Capital One Progress Credit Card UK

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Summary: The Capital One Progress credit card seems standard and does not offer any special introductory rates on the APR, but it does have a very different incentive for using your credit wisely.

Capital One Progress: The Progress card has what is called a “shrinking” APR. When a cardholder makes their payments on time and stays within the credit limit, they qualify for a decrease in the APR until the 22nd statement. Here’s how it works:

After 4 months of card membership, if you have followed the guidelines of the credit card (ie making payments on time and not exceeding your credit limit) your balance transfer and purchase rates will be reduced by 5%. The initial rate of 34.9% (variable) becomes 29.9%.

Each 6 months after, the rate is reduced by another 5% and will be reviewed until the 22nd monthly statement until the rate is at the lowest that can be reduced which is 19.9% p.a. variable. After your 22nd monthly statement, your rate will continue at the rate it is at. If you do miss a payment or go over your limit, your rate will not increase and you may still qualify for the next reduction until your 22nd statement.

Features and Benefits: The Capital One Progress card includes the benefits that are available to Capital One cardholders. These benefits include the following:

  • A credit limit of up to £2,500 and no annual fee.
  • Protection benefits relating to financial and personal security which include free identity theft protection.
  • Add  up to 3 family members or close friends as additional cardholders to your account.
  • Online account access.
  • Free Purchase Protection Insurance that covers against loss, damage or theft for 100 days after purchase.
  • Free Equifax credit reports.

Conclusion: This credit card is designed for those with a “good” credit history and if you have had CCJs or defaults in the last 12 months or have never had credit in the UK before, you will probably not qualify for the Capital One Progress credit card. The features and benefits of the card are standard and if you can qualify for a credit card with a lower APR or one with 0% on balance transfers and purchases, this is not the card for you.

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