Let's be clear
The APR you see when you apply is the APR you'll get
"That's not my TV"
Imagine this, you need a new TV for your front room so you head into town...
You look around and you find it... a 50" flat screen HD beauty with surround sound, perfect for watching that film tonight. You pay for the TV, and prepare yourself to carry it out to the car. It seems a bit light so you open the box and inside the box there's a tiny 12" TV.
You didn't notice, but under the price of the TV there was some small print. It said that there were a range of sizes of TV on offer and that only a certain number of people would get the size that you saw on the shelf.
As you know, we're not in the business of selling TVs, we're a credit card company. We want to make sure that when you apply for a credit card, you know exactly what you're getting. In particular, we want you to know what price you're paying to borrow on that credit card. Is the APR you see when you apply, the APR you'll get?
Seek out the APR
Lenders are required to give just 51% of applicants the advertised APR.
The remaining applicants can be offered a range of APRs, often higher than the one advertised. The trouble is, if you don't know where to look, it can be hard to find out whether the APR may be different to the one advertised.
If you're applying for a credit card, you need to read all the details to understand what you're getting. It's worth looking to see what benefits you're entitled to, what you need to do to keep those benefits, and what you need to do to avoid any unexpected costs.
There's one check that you really need to do before you apply – find out whether you could be offered a different APR to the one advertised. Getting a higher APR could result in you paying more money back if you don't clear your balance every month.
Let's be clear
Your APR shouldn't be a surprise
- 1
APR Check
Lenders have to state the APR and make it really obvious so that you're able to compare prices for credit. Any advert for a credit card will have an APR on it – make sure you know what that is. A higher APR means it will cost you more to borrow if you don't clear your balance monthly.
- 2
Delve a little deeper
Does it say you could be offered a different APR once you've applied? To find this out, you'll need to read all the information provided, for example look at the summary box, the credit card agreement and the product information on the website.
- 3
Eligibility check
Apply for a credit card through an eligibility checker to see if you'll be accepted without affecting your credit rating. Our eligibility checker QuickCheck will also tell you the APR you'll get once you've applied, no surprises, just 100% clarity.34.9% APR representative variable.
Try our credit card eligibility checker
Know your APR before you apply
Find out if you'll be approved for a Capital One credit card, with 100% certainty before you apply. Get a simple yes or no in 60 seconds, without affecting your credit rating.
If you're asking "Am I eligible for a credit card?" or "Which credit card is right for me?" we have the answer.