic accepts applicants with bad credit but not without a credit history. You can also apply if you had CCJs or defaults in the past but not in the past 12 months.
  2. Use the eligibility tool. Before applying, use Capital One’s QuickCheck eligibility checker to see if you’re likely to be approved. It’s free, takes only 60 seconds, and runs a soft credit check that won’t affect your credit score.
  3. Complete the application. If the eligibility checker shows you will be accepted, you can proceed with your application.
  4. Pass the credit check. This shouldn’t be an issue. Capital One says it accepts 100% of the applications marked as eligible by its QuickCheck soft credit search tool.

And you’re done. If approved, you’ll get a confirmation and your card in the mail in 5-7 days.

How can the Capital One Classic credit card help me improve my credit score?

There are a few things that Capital One Classic can do for your credit score:

  • It can help you build a history of making repayments on time. This is the main component of your credit score.
  • It can increase your total credit limit, improving your credit score.
  • And it offers a CreditWise tool that gives you full access, for free, to your TransUnion credit report and score. It also has a “credit score simulator” that shows how your credit score can improve if you keep making timely payments.

However, Capital One Classic is still a credit builder card, which means that it comes with the same risks:

  • There is a much higher APR on these cards than on regular credit cards. If you’re not careful, you might be hit with unexpected charges, and your credit score will suffer, too.
  • Low initial credit limit. This might make it hard for you to keep your credit utilisation low, which can harm your credit score.
  • It can also make your debt issues worse.

Because of these reasons, we recommend you look into safer alternatives, such as specialised credit-building apps.

One such app is Wollit. Unlike a credit card, Wollit reports a monthly fixed-fee subscription as a loan repayment to credit reference agencies.

This helps you build your credit history and improves your credit score while keeping you safe from unexpected fees or high-interest charges. You’ll also be safe from falling even deeper into debt. More importantly, you’ll get a chance to improve your credit rating and become eligible for credit cards with higher credit limits and lower APRs.

Wollit, no stress, no hassle - just a clear path to better credit

Terms apply. Results may vary. Improvements to your credit score are not guaranteed. Wollit Credit Builder plans are unregulated.

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Terms apply. Results may vary. Improvements to your credit score are not guaranteed. Wollit Credit Builder plans are unregulated.