IF Scraps Offset Card
70,000 credit card customers given 4 weeks to choose another Intelligent Finance card
13th June 2005
Intelligent Finance (IF) have announced that they are to close down their 'offset' credit card, in only 4 weeks time. Customers will have to choose a different IF card or clear their balances.
The offset card was unique on the UK market, as it allowed any credit balances held in an IF current or savings account to be offset against the credit card debt, effectively reducing the amount of interest a customer paid.
The bank, a Halifax Bank of Scotland subsiduary, says that running their own card was becoming too expensive in terms of IT infrastructure, and as a relatively small player they didn't have the economies of scale that other companies - and indeed their parent company - enjoy.
Customers expressed thair anger at the move in a BBC Radio program, saying that as products in the Intelligent Finance range were interlinked and formed in most cases a major part of a customers financial planning, the short notice given for the change may rush people into making bad decisions.
Read More: BBC Report
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