Post Office Launches Credit Card / Loan Hybrid
The Post Office enters the credit card market with a 'unique' combination of card and loan
3rd October 2005
A new kind of credit card has been launched by the Post Office, which combines a standard credit card with the option of using a loan-like facility for larger purchases, which will be charged at a lower rate.
While the card can be used like any other, purchases of between £500 and £2,000 can be transferred to the loan facility and be repaid over 12 months at a discounted rate - 6.8% at the time of writing.
The facility can be used for up to 2 purchases at any one time, so long as the limit of £2,000 is not exceeded, and the transfer can be made up to a month after the purchase.
Post Office Chief Executive David Mills, commenting on the launch, said:
"By launching this unique 'two in one' credit card we're setting a challenge to all other providers. Offering customers a flexible way of paying for larger purchases at a market-leading, discounted rate is something we believe provides real financial benefits and will shake up the market, challenging other lenders who impose higher rates."Post Office Card Review >>>
Read More: Press Release
|
Products from Post Office : Car Insurance, Credit Card, Guaranteed Equity Bonds, Home Insurance, Loans, Travel Insurance |
|
More Post Office News : Post Office to Replace Fee-charging ATMs, Cost of Post Office ATMs |
Home - Credit Cards
