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Credit Cards Latest News Capital One increases credit card rates

Capital One increases credit card rates

Capital One increases credit card rates

It is crucial that those consumers who have racked up large credit card debts are able to get a grip on their spending.Although they can be a cost-effective means of borrowing, Martin Lewis, founder of Moneysavingexpert.com, tells the Daily Record that if

Capital One has opted to increase the rate of interest attached to its credit card, despite the recent series of base rate cuts by the Bank of England's monetary policy committee.

Although the actual rises will differ depending on an individual's credit rating, the hikes see an additional 6.94 percentage points added to the overall amount of interest charged.

Consequently, Capital One customers could pay as much as 29.94 per cent on cash advances and 26.01 per cent on purchases.

A Capital One spokesperson said: "Changes in the credit and lending environment mean that it is now costing us more to lend and so we are increasing the standard interest rates for some of our customers."

She added that although the base rate stands at 1.5 per cent - this is just one of numerous factors the provider takes into account when setting its rates.

Those who are looking for a credit card may also be interested in a new card released by MBNA which offers zero per cent on balance transfers for the first year after it has been opened.ADNFCR-2079-ID-18999422-ADNFCR
Thursday, 29 January 2009 00:00
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Comments (1)

The comments listed below are opinions held by the individuals posting and are not endorsed by, or representative of opinions held by which4u.co.uk. We cannot be held responsible or liable for the accuracy or content of any comments submitted. We reserve the right to publish, remove or edit comments as we see fit.
  • Roger Payne 2009-08-06 07:10:45
    This new rate with Capital One must mean large numbers of customers abandoning them. Just how they justify this remains a mystery.

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£50,000
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  • You are currently employed
  • You are over 23 years of age
  • You are a homeowner
  • You have an income of over £20,000
  • You do not have any recent credit defaults (CCJ's, current arrears or missed payments) on credit cards / loans / mortgages
  • You are a resident in the UK and can prove residential addresses for the past two years

Introductory Offer

Balance Transfer Rate:
0% for 6 mths
Balance Transfer Fee:
2%
Purchase Rate:
N/A

Typical APR

Purchases:
17.9% p.a.
Balance Transfers:
17.9% p.a.
Cash Advance:
24.9% p.a.

Standard Features

Credit Limit:
Subject to Status
Interest Free Days:
Up to 50 days
Online Banking:
Yes

Approval Criteria

  • You are at least 25 Years of Age
  • You have a Good Credit History
  • You are in full time employment
  • You are a permanent resident/citizen of the UK
  • You have a Bank or Building society account

Introductory Offer

Balance Transfer Rate:
N/A
Balance Transfer Fee:
N/A
Purchase Rate:
0% for 6 mths

Typical APR

Purchases:
17.9% p.a.
Balance Transfers:
17.9% p.a.
Cash Advance:
27.9% p.a.

Standard Features

Credit Limit:
£50,000
Interest Free Days:
Up to 56 days
Online Banking:
Yes

Approval Criteria

  • I am aged 18 or over
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Introductory Offer

Balance Transfer Rate:
0% for 13 mths
Balance Transfer Fee:
3%
Purchase Rate:
0% for 3 mths

Typical APR

Purchases:
18.9% p.a.
Balance Transfers:
16.9% p.a.
Cash Advance:
24.9% p.a.

Standard Features

Credit Limit:
Subject to Status
Interest Free Days:
Up to 50 days
Online Banking:
Yes

Approval Criteria

  • You are currently employed
  • You are over 23 years of age
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  • You have an income of over £20,000
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Balance Transfer Rate:
0% for 12 mths
Balance Transfer Fee:
3%
Purchase Rate:
0% for 3 mths

Typical APR

Purchases:
15.9% p.a.
Balance Transfers:
15.9% p.a.
Cash Advance:
24.9% p.a.

Standard Features

Credit Limit:
£50,000
Interest Free Days:
Up to 56 days
Online Banking:
Yes

Approval Criteria

  • You are currently employed
  • You are over 23 years of age
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  • You have an income of over £20,000
  • You do not have any recent credit defaults (CCJ's, current arrears or missed payments) on credit cards / loans / mortgages
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Balance Transfer Rate:
N/A
Balance Transfer Fee:
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Purchase Rate:
4.90% for 9 mths

Typical APR

Purchases:
19.9% p.a.
Balance Transfers:
19.9% p.a.
Cash Advance:
24.9% p.a.

Standard Features

Credit Limit:
£10,000
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Online Banking:
Yes

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  • YOU ARE A NATWEST CURRENT A/C HOLDERS
  • You are at least 18 Years of Age
  • You have a Good Credit History
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  • You earn over £10,000 per year

Introductory Offer

Balance Transfer Rate:
N/A
Balance Transfer Fee:
N/A
Purchase Rate:
4.90% for 9 mths

Typical APR

Purchases:
19.9% p.a.
Balance Transfers:
19.9% p.a.
Cash Advance:
24.9% p.a.

Standard Features

Credit Limit:
£10,000
Interest Free Days:
Up to 56 days
Online Banking:
Yes

Approval Criteria

  • YOU ARE A RBS CURRENT A/C HOLDER
  • You are at least 18 Years of Age
  • You have a Good Credit History
  • You are a permanent resident/citizen of the UK
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