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Capital One launches credit card for those without a clean credit record

A credit card for those lacking a clean credit record has been launched in time for Christmas by Capital One.

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15 October 2009

Capital One launches credit card for those without a clean credit record”

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A credit card for those lacking a clean credit record has been launched in time for Christmas by Capital One.

The Progress card rewards credit card holders for good behaviour, by reducing the rate every six months by 5%.

Initially the rate on the card for purchases and balance transfers is 34.9%.

However, within 18 months, customers who use their cards well could see their rate reduced to 19.9%, just above the current industry average.

If all payments are made on time and within the agreed limit, credit card holders are offered a credit limit increase on their fourth statement.

Those who are over 18, on the electoral bill and have some history of managing credit – even if they have had CCJs or defaults in the past – are likely to be eligible for the card.

Those who have not had credit in the UK before or have been declared bankrupt in the last year are likely to be rejected should they apply for the credit card.

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Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9^%
16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
	Virgin Credit Card
	20 months	3 months	16.8^%
16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
	Barclaycard Platinum with BT
	22 months	3 months	17.5^%
17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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