Capital One
Company Profile
Company name
Capital One
Business sector
Financial Services
Who is Capital One?
Capital One is a global financial services company. In the UK the company is especially well known for offering a great range of credit cards.
What Capital One does
The Capital One Group issues credit cards and manages loans of more than $144 billion (data correct as of October 2007).
A credit card allows you to buy goods immediately and pay for them later. You will have an agreed ‘spending limit’ with the credit card company that issued the card. Interest is charged on the amount of money you owe to the company. This interest rate will vary according to the type of card you have.
If credit cards are used responsibly they can be very useful to the consumer, for example:
- You don't need to carry large amounts of cash
- If you loose a credit card it can be replaced more easily than cash
- You can often use a credit card in many places around the world not just in the country where you live
- Incentives - many credit cards offer loyalty schemes, point reward systems
- You can take advantage of good deals on large purchases even if you don’t have the money in your bank account. However, you will be charged interest if you don’t repay the full amount within the stated period.
- Some businesses e.g. car rentals and travel arrangements require you to pay with a card.
- Both MasterCard and Visa now have services which give added protection against unauthorised use of your Visa or MasterCard card online.
Anyone using a credit card should be aware of using them responsibly such as what charges may be associated with them.
In 1996 Capital One launched its first overseas operation in the UK and currently offers Visa and MasterCard credit cards to UK customers.
The success of Capital One is based on its Information-Based Strategy (IBS). The Company uses scientific testing to gather huge amounts of information, for example on product design, pricing, marketing and credit policy. The information is used to design and offer specific services to the customer. This means Capital One is able to offer suitable products for people at different stages of their life as their financial situation changes.
Capital One has a policy of putting the customer at 'the heart' of everything they do.
Where Capital One operates
Capital One has its head office in Virginia, USA. In 1997 it opened an Operations Centre in Nottingham to service the UK market. Capital One has thousands of associates (employees) serving millions of customers across the world.
Capital One Logo
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Capital One in the next decade
Capital One continues to look for new ways to expand its services. In the early days the Company focussed on credit card services but it now offers additional services including auto finance and medical insurance in the US.