Capital One has launched a new credit card which offers a competitive 8.5 per cent APR, their aim in the industry is to become number one when consumers come to compare deals online.

The main advantage, this type of deal consists is that cardholders will have no balance transfer fee to deposit.

The Capital One credit card has its unique Identity Theft Assistance, this is a form of security as if a random user decided to apply for a card without the cardholders consent, and an instant notification would be made.

Head of Capital One, Srini Gopalan commented: "We have always stated our intention to be as flexible and innovative with our products as possible. This is another example of having taken action around our product range, ensuring we've introduced a card that further refines our portfolio to ensure we are providing a range of competitive products to address different customer needs."

Basically the card has a 8.5% APR typical variable on balance transfers and purchases and is being aimed at consumers who have a good credit rating.