In this review, we look at the Luma credit card from Capital One. It is a credit builder card and you could be accepted even if you have little credit history, CCJs or have missed payments in the past.
Key facts about the Luma credit card
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Best for: People looking for a card that could help improve their credit score.
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Introductory offer: No introductory offers.
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Representative APR: 35.9% variable.
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Fees: No annual fee.
- Perks: No specific perks.
Pros of the Luma credit card
- Using the card sensibly could help improve your credit score, as is the case with all credit cards. This card is designed to help you meet the monthly payments by sending regular reminders.
- The credit limit could be as high as £1,500 and will be reviewed over time.
- Free identity theft protection.
Cons of the Luma credit card
- It has a higher APR than you would get with a prime credit card.
- Your initial credit limit could be as low as £200.
- £12 default fee for each late repayment.
How to manage your payments on the Luma credit card
Luma offers both online and mobile banking.
How to find out which credit card is best for you
Money to the Masses has partnered with Creditec* to help find the best credit card for you. By entering a few basic details, you will be able to see a tailored list of the best credit cards based on your individual circumstances. You can sort your results by the feature that interests you most, such as by card type, total fees or cashback offered. On top of this, the credit cards that have been pre-approved for you will be highlighted, meaning you can be more confident that you will be accepted if you apply. (Pre-approval does not guarantee acceptance and is still subject to additional lender checks). Your details will be used to conduct a soft credit search often referred to as an eligibility check, which means your credit score will not be affected. Click on this link to get started*.
How to apply for the Luma credit card
The first step is to use the online eligibility checker, which gives you an idea of whether you are likely to be accepted in under a minute, without affecting your credit file.
Alternatives to the Luma credit card
If a link has an * beside it this means that it is an affiliated link. If you go via the link Money to the Masses may receive a small fee which helps keep Money to the Masses free to use. But as you can clearly see this has in no way influenced this independent and balanced review of the product.
