Capital One launches its new 'Classic Preferred Card'

Customers need to apply before 14th May 2014 to take advantage of card  

The ëClassic Preferred cardí guarantees interest rate of 28.9% p.a. and currently offers the lowest rate in market for credit building cards.

   

Easy to manage credit limit of between £200 and £1,500 with up to two credit limit increases offered each year.

Capital One is launching a best in market card for customers looking to improve their credit record.  

ìThe Classic Preferred cardî ñ available exclusively through price comparison websites ñ guarantees a 28.9% APR representative variable for all customers accepted. The rate is the lowest on the market today for customers who do not have a strong credit history or are looking to rebuild their credit history. 

The card ñ which offers easy to manage credit limits of between £200 and £1,500 ñ will only be available for successful applications until 14th May 2014.  

Capital One helps support customers in managing their accounts with free email and SMS text alerts to remind them when to pay and to keep spending within agreed limits

The credit limit will be reviewed regularly and if the account is managed well customers could get up to two credit limit increases a year.

Jaidev Janardana, Chief Marketing Officer for Capital One UK said: ìThe card is ideal for people who are looking to build up their credit history or those who have suffered issues in the past or have been turned down elsewhere.  

ìThe rate is the best in the market today and is guaranteed to be the rate that everyone who is accepted will pay. The card is only available until 14th May 2014.î

Key features of the card include:

28.9% APR representative variable

Card only available until 14th May 2014

Rate offered is the rate that customers will pay if they apply successfully

Manageable credit limits of between £200 and £1,500

Up to two credit limit increases a year depending on account behaviour

Free email and SMS text service to enable customers to manage accounts successfully

Customers can apply for the card through price comparison websites but it is not available on Capital Oneís website. Representative Example: Assuming a credit limit of £1,200 and an interest rate on purchases of 28.94% p.a. variable, you will receive a 28.9% APR representative variable.