I've had this card for almost 2 years and FOR WHAT IT IS, its an incredible asset! I started rebuilding my credit in 2008 with an HSBC secured card with a $200 CL. I never asked for a CLI because all I was doing was putting one tank of fuel on the card per month and then paying it off. This kept me at my 30% goal of utilization and showed a healthy habbit of paying off my debts each month. After a year my score jumped from a 608 to a 670, which is when i applied for this card. I was instantly approved for a $350 limit and enrolled into the Credit Steps program (make payments on time and get instant CLI, etc...) After one year my CL jumped up to $1250 and has recently doubled to $2500. I used this card for all of my grocery/dining out purchases and cleared the balance each month. My score has jumped from a 670 to a 730 (TU/EX) and I now use a Cap One Venture (Sig. Visa - $7500 CL) for all of my purchases to rack up miles/points towards travel. I still keep both this card and my HSBC in the wallet (HSBC has a great Credit Monitoring program that allows me to pull my report/scores once a month from all 3 CB with no HP) to keep the AAoA up and to remind myself of where i started and where i am today.
For all of you complaining about this card having a high APR or a low CL you really need to understand that this card is a tool for people looking to rebuild their credit. If you want a high limit apply for a Visa Signature Card (Chase Saph, Venture, Citi Pref etc..) but you better have a great CS and a good history or you will be instantly denied. For everyone trying to re-build there credit Capital One is a great place to start!