OVER 50s COULD BE OVERLOOKING THE BEST CREDIT CARDSTuesday 16 April 2013
• A third of over 50s take out a credit card with their bank • A quarter of over 50s pick a card for the freebies • A third won’t switch credit cards at the end of the 0% interest free period and incur interest as a result
OVER 50s COULD BE OVERLOOKING THE BEST CREDIT CARDS
Saga Platinum Credit Card research shows that more than six million over 50s have a credit card*, but the majority could be missing out on the best deals. A third of over 50s say they chose their credit card because it was with their bank rather than search for the best deal available**.
Other factors the over 50s consider when they pick their credit card are the freebies (27%) and overseas charges (11%). In fact, only a small number of people say they pick a card for money saving reasons - just 6% of over 50s say they choose a card because of the introductory 0% interest rate.
Whilst the majority of those who picked a card because of the interest free period are keen to switch cards at the end of the deal, a third say they have ended up incurring interest on the remaining balance of their credit card, either because it was too much hassle to switch or because they forgot.
Roger Ramsden, chief executive, Saga Services commented: “Freebies can be enticing but people should look beyond air miles, vouchers and reward points when they pick a credit card. People should pick an all round good card that has a low standard interest rate that won’t turn round and bite them if they don’t pay their monthly bill in full.”
The Saga Platinum credit card offers 0% on purchases and balance transfers for the first 9 months from the account opening date. After that, The Saga Platinum credit card offers one of the best APR rates in the market of just 11.9% APR (variable) on purchases***.
Notes to Editors
• *21 million over 50s in the UK. 32% have at least one credit card. 21 million times 32% equals 6,720,000. Populus interviewed 2,035 adults online between 21st and 23rd September 2012. 964 respondents were over 50.
• **Populus interviewed 8,979 adults, all aged 50 and over, online between 15th and 22nd February 2013. Populus is a member of the British Polling Council and abides by its rules.
• ***Rates for competitors are from individual company websites and the rates are correct as at 25th March 2013.
|Credit Card||Representative APR%||Introductory Purchase Rate|
|Saga Platinum credit card||11.9%||0% for 9 months|
|Post Office credit card||16.9%||0% for 3 months|
|Lloyds TSB Platinum Mastercard||17.9%||0% for 3 months|
|M&S credit card||16.9%||0% for 15 months|
|Natwest Platinum credit card||17.9%||0% for 6 months|
Saga Platinum credit card
• Applicants must be aged 50 or over
• Saga Platinum Credit Card offers Representative 11.9% APR variable
• 0% Foreign Currency Fees are applied to transactions worldwide
• 0% on Purchases for the first 9 months*
• 0% on Balance Transfers for the first 9 months (3% fees applies)*
Representative Example: If you had a credit limit on your card of £1,200, you used your full limit to make a single card purchase immediately after receiving your card and you repaid in equal monthly payments over 12 months at an interest rate of 11.3% variable, (Representative 11.9% APR variable), the total amount you will pay back is £1,274.69.
*Introductory Rate charged for the first 9 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. A Balance Transfer fee of 3% applies.
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