Capital one offers sub-prime credit card

11/11/2008

In the run up to Christmas, credit card company Capital One is offering consumers a “sub-prime” credit card. This news comes as times in the British economy seem to be getting worse with many people struggling to make ends meet. Capital One has introduced the card at a time where many are worrying about how they are going to fund Christmas.

The credit card is offered to consumers as being a step closer to rebuilding their credit ratings. The card has a high APR of a massive 34.9%, applicants are assured that a response will be given in just one minute and successful applicants can increase their credit limit if they make payments on time four months in a row.

“It is a depressing sign of the times when a major credit card provider is offering plastic at 34.9 per cent in the run-up to Christmas,” said director of MoneyExpert.com Sean Gardner.”

He went onto say that “The mainstream credit card providers are clamping down on lending and that will inevitably drive more people to take up these kinds of offers. Desperate times call for desperate measures and this really does look desperate. The sub-prime credit card has arrived.