Set to make a mark in the financial sector, the Post Office has introduced an exclusive credit card throughout the country, the “two in one” credit card that will offer rare and valuable borrowing services to users, along with competitive repayment options.
The “two-in-one” credit card provides benefits of both, a reasonable credit card as well as a lucrative fixed rate loan, which will be offered at very economical rates for bulk purchases. It is being offered by the Post Office in alliance with the Bank of Ireland.
The post office credit card will present customers with zero percent interest for the initial six months as an introductory rate on balance transfers and purchases. Thereafter, customers will be charged at the ongoing rate of 14.9% APR. Furthermore, the credit card offers insurance absolutely free for purchases made through this global card, which levies no annual fee.
A rather endearing feature of this card is its capability to turn almost into a loan, as customers can effortlessly transfer big purchases ranging between £500 and £2,000 into this “loan-like” facility, at a very reasonable rate of 6.8%. Therefore, customers will be able to make repayments of their balances at outstandingly low rates, or the lowest in fact, on the market, in their annual term.
Head of Product Development at the Post Office, Claire Oldstein, was quoted as saying, “Offering a credit card was a natural progression for the Post Office and we’re pleased to be adding it to our portfolio of products. With the new ‘two in one’ deal, customers no longer have to keep switching cards to get a good deal, or face being left with an out of date, uncompetitive rate of interest, once the 0% honeymoon period has ended”.
He added, “We found that on average three-quarters of credit card holders make a purchase of between £500 and £2,000 around three times a year. For these customers the new Post Office credit card offers a way to manage their spending sensibly, and save up to £250 in interest a year by doing so.”
Posted
on : Mon, 03 Oct 2005 17:20 GMT | Credit Cards News
By : Rob Davis
|
