Capital One UK unveils transparent billboard to launch ‘Credit Made Clearer’ campaign

Capital One UK has launched a new campaign, featuring a transparent billboard, aimed to highlight lack of transparency around APR.

Created in partnership with Rise at Seven and Built by Kinetic, the finance brand’s billboard was put up at London’s Victoria Station last week, to raise awareness of repricing and ensure that anyone looking to take out a credit card in the future is aware of the potential increased cost of borrowing.

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Capital One Head of Marketing, Katie King told Mobile Marketing Magazine: “We believe applying for credit should be a clear and straightforward process for the customer, and that they are provided with all of the relevant information, such as eligibility and rate, before application to be able to make an informed decision.

“Our Credit Made Clearer campaign is a manifestation of this belief, and we’re excited to see it start to come to life.”

The move follows Capital One revealing the legislation mandates that the representative APR for credit products only needs to be provided to 51% of applicants. This results in the remaining 49% of consumers to receive another, sometimes higher, rate when they get the credit product.

The credit card provider also revealed one in 10 adults (11%) have applied for a credit card and then ended up with a higher interest rate, on average 14.9% more than the representative APR they applied for.