Saga has launched a new credit card which it claims to be one of the fairest on the market because it clears the most expensive debt first.
Saga says that its Saga Platinum Visa Card offers a fairer deal to customers because repayments to the card are ordered fairly; after interest and fees, the most expensive debt on the card is cleared first.
Saga claims that the new Saga credit card
could save customers an average of £343 over a two year period.
Many credit card
companies pay off the cheapest debts first, such as purchases and balance transfers, so that more interest is generated from expensive debts, such as cash advances.
The Saga Platinum Visa Card also has no foreign currency charges for transactions in Visa Europe, and zero per cent on balance transfers and new purchases for the first six months.
Using the example of a customer who makes a one-off balance transfer of £2,000, spends £1,000 a month on their card in purchases, and withdraws £350 in cash a month, Saga reckons the savings would be nearly £350.
"The fair order of payment on the Saga Platinum Card means that the customer would save £343.54 in interest," said a spokesman.
Andrew Goodsell, chief executive of Saga Group Ltd says the card is a much fairer deal for customers.
"This is another product from Saga which puts the customer's needs first," he said.
"Not only does it offer 0% Foreign Currency charges when using the card within Visa Europe, but also offers a fair order of payments, and 0% Balance Transfers and Purchases for the first 6 months."
© Fair Investment