Applying for a credit card

Of course! Anyone can apply for a Capital One credit card. And depending on your circumstances, you might be eligible even if you're a student.

It'll help if you're registered on the electoral roll (opens in a new tab) and if you've already used some sort of credit in the past.

Only you can decide whether applying for a credit card is the right decision. There are pros and cons when it comes to taking out any sort of credit, and it's important to consider your individual circumstances.

Pros of applying for a credit card:

• It can help improve your credit score when used in a responsible way
• A credit card can be useful for unexpected or emergency costs
• A balance transfer credit card can help to combine any balances you have across multiple cards, making it easier to manage

Cons of applying for a credit card:

• If you only pay the minimum amount each month, your balance could take a long time to fully pay back, and you may get charged interest
• If used irresponsibly, a credit card can negatively affect your credit score, making it harder to borrow in the future

Applying for a credit card leaves a mark on your credit report. Too many marks in a short space of time can make lenders think that you're a risky borrower. And that can reduce your chances of being accepted.

It's a good idea to check your credit scorebefore applying too, as this could give you an idea of whether you'll be accepted. The better your score, the more likely it is that products and deals will be available to you.

We'd always recommend checking your eligibility before applying for a credit card. With QuickCheck, you can find out if you'll be accepted without it affecting your credit score.

You can apply for more than one credit card from different providers, but making multiple applications in a short time can negatively affect your credit score. It can also result in your application being declined. If you want more than one credit card, it's better to wait a few months before applying for a new one.

First of all, you need to consider whether you can afford to pay at least the minimum monthly payment on time every month. Here's a few other things to consider:

APR

Most credit card companies advertise their products using APR (Annual Percentage Rate). APR makes it easy to compare different credit products before deciding which one is best for you. For credit cards, the APR is based on the purchase interest rate and includes things like annual fees. A few things aren't included, like cash withdrawal charges and default fees.

UK law means that only 51% of people who apply for a card have to get the APR that's advertised. So, when you apply for a credit card you could find that you're offered a different APR to the one you first saw. Not with us though! The APR you see when you apply for a Capital One credit card is always the APR you'll get.

Fees and charges

You may be charged a fee if you make a late payment, miss a payment or go over your credit limit on your credit card. You could also be charged fees for making cash-like transactions. For example, if you take out cash from a cash machine or buy foreign currency. To avoid these fees, you may want to think about using a debit card instead or getting a credit card designed for travelling abroad.

Credit limits

A credit limit is the most you can spend on your credit card. Each time you spend on your credit card, the amount gets added to your balance. The difference between your balance and your credit limit is how much you have left to spend. Your spending shouldn't go over your credit limit. This includes balance transfers, cash withdrawals and any charges, interest or fees that we add.

Introductory offers

If you're applying for a credit card with an interest-free period, make sure you know when that period ends. Once it does, you may be charged interest if you don't pay off your balance in time.

Trusted providers

It's important that, whatever type of credit card you apply for, the credit provider is regulated by the Financial Conduct Authority (opens in a new tab) (FCA).

If you're ready to apply, you'll find it's simple to do online with Capital One. You can apply online any time you like, and it only takes a few minutes.

First, go to QuickCheck to check your eligibility. It'll tell you if you'll be accepted for a Capital One card or not, without affecting your credit score. If it's a yes, you can go straight into your application without needing to fill in your details again.

You need to be a UK resident to be able to apply for a credit card. If you're new to the UK, a good first step towards credit building is to join the electoral roll.

A good credit score isn't always a guarantee that you'll get a credit card when you apply. Like all credit card providers, we look at a range of things recorded in your credit file before making a decision.

Here are some of the things we consider when you apply:

• Your current outgoings and how much you've already borrowed (this can be loans and other credit cards)
• Your work situation, for example how long you've been in your current job
• Where you live and how long you've been at your current address
• How well you've kept up to date with other credit repayments
• How long you've had a current account in your name

Most of the time the details you give us in QuickCheck will be enough to decide on whether your credit card application will be accepted. But occasionally we may need more information, which we'll ask you for.

You'll get your new Capital One credit card within 7-10 working days. Once you've got it, simply activate your card to start using it right away.

If you didn't get a yes from QuickCheck, or you've recently made an unsuccessful credit card application, it could have been for one of several reasons:

• Your income isn't enough to cover your card repayments
• You've missed too many payments on other cards or you already have too much debt
• You recently applied for another card or have another application in progress

If you were declined, it's a good idea to wait a few months before you apply for a credit card again. Several credit card applications in quick succession are considered to be bad by credit card providers as it looks like you're trying to take on too much credit.

To find out more about why you were turned down for a credit card, you can get a copy of your report from one of the three credit reference agencies in the UK. These are Equifax (opens in a new tab), Experian (opens in a new tab) and TransUnion (opens in a new tab)and each one lets you see your report for free.

It's worth checking all three, as different lenders use different agencies for their checks. Plus, if you find an error on your file you can ask for it to be fixed.