Capital One Progress credit card "cost-effective", says uSwitch

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Capital One Progress credit card "cost-effective", says uSwitch

Thu 15th Oct 2009

Comparison site uSwitch has informed borrowers with a less than perfect credit score that the new Capital One Progress credit card could be a smart choice.

Louise Bond, personal finance expert at the website, pointed out that the card rewards customers for paying on time and not incurring charges.

It does this by reducing interest for purchases and balance transfers by five per cent every six months if the borrower is well-behaved.

She noted that consumers can potentially get down to 19.9 per cent interest within 18 months if they have a clean record throughout, however the starting rate is 34.9 per cent.

Ms Bond said: "This card is designed to strengthen credit ratings and is a much more cost effective option than a sub-prime deal which often charges around 40 per cent APR."

This week, the comparison site published research which indicated that the quality of life in the UK is lower than in other countries in Europe, even though salaries are higher.

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