<p>My DS newly graduated in May 2011 has. a good job with a good salary. He has a Capital One credit card with a relatively low credit limit. He needs to travel for his job. He doesn’t have a corporate card and has to use his own card, then the company reimburses him. He tried to get Capital One to raise his credit limit, but they said no. Does anyone know of a decent credit card he can get that doesn’t have high interest rates? All the ones we’ve looked at have 24% APR.
Thanks</p>
<p>How is his credit score? Did capital one say why they would not raise his limit? Our D who is only a freshman in college, but has her own savings and a job got a capital one in Feb of last year but they sent a letter last month raising her credit limit by $1000. I actually don’t know what her credit score is but I guess I should have her check. I take it he is 21? She uses that card frequently but it is always paid off each month.</p>
<p>He could try to apply for another capital one card, a different type of reward structure and see if they grant it.</p>
<p>His credit score should be okay, he has never been late on payments. I think the issue may be that his father took out $60,000 in school loans in my son’s name. The father is paying them, but has not been able to take them out of DS’s name.</p>
<p>If his debit to income ratio is too high, that could be the problem. Does he have any savings where he could move that money to a secured card?</p>
<p>Could you and he get a card together? That way, your credit rating will boost the limit. </p>
<p>Also, couldn’t he use his debit/check card for some of the travel expenses? He may also want to ask whether it’s possible to get an advance before a trip, so that he can deposit the money in his checking account and have it available during the trip.</p>
<p>Interest rates should be irrelevant because he needs to make sure he pays off the card in full each month as part of a lifelong habit. This is a very important habit and lifestyle to establish now while he’s young.</p>
<p>He has a good opportunity if he needs to use his card a lot for business in that if he gets a cash back type of card he can earn even more money.</p>
<p>My D recently checked out many of the credit cards out there and ended up with a Chase cash back card that’s pretty good - I think around 2%. It was so good that I ended up getting one as well and getting rid of the cash back Discover card. I now use a cash back Costco Amex and a cash back Chase Visa.</p>
<p>I’m more than happy to charge as much as I can, including parts of business travel, on my cc because it all results in the cc paying me even more money to use it each year. He should view this as a benefit.</p>
<p>My daughter had the same issue with Capital One. I think she had something like a $500 limit when she was living in China, which wouldn’t even cover the cost of a plane ticket home! She had an AmEx card since she was the second person on my Costco account and had to use that one for flights. She finally got the Capital one card limit raised after about a year and a half after getting it.</p>
<p>We’ve had a Capital One credit card for over ten years. We have always paid it off each month and never had a late payment. But they won’t raise our credit limit, either! It’s kind of frustrating. We have excellent credit. When I asked for the reason the last time they denied our request, they said our balance had gone up too quickly. Annoying, since we always pay it off!</p>
<p>D1 has her checking account tied to our acct, which lets her enjoy our premium acct privileges. We also gave her a free AmEx card in her name. She just started a new job and she applied for her first credit card this Sep with our bank (no co-sign from us, all in her name/credit), they gave her 18K credit. I was a bit shocked. But there is a benefit in leveraging off parents´credit.</p>
<p>dkitty, he may be able to just apply for a new card at capital one - but leave the original one open so it helps his credit.</p>
<p>Shouldn’t matter what the interest rate is because he should be paying it off each month in full. If he’s not, then he shouldn’t have a credit card. Just my opinion.</p>
<p>I had a capital one card with a 500 limit when I was 16. When I turned 18 they bumped it to 1500 but never past that. When I was 22 I applied for a new capital one card (because it had cash back, not because it had a higher limit) and i think it has a limit of 10k or 15k, I can’t recall which.</p>
<p>I added my D to my own Bank of America Visa last year – she has a card with her name on it, and her charges show up on my statement. Two good things about this: She has access to my charge limit if she should need it. And, strangely, it’s building HER credit.</p>