The Capital One Credit Card from American Express was used recently by my brother to apply for and obtain a new credit card with the same company. He loves the benefits the Capital One Credit Card provides but he also knows that it comes at a cost. So what exactly is the capital one credit card cost?
This American Express credit cards offer a number of perks. Among them are: Bonus Rewards, a signature line of free merchandise and roadside assistance. These are all great features to most any credit cards offer. The downside here is that the one downside that they do not offer is extended warranty coverage. The extended warranty coverage on capital one mastercard is actually from American express’s own parent company, WalMart.
When my brother applied for capital one credit card he was not happy with the extended warranty coverage because it did not cover anything beyond the normal wear and tear on the card. I understand that Capital One is a top credit card provider so they obviously felt that this was an okay thing to offer. However, what he should have done was contact their customer service or their benefit administrator within sixty days of signing up for the card and ask what benefits they actually had. Most companies would honor their offer if given the opportunity to do so.
According to American Express’s benefit administrator, American Express is one of the few credit card providers that actually check their credit reports each year. Unfortunately for them, they did not check their credit reports each year like the majority of credit card providers. You see, they only check your credit score during the sign up process. They do not check it again for twelve months. This is a big mistake because if you want to keep your credit score high you need to keep your credit reports as clean as possible. You see, your credit scores are based on information you provide to the credit reporting agencies and not on any actions you take against it.
American Express should be able to tell if your credit reports were doctored by them during the sign up process and provide you with the proof. However, they did not do this and I guess that they didn’t think that it would affect their approval chances. It doesn’t matter how many times you dispute the charges on your credit reports. If you want to increase your approval odds then you need to get rid of the charge offs and late fees that are on your credit reports. I highly recommend that you get all of your past due dates and other transaction records so that you can check them against the credit reports that American Express provides.
The next thing that American Express did that made a difference was when they began changing their fee structure from monthly to annual. By doing this they were reducing the risk that they take on each account. When they begin to do this they are providing the credit bureaus with less money per account which also means that they are lowering their risk. Since they have decreased their risk then the interest rates will also decrease. This means that your credit score will begin to rise and your approval odds will increase.
Finally, I want to tell you about the other things that you can do in order to get approved for American Express credit cards. First, you should make sure that you always pay off your bills on time. Second, you need to make sure that you always stay within your income guidelines. You want to be able to prove that you can easily afford the things that you purchase. All of these things combined will allow you to significantly improve your credit scores.
All of these factors combined mean that you are probably going to get the chance to use the Capital One card for quite some time. You should always review the offers listed with them and consider them carefully. Remember that in some cases the terms apply only to the promotional offer. The actual terms will vary by card.