A new credit card from Capital One is to reward customers who make timely payments a reduction in interest rate .
Designed for those who have a "less than squeaky" credit rating but are looking to turn over a new leaf, the card offers a five per cent interest rate drop every six months for good behaviour.
Rates begin at 34.9 per cent, but within 18 months this could be down to an industry average of 19.9 per cent if all debts are paid off on time.
Louise Bond, personal finance expert at uSwitch.com, commented on the launch by saying that more UK credit card customers are being unfairly rejected as providers tighten lending criteria.
"People with a perfect credit score are becoming the exception rather than the rule," she said.
Elvis Presley Enterprises and CardPartner recently unveiled a new Visa affinity Platinum Rewards credit card, which offers points for free airline tickets and features an image of the pop star.
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Capital One launches credit card for well-behaved customers
Thu, 15 Oct 2009
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