Luma credit card review

1 min Read Published: 11 Apr 2022

Luma credit card review 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

  • Best for: People looking for a card that could help improve their credit score.
  • Introductory offer: No introductory offers.
  • Representative APR: 35.9% variable.
  • 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 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