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Learn why your Capital on Tap credit limit or variable interest rate may change as part of our regular account reviews, and what your options are.
Overview
To ensure we're providing you with the most suitable credit limit and pricing, Capital on Tap periodically reviews active accounts. These reviews may result in a change to your credit limit or your variable interest rate (sometimes shown as APR on your account, though this is different from the representative APR used in our advertising, which includes the annual card fee for Pro).
You can also request a manual review of your credit limit at any time via 'Credit limits and rates' in your online portal, or by calling us on 020 8962 7401.
Understanding the changes
Credit limit changes
If we adjust your credit limit, the change takes effect immediately. Your notification email will state your new credit limit.
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Limit Increase: Your new, higher credit limit is available to use right away.
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Limit Decrease: Your new, lower credit limit will be effective immediately. The email we send you will include a statement explaining the specific reasons for this decision.
Interest rate changes from an account review
If we adjust your variable interest rates as part of an account review, the timing of the change depends on whether it is an increase or a decrease.
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Interest Rate Decrease: A lower interest rate will be applied to your account starting from your current billing period.
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Interest Rate Increase: If your interest rate is increasing, you will be given a 45-day notice period before the change takes effect. If your 45-day notice period ends partway through a billing period, the new rate won't apply until the start of your next billing period. This provides you with time to decide if you want to accept the new rate or opt out. The email we send will explain the reasons for the increase.
Automatic interest rate changes tied to the Bank of England base rate
Separately from account reviews, your variable interest rate is also made up of two parts: our fixed business rate, plus a variable portion that tracks the Bank of England base rate. This means part of your interest rate can move automatically when the base rate changes.
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Your rate can only change at the start of a new billing period.
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We use the Bank of England's base rate published at the start of your billing period for the calculation.
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We will never pass on a negative base rate.
You can find the current base rate on the Bank of England's website.
How to opt out of an interest rate increase
If you are notified of an interest rate increase, you have the option to reject it.
You have 45 days from the date of the email to opt out. The exact deadline will be stated clearly in the email you receive. To opt out, you must use the unique link provided in your email to access and complete the opt-out form.
If you choose to opt out, your interest rate will not be increased, and:
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If you have no outstanding balance, your account will be closed.
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If you have an outstanding balance, your account will be suspended instead, allowing you to pay it off at your original interest rate.
Important: You must submit the opt-out form before the deadline. Opt-out requests received after the 45-day deadline stated in your email will not be valid, and the new interest rate will be applied to your account.
Why was my credit limit or interest rate changed?
We periodically review accounts using the latest information available to us. This can include factors like your credit history and account performance. For any credit limit decrease or interest rate increase, we will provide the specific reasons for the change in our email to you.
What happens if I don't opt out of an interest rate increase?
If you take no action by the deadline, you are accepting the change. The new, higher interest rate will automatically apply to your account on the date specified in your email.
Can I opt out over the phone or by email?
No. To ensure the request is processed correctly, you must use the unique and secure opt-out form that is linked in the notification email we sent you.
I can't find the email about the changes. What should I do?
First, please check your spam or junk folder. If you still can't locate it, please contact us to confirm we have the correct email address on file for you.