Eversince fintechs introduced Consumer Credit as an alternative method of buying it0ems on credit, purchases by way of credit cards started to go on a decline. While most credit card companies had expected credit card balances to go up, the opposite happened. Credit card balances went down below the average, despite the online shopping surge that transpired at the height of the 2020 pandemic lockdown.

Understanding the Difference between Consumer Credit and Credit Cards

Apparently, Consumer Credit has become mainstream, which albeit providing limited credit, does not pose as a money trap. While Credit Cards offer greater credit limit, its lending and collecting scheme is designed in such a way that debts accumulate while interest charges add up. If not paid in full, additional past due interests will be imposed as penalty charges.

In contrast, a Consumer Credit is a kind of personal loan that allows a buyer to pay in instalments, The monthly payments comprise partial principal payments, along with interest charges that must settled by due date. Unlike Credit Card interests, the Consumer Credit interest rate applies only to the principal amount of the purchase, and not on the total credit card balance representing multiple purchases.

Since there is a downward trend in credit card balances, it denotes that card holders are simply paying off unpaid balances and not using the card for major purchases that they cannot pay for by month’s end.

Capital One Rolled Out Credit Card Application Access Offer

As existing credit card holders seem to be holding back on credit card usage, leading credit card company Capital One has rolled out a targeted advertisement to entice consumers to apply for one. Ordinarily, applications are offers extended by Capital One to select consumers by way of mail or email.


This time, the credit card company is extending its offer via smartshopper. Those who want to apply for a credit card but have not received an application access code by email, may consider this one time smartshopper offer from CapitalOne.com.

Take note however that Capital One, will still review applications submitted, and only those who have been approved will receive an approval notification. After which, the approved applicant will receive his or her Capital One credit card within 7- 10 working days, by way of mail. Upon receipt of the credit card, the holder should immediately activate the card at the Capital One website.

If an applicant has been denied, he or she will still receive a detailed explanation also by email or mail. In some cases, an applicant may receive notification that more time is needed to evaluate the related application