Capital On Tap. Approved.... maybe?

Wqadir1988 · ‎08-18-2021

Hi Friends, Applied for Cap on Tap this sunday 8/15 and instantly went thru getting approved and other steps like creating account, at the end it had me upload my passport photo and my selfie.But my account dashboard says

* this account is not currently approved for use *...

I called their customer service on Monday and rep sounded like just a rep just like from ATT and t-mobile style, and told me its being reviwed , I asked him if everything looks complete or there is anything missing ? but he sounded like he could not see actual application, just that its pending review.

I also recieved e mail instantly when i applied that i was approved. $50,000 and i also got the account documents in e mail instantly telling me 9.9% apr.

So i think computer algorythm liked what it saw , but human underwriting put it on hault.I also think underwriters are sitting in UK because thats this company is from, recently started in US.

I think this approval is too good to be true and i should not hold my breath for it. IT may not happen.But i would really really like to have this card, approval is good and apr given is very very good.

Any one have experience with this company?

DPs: my corp is 7 years old, dont know paydex or experian score, never checked.Perconal Fico is mid to high 700,s.

6 year old wells fargo business card started @ 5k now 18k.

4 year old citi business card 15k

4 year old fnbo business visa 5k

3 years old citizen bank business mastercard 15k

I also had kabbage 85k line of credit, which i never used pre-covid, after covid they closed it down.

info

Your account is not currently approved for use

If you want to discuss this further, please get in touch via the chat window in the bottom right corner.

You're a couple of steps away from receiving your Card!

Hi ******

Great news, ********* has been approved for the Capital on Tap Business Credit Card!

Your credit limit: $50,000.00

What's next? Click below to log in and set up your account today and your Card will be sent to your home address within seven working days. Join the community of US business owners!

PRICING SUPPLEMENT
Interest Rates and Interest Charges
Annual Percentage Rate (APR) for
Purchases

9.99%
APR for CashAdvances 29.99%
PenaltyAPR and When it Applies 34.99%

This APR will apply to your Account if you make 2 or more late
payments in a 12-month cycle.

ScorpioRising · ‎08-19-2021

Congrats on your approval and great SL. Your account is most likely pending ID identification approval. Until your ID is verified, you won't be able to activate your card which most likely is on its way.

It's a legit company and I, along with some other members of this forum have the CapitalOnTap card. No issues so far.

Wqadir1988 · ‎08-20-2021

Yes you are right, i called yesterday and they wanted me to re submit the ID verification, they use veriff id platform.

so i am waiting for results. does this account report to business credit?

Wqadir1988 · ‎08-20-2021

Hi all, just got fully approved since my ID verification was submitted.

Also , i tried Divvy and was also approved instantly for 65k ( thats how much i asked ). should have asked for more.

I am surprised in a pleasant way to see business credit results, i never paid much attention or looked in to it before. dont know what my score is or what is being reported.

Thanks.

ScorpioRising · ‎08-20-2021

@Wqadir1988 wrote:
Hi all, just got fully approved since my ID verification was submitted.
Also , i tried Divvy and was also approved instantly for 65k ( thats how much i asked ). should have asked for more.
I am surprised in a pleasant way to see business credit results, i never paid much attention or looked in to it before. dont know what my score is or what is being reported.
Thanks.

Neither company does a hard pull on your personal credit, just a soft one. CaponTap pulls your Business Experian, if you have one and checks your website if you have one. I don't know much about Divvy. Congrats on the approval!

RehabbingANDBlabbing · ‎08-21-2021

Just to add, I recently got the Capital On Tap card. I have a small business, so they only approved me for $9,500, which was fantastic. They offered me the free rewards program; which ends up being 2% cash back. The ongoing APR is high on mine, so this will be a PIF card. Anyway, it has been relatively painless and easy to use. Very happy so far.