Capital One Journey's

[Anonymous]

Hello All

I just turned 18. I am on my way to building credit as a FT employee and college student! I was approved for Capital One Journeys Student cc with a $750 CL. I looked over the terms and conditions and I do not know what this means. 

Annual Fee None.

Transaction Fees   Transfer None. Cash Advance Either $10 or 3% of the amount of each cash advance, whichever is greater.

Penalty Fees   Late Payment Up to $35. Over-The-Credit-Limit None. Returned Payment Up to $35.

[journey258]

It means if you accidently charge over your credit limit of $750, you won't be charged a penalty fee. It's a good thing in case you make a mistake and go over. But don't make a mistake and go over 

[Crashem]

Some cards impose an over the limit penalty.  There are scenarios where you may exceed your $750 dollar limit.  One easy example is if you rack up 750 in charges and neglect to pay enough to cover interest and then you go over 750 limit.  Some cards will charge you penalty for being above it.  Seems your card does not.

[Anonymous]

Okay sweet!!  I definitely do not intend to go over but that is very generous especially for students. What is a good amount to spend a month in order to build credit I am trying to move to Discover or the CITI student card w/ better rewards.

[Anonymous]

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@Crashem wrote:

Some cards impose an over the limit penalty.  There are scenarios where you may exceed your $750 dollar limit.  One easy example is if you rack up 750 in charges and neglect to pay enough to cover interest and then you go over 750 limit.  Some cards will charge you penalty for being above it.  Seems your card does not.

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Okay. I am little confused so i.e. I spend 750 my first billing cycle and pay it off before grace period will it affect me? 

[Captain4Ever]

I never had a Cap1 Journey before.  Is that true that they provide you monthly credit score ? 

[Anonymous]

Yes absolutely you can track it monthly with a tool through Capital One Journey

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@Captain4Ever wrote:

I never had a Cap1 Journey before.  Is that true that they provide you monthly credit score ? 

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[Crashem]

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@Anonymous wrote:

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@Crashem wrote:

Some cards impose an over the limit penalty.  There are scenarios where you may exceed your $750 dollar limit.  One easy example is if you rack up 750 in charges and neglect to pay enough to cover interest and then you go over 750 limit.  Some cards will charge you penalty for being above it.  Seems your card does not.

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Okay. I am little confused so i.e. I spend 750 my first billing cycle and pay it off before grace period will it affect me? 

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No it will not aside from reporting to CRAs that you have high utilization.  Capital One cards report the balance to the CRAs a couple of days after a statement is generated.  My example was of someone who didn't make any payment before grace period and was assessed interest charges that brought them above.

[Crashem]

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@Anonymous wrote:

Yes absolutely you can track it monthly with a tool through Capital One Journey

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@Captain4Ever wrote:

I never had a Cap1 Journey before.  Is that true that they provide you monthly credit score ? 

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 They provide you a FAKO or an educational credit score that is not used by any lender.  But since it is free, better than nothing.

[Anonymous]

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@Crashem wrote:

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@Anonymous wrote:

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@Crashem wrote:

Some cards impose an over the limit penalty.  There are scenarios where you may exceed your $750 dollar limit.  One easy example is if you rack up 750 in charges and neglect to pay enough to cover interest and then you go over 750 limit.  Some cards will charge you penalty for being above it.  Seems your card does not.

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Okay. I am little confused so i.e. I spend 750 my first billing cycle and pay it off before grace period will it affect me? 

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No it will not aside from reporting to CRAs that you have high utilization.  Capital One cards report the balance to the CRAs a couple of days after a statement is generated.  My example was of someone who didn't make any payment before grace period and was assessed interest charges that brought them above.

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Great! Is a high utilization indication of high risk or anything?