A new card being offered by Capital One is expected to provide consumers with poor credit ratings the chance to earn cash back.
The importance of good credit history is no secret; otherwise consumers can struggle to gain important loans, such as mortgages.
Individuals who have previously had credit issues are also often unable to enjoy benefits commonly associated with credit cards.
Many lenders typically refrain from offering rewards or cash back with credit cards to consumers who have a poor credit history.
However, Capital One aim to resolve this situation by introducing a new credit card. Capital One promise to pay cash back to customers who are rebuilding their credit rating.
Individuals who qualify for the new Capital One Classic Extra card will receive a £5 bonus and will be able to pay 0.5% cash back on all purchases.
Capital One claim the card provides low and ‘simple to manage’ credit limits. Credit limits will range from £200 to £1,500.
The chief marketing officer at Capital One, Michael Woodburn, said individuals should not be penalised if they have experienced credit problems in the past.
Woodburn stated the Capital One Classic Extra card is “a logical extension” to the firm’s current range of cash back cards.
He added that Capital One will be active in their pursuit to support and guide customers in controlling their credit.
“We’ll also be taking steps to help customers stay in control of their credit and responsibly rebuild their credit rating,” he said.
While this card is set to appeal to a significant percentage of the country’s population, individuals that have not previously had credit, had a County Court Judgement (CJJ) or been declared bankrupt in the past twelve months may not be accepted for this card.
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