|
Credit Cards and Debit Cards
... in the news ...
SunTrust Banks, Inc. introduced two new Visa Gift cards. The new Usher "In the Mix" and "Truth Tour" Visa Gift cards are prepaid debit cards that can be used anywhere in the United States where
Visa debit cards are accepted.
The Post Office(R) launched a credit card with a unique feature - the flexibility to make larger purchases on a discounted fixed rate.
The Post Office "two in one" credit card is the first in the UK with this feature. It means that customers have the benefit of a competitive credit card along with a market-leading, fixed rate, loan-like facility for major purchases.
David Mills, Chief Executive, Post Office Ltd 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.
"We are a brand that customers know and trust to offer competitive products that can be easily accessed on the high street - something which we are committed to delivering".
The Post Office(R) has had great success since launching into the financial services arena with its foreign exchange service ten years ago. It is now the UK's number one provider, handling 12 million foreign currency transactions last year. It is also the largest independent provider of travel insurance with annual sales totalling more than one million policies. It now offers a wide range of financial services including market leading home and car insurance offers and a range of great value savings products. Building on this success it aims to be a leading player in the UK's credit card market.
The Post Office(R) is committed to introducing new products and services which can replace lost revenue streams such as benefits payments, and in turn ensure the long term viability of its 14,600 strong branch network. As well as being a strong player in the financial services market it is now also one of the UK's fastest growing home telephony providers following the launch of its HomePhone service in January 2005.
Mr Mills continues: "We recognise that the long-term viability of our network depends on our ability to compete successfully in new markets such as financial services which can generate vital new revenue streams for us. The introduction of our 'two in one' credit card is a significant milestone as we move towards providing a full suite of financial services products".
The Post Office(R) Credit Card - How it works
The Post Office(R) Credit Card can be used in the usual way to pay for a wide range of goods and services. But it also offers a flexible way to pay for larger purchases at a discounted rate. This unique mechanism will enable consumers to transfer large purchases between GBP500 and GBP2000 into a loan-like facility with a discounted interest rate of 6.8% -
- The purchases can then be repaid over a period of 12 months
- Customers can use the facility for up to two purchases at any one time subject to an aggregate limit of GBP2,000
- Customers must telephone or visit the website to transfer the purchase to the loan-like facility with the discounted interest rate of 6.8%
- Customers have one month to transfer the purchase to the loan-like facility of the card
Source: Post Office Ltd.
|
|