New balance transfer offer to help rebuild credit rating
Capital One has launched Capital One Balance, its new balance transfer product with 0% interest on all balance transfers until October 2012 and a low BT fee of 1.7%.
Available through Money Supermarket and Totally Money from Friday, the new Capital One Balance card has no annual fee, and is aimed at those with a less than perfect credit rating, who are looking to transfer existing balances. Customers can add up to three extra card holders to their account, and can also benefit from free purchase protection insurance and identity theft assistance.
Michael Woodburn, Chief Marketing Officer, Capital One said, “Balance Transfer offers have typically been targeted at customer with perfect credit ratings. Capital One has created a balance transfer for people who wouldn’t normally be accepted for this type of product. Our new offering was developed in response to industry calls and we believe that it is a great offer for those with a sub-optimal credit history, who have existing debts that they want to move to a lower interest rate.”
The Capital One Balance card has a rate of 34.9% p.a variable on all purchases. With a low, easy to manage credit limit it aims to help those with an average to good credit rating, including those who may have had CCJs or defaults in the past, to take control of their finances. Cardholders can also set up email alerts to notify them when payments are due or when they are reaching their credit limit, to help them stay in control of their finances.