Capital One has introduced the Click credit card that has been designed for online shoppers in search of exclusive discounts. Use of the Click card is not limited to the internet but it offers no other perks apart from online discounts obtained exclusively through the online shopping portal eXtra plus. Click offers a one size fits all variable APR of 9.94% which should appeal to those who rely on credit cards for cash advances, but is uncompetitive for balance transfers.
Capital One has imposed some stringent application conditions which will limit availability of the Click card to those with good credit. Applicants should preferably be homeowners of over 21 who earn in excess of £20,000 per annum, have a good credit history, and carry no more than £10,000 in credit card balances. Applicants with no established credit history in the U.K. or a history of missed payments, defaults or CCJ’s are unlikely to qualify.
The APR of 9.94% is applicable to fee free balance transfers, purchases and cash withdrawals. As the rate is not an introductory offer it is competitive for purchases if cardholders tend to carry a balance. Cardholders receive up to 56 days grace on purchases. The terms and conditions state that Capital One will levy an annual fee which is currently £0. However this leaves cardholders liable for an unspecified annual fee if the issuer decides to increase the charge.
Fees applied to the card are the standard £12 for late payments and exceeding credit limits; cash withdrawals at 3% – minimum £3; and copy statements at £3. There is no fee for balance transfers.
The Click card is designed to appeal to online shoppers seeking generous discounts which far outweigh the usual offers available on rewards cards. Unfortunately potential cardholders cannot access eXtra plus to view the offers until credit card accounts have been opened. Nevertheless Capital One promises available discounts with four online retailers for the first six months, with new discounts offered every three months.
Current discounts offered by eXtra plus are 20% off and free delivery with Tedbaker.com; 25% off with Travelpack.com; 30% off with Zavvi.com; and 50% off with Viagogo.com. Card holders should be aware that exclusions do apply and not every item is discounted.
The Capital One Click card is not for everyone but will appeal to savvy online shoppers who comparison shop for the best deals and can thus take advantage of exclusive discounts.