Capital One Plus Cards

Balance Transfers: as long term/standard rate

Purchases: reduces over time if you stay within your credit limit and make all minimum repayments
Long Term standard rate: Typical 34.9% - 19.9%APR (variable)
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Simply stay within your credit limit and make your minimum repayments on time, and...

After 4 months, we'll reduce your balance transfer and purchase rates by 5% - so, your initial rate of 34.9% p.a. variable will reduce to 29.9% p.a. variable.

Then every 6 months, as long as you stay within your credit limit and make all minimum payments on time, we'll reduce your rate by another 5%.

We'll continue to review your Progress card account until your 22nd monthly statement to see if we can reduce your rate. The lowest your rate can reduce to is 19.9% p.a. variable.

What happens after my 22nd monthly statement?

Your account will continue at the rate you have reached on your 22nd monthly statement and will be subject to our standard terms and conditions.

What happens if I miss a payment?

We'd prefer it if you didn't miss a payment or go over your credit limit, but if you do we won't increase your rate and you can still qualify for the next rate reduction. You have the opportunity until your 22nd statement to qualify for rate reductions.

The rate reduction doesn't apply to cash withdrawals.