2 posts tagged “capital one”
After my mini-rant about Capital One and their absurd interest rate of 34.9% (no, that's not in any way a typo!) I received a mailing from them in the post this morning. (Purely coincidental I'm sure!) Headlines at the top of the mailing:
- Status: Pre-selected to apply
- Please response by: 05/06/07
- Card choice: A free choice from 8 great designs
They really are targeting people who they shouldn't!
[Emphasis on the APR is mine, the actual web page didn't have that as white on black text]
34.9% APR as a typical interest rate. Repeat after me: That's Scary. Especially as you get a response in one minute from a single page application form. Quite how Capital One can manage to asses your credit worthiness and ability to repay from this, I have no idea. Another sign of irresponsible lending perhaps?
To add insult to injury (the web page appeared as an unsolicited pop up from a site I was browsing - how annoying!) when closing the window containing the Capital One drivel, another pop up appears of the "Are you sure you want to leave?" variety. Well - I just clicked on the little red x in the top right corner didn't I?
The entire card, APR, credit limit increase, lack of annual fee, 1 minute response, seems to point towards it being targeted towards "sub-prime" customers with a higher level of existing debt and correspondingly higher likelihood of defaulting. An APR that's just under seven times the BoE base rate is shocking.
Here endeth the ramble.
34.9% APR as a typical interest rate. Repeat after me: That's Scary. Especially as you get a response in one minute from a single page application form. Quite how Capital One can manage to asses your credit worthiness and ability to repay from this, I have no idea. Another sign of irresponsible lending perhaps?
To add insult to injury (the web page appeared as an unsolicited pop up from a site I was browsing - how annoying!) when closing the window containing the Capital One drivel, another pop up appears of the "Are you sure you want to leave?" variety. Well - I just clicked on the little red x in the top right corner didn't I?
The entire card, APR, credit limit increase, lack of annual fee, 1 minute response, seems to point towards it being targeted towards "sub-prime" customers with a higher level of existing debt and correspondingly higher likelihood of defaulting. An APR that's just under seven times the BoE base rate is shocking.
Here endeth the ramble.
