Saga Platinum credit card bucks the trend with the new lower APR and more money saving benefits

Wednesday 1 April 2009

Saga Platinum credit card bucks the trend with the new lower APR and more money saving benefits

  • APR reduced to typical 11.9% APR (variable)*
  • 0% on balance transfers and purchases extended to first nine months
  • Continue to save money abroad with no charge on foreign currency transactions in Visa Europe

Saga Personal Finance has today launched its latest Saga Platinum credit card proposition, enhancing many features of its market-leading card, including reducing its APR to just 11.9%* for both new and existing customers when many other credit card companies are increasing their rates. The introductory 0% on purchases and balance transfers has also been extended for new customers to nine months.

When it comes to credit, over 50s are keen to ensure they are getting a card that suits their spending and they want to know they are being treated fairly. The new platinum card features continue to offer a great deal for customers who borrow on the card, as re-payments to the card are ordered fairly. This means that after interest and fees, the most expensive debt is cleared first, unlike most credit cards available in the UK.

The improved features give customers greater flexibility in managing their finances and planning their outgoings. The card also offers no foreign currency charges for transactions within Visa Europe, so over 50s can continue to be treated fairly when shopping overseas.

Andrew Goodsell, Chief Executive of Saga Group, commented: “It is more important than ever that people take a good look at their finances. We are playing our part as, unlike many other providers, we are significantly reducing the interest rate on our credit card. The new Saga Platinum credit card will help our customers to make their hard-earned money go further.”

To apply for the Saga Platinum credit card customers should call 0800 096 4082 or visit saga.co.uk/creditcard

-ENDS-

*Previously 15.9% APR

Introductory Rate is charged for the first nine months on purchases and Balance Transfers from the date the Account is opened. At the end of this period the Introductory Rate reverts to the Standard Interest Rate applicable to the product at the time. There is a 3% Balance Transfer Handling fee on the full Balance Transfer amount.

List of countries included in the Visa Europe Region

Andorra, France, Italy, Portugal, Austria, Germany, Latvia, Romania, Belgium, Gibraltar, Liechtenstein, Slovakia, Faroe Islands, Monaco, San Marino, Bulgaria, Greece, Lithuania, Slovenia, Cyprus, Greenland, Luxembourg, Spain, Czech Republic, Hungary, Malta, Sweden, Denmark, Iceland, Netherlands, Switzerland, Estonia, Republic of Ireland, Norway, Turkey, Finland, Israel & Poland.

Payments received will be deducted from the outstanding balance on the account in the following order:

• interest;

• fees from previous statements;

• Cash Advances (including cash from a Cash Machine) from previous statements; and

• purchases from previous statements.

The remainder (if any) will be applied to transactions on the current Statement in the following order:

• fees;

• Cash Advances;

• purchases and Balance Transfers; and,

• any other promotional offers.

The order of payments has been compared against the following credit cards; BarclayCard, RBS Platinum, NatWest Platinum, Lloyds TSB Airmiles Duo, MINT, Virgin, Capital One, MBNA, HSBC, Egg. None of these issuers offer a fair order of payment comparable to the Saga Platinum credit card. Source: Moneyfacts 11.03.09

Full product details

The information contained in this table summarises the key product features and is not intended to replace any terms and conditions.

Typical 11.9% APR (variable)

Annual Interest Rates Introductory Rate Standard Interest Rate

Purchases 0.0%* 11.297%

Cash Advance n/a 19.608%

Balance Transfer 0.0%* 11.297%

Monthly Rates

Purchases 0.0%* 0.941%

Cash Advance n/a 1.634%

Balance Transfer 0.0%* 0.941%

Interest paid on Credit Balances (Gross p.a) No interest is paid on Credit Balances.

*Introductory Rate is charged for the first nine months on purchases and Balance Transfers from the date the Account is opened. At the end of this period the Introductory Rate reverts to the Standard Interest Rate applicable to the product at the time.

Interest free period: Maximum 55 days if you pay your balance in full and on time.

Interest Charging Information - The periods over which interest is charged are as follows:

• Purchases - No interest is charged if the Account is settled in full by the payment due date. If the Account is not settled in full, interest is charged on the full balance from the transaction date of each purchase as shown on the customer statement until full repayment is credited to the account.

• Cash Advances - No interest is charged if the Account is settled in full by the payment due date. If the Account is not settled in full, interest is charged from the date of the cash advance until that cash advance balance is settled in full.

• Balance Transfers - Interest is charged from the date the transaction is charged to the Account until the transferred balance is repaid in full.

Saga Personal Finance Limited is a wholly owned subsidiary of Saga Group Limited, and is registered in England No. 3023493. Registered Office: Enbrook Park, Folkestone, Kent CT20 3SE. The Saga Platinum credit card and Saga Platinum online services are provided by Allied Irish Banks, p.l.c.. Registered office: Bankcentre, Ballsbridge, Dublin 4, Republic of Ireland. Registered in the Republic of Ireland: Registered No. 24173.

For further press information please contact the Saga Press Office on: 01303 771529.

Share this page

Get In Touch

The Saga Group Communications Team only deal with enquiries from the media.

If you're not a journalist, visit our contact us page for a full list of telephone numbers.