Consumers who currently hold the Progress Credit Card from Capital One now have a reason to break into a smile. Capital One, that issues this card to consumers, has incorporated many changes on this card, one of which is the reduction in the Annual Percentage Rate. While the low APR was initially being offered only for the promotional period, it is now being rolled out to all the card holders.
An icing on the cake is that even people who have been careless with respect to payments also will be a part of the reduced APR. Most of the other credit card lenders in the United States and other parts of the world refrain from reducing the interest rates for people who have been using their credit card irresponsible. However, with this current offer, Capital One is breaking that norm. As per the current changes, when a customer defaults on the payments, the interest rate for their card will be frozen temporarily for a period of six months post which they can be eligible for the reduced rates.
The proprietor of Credit Card Comparison Online, Lyndsey Burton, said that Capital One has indeed put in good amount of effort and thinking into this offer they are currently offering the customers who hold the Progress credit card. Thanks to these changes, the chances of the customer having his APR increased just because of one small mistake are now considerably lesser. However, she also goes on to add that every customer who holds this card should continue to make their payments on time and should not take this offer for granted. This is because the interest rate falls by a meager 2% every six months which may not seem to make a big difference if the outstanding balance is really high.
The new offer by Capital One
People who want to better their credit score can benefit greatly from the changes being made to the Capital One Progress Credit card. However, you cannot gain eligibility for this card if you have a very bad credit score. There is a set credit score limit that a person should have in order to qualify to apply for this card. The applicants also should not have any CCJs or defaults on their credit history for the last one year. The card is designed such that people who are looking for some of the best card deals in the market find what they want at Capital One.