30 September 2005
The Post Office today launched a unique new "two in one" credit and loans card.
The new Post Office card will provide all the benefits of a credit card combined with a fixed rate loan for larger purchases.
An introductory nought per cent APR for the first six months on purchases and balance transfers becomes a 14.9 per cent typical APR thereafter.
Loans are available for large purchases of between £500 and £2,000 at a discounted interest rate of 6.8 per cent, and must be repaid over a 12-month period.
Claire Oldstein, head of product development at the Post Office said: "With the "two in one" card the Post Office is offering a unique and responsible credit card.
"We wanted to give our customers all the benefits of a competitive credit card and, through the discounted fixed rate facility, offer them the flexibility of paying for larger purchases, at a market leading rate - something we hope will appeal to our customers and challenge other lenders who impose higher interest rates.
"We found that on average three-quarters of credit card holders make a purchase of between £500 and £2,000 around three times a year. For these customers the new Post Office credit card offers a way to manage their spending sensibly, and save up to £250 in interest a year by doing so."
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