Clydesdale reduces store card default charges

Date of Publication: Thursday, 03 April 2008 15:15

Following an approach by the OFT (Office of Fair Trading), Clydesdale Financial Services, a wholly owned subsidiary of Barclays Bank, has decided to reduce its store card default charges from £22.50 to £12 with immediate effect.

This action, prompted by a consumer complaint, follows earlier work by the OFT on credit card default charges. In April 2006, the OFT stated that credit card default charges had been generally set at a significantly higher level than was considered fair.

The April statement also indicated that the OFT considers the broad principles outlined in relation to credit card default charges apply to default charges in other standard agreements with consumers, such as those relating to store cards.

In view of the proposed reduction in charges by Clydesdale Financial Services, the OFT says no further intervention by it is warranted at this time.

Thursday, 03 April 2008 15:15
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Advice

Your Clubcard Credit Card doubles as your Clubcard. Get one extra point for every £4 spent on your Clubcard Credit Card. Get 5 points for every £4 spent in Tesco stores, 5 points for every £4 spent on Tesco fuel (excludes Esso Fuel). That's more than twice the amount you get with a standard Clubcard! Plus, 1 point for every £4 spent elsewhere.

Introductory Offer
Balance Transfer Rate: 0% for 3 mths
Balance Transfer Fee: 2.90% fee
Purchase Rate: 0% for 19 mths
Representative APR
Purchases: 18.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 18.9% (variable) your Representative APR will be 18.9% (variable).
Annual Rates
Balance Transfers: 18.9% p.a. (variable)
Balance Transfer Fee: 2.90% p.a.
Cash Advance: 24.94% p.a. (variable)
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 51 days
On-Line Banking: Yes
Approval Criteria
  • You have an excellent Credit History
  • You are at least 18 Years of Age
  • You are a permanent resident/citizen of the UK
  • You have a bank or building society account
  • You have a gross annual income of £5,000+

Advice

Your Clubcard Credit Card doubles as your Clubcard. Get one extra point for every £4 spent on your Clubcard Credit Card. Get 5 points for every £4 spent in Tesco stores, 5 points for every £4 spent on Tesco fuel (excludes Esso Fuel). That's more than twice the amount you get with a standard Clubcard! Plus, 1 point for every £4 spent elsewhere.

Introductory Offer
Balance Transfer Rate: 0% for 12 mths
Balance Transfer Fee: 0.65% fee
Purchase Rate: 0% for 12 mths
Representative APR
Purchases: 18.9% p.a. (variable)
Representative Example: Representative 18.9% APR variable. Based on no annual fee, assumed borrowing of £1,200, rate of interest variable (annual) 18.9%
Annual Rates
Balance Transfers: 18.9% p.a. (variable)
Balance Transfer Fee: 2.90% p.a.
Cash Advance: 24.9% p.a. (variable)
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You have an excellent Credit History
  • You are at least 18 Years of Age
  • You are a permanent resident/citizen of the UK
  • You have a bank or building society account
  • You have an income over £10,000 p.a

Advice

You can transfer money to your current account (subject to a 4% transfer fee). You will then have 0% on money transfers for 30 months from the date your account is opened. Balance needs to be transferred within the first 60 days of your account opening.

Introductory Offer
Balance Transfer Rate: 0% for 30 mths
Balance Transfer Fee: 2.89% fee
Purchase Rate: 0% for 3 mths
Representative APR
Purchases: 18.9% p.a. (variable)
Representative Example: Representative 18.9% APR variable. Based on no annual fee, assumed borrowing of £1,200, rate of interest variable (annual) 18.9%
Annual Rates
Balance Transfers: 18.9% p.a. (variable)
Cash Advance: 27.9% p.a. (variable)
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 50 days
On-Line Banking: Yes
Approval Criteria
  • You are currently employed
  • You are over 23 years of age
  • You are a homeowner
  • You have an income of over £20,000
  • You do not have any recent credit defaults (CCJ's, current arrears or missed payments) on credit cards / loans / mortgages
  • You are a resident in the UK and can prove residential addresses for the past two years

Advice

Draw down funds as a 'balance transfer' to your current account (subject to 4% transfer fee) providing request is made within 60 days of opening account.

Introductory Offer
Balance Transfer Rate: 0% for 21 mths
Balance Transfer Fee: 1.50% fee
Purchase Rate: 0% for 11 mths
Representative APR
Purchases: 14.9% p.a. (variable)
Representative Example: Representative 14.9% APR variable. Based on no annual fee, assumed borrowing of £1,200, rate of interest variable (annual) 14.9%
Annual Rates
Balance Transfers: 14.9% p.a. (variable)
Cash Advance: 27.9% p.a. (variable)
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 50 days
On-Line Banking: Yes
Approval Criteria
  • You are currently employed
  • You are over 23 years of age
  • You are a homeowner
  • You have an income of over £20,000
  • You do not have any recent credit defaults (CCJ's, current arrears or missed payments) on credit cards / loans / mortgages
  • You are a resident in the UK and can prove residential addresses for the past two years

Advice

Get 0% commission on credit card purchases overseas (usually 2.75% charge).

Introductory Offer
Balance Transfer Rate: 0% for 18 mths
Balance Transfer Fee: 2.98% fee
Purchase Rate: 0% for 3 mths
Representative APR
Purchases: 17.8% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 17.85% (variable) your Representative APR will be 17.8% (variable).
Annual Rates
Balance Transfers: 17.8% p.a. (variable)
Cash Advance: 24.1% p.a. (variable)
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You are at least 18 Years of Age
  • You have a Good Credit History
  • You are a permanent resident/citizen of the UK
  • You have an income over £8,000 p.a

Advice

The standard balance transfer fee of 3% will be applied when a balance transfer is processed. For example, if a customer transfers £1,500 a BT fee of £45 will be applied. We'll refund 73% of that, i.e. £33 into the customer's credit card account within 60 days of the qualifying balance transfer completion date. Minimum balance transfer amount is £100.

Introductory Offer
Balance Transfer Rate: 0% for 15 mths
Balance Transfer Fee: 0.80% fee
Purchase Rate: 0% for 3 mths
Representative APR
Purchases: 17.95% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 17.95% (variable) your Representative APR will be 17.9% (variable).
Annual Rates
Balance Transfers: 17.95% p.a. (variable)
Cash Advance: 17.95% p.a. (variable)
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You are at least 18 Years of Age
  • You have a Good Credit History
  • You are a permanent resident/citizen of the UK
  • You have a bank or building society account
Introductory Offer
Balance Transfer Rate: 0% for 28 mths
Balance Transfer Fee: 3% fee
Purchase Rate: 0% for 3 mths
Representative APR
Purchases: 18.95% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 18.94% (variable) your Representative APR will be 18.9% (variable).
Annual Rates
Balance Transfers: 18.95% p.a. (variable)
Cash Advance: 18.95% p.a. (variable)
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You are at least 18 Years of Age
  • You have a Good Credit History
  • You are a permanent resident/citizen of the UK
  • You have a bank or building society account

Advice

The standard balance transfer fee of 3% will be applied when a balance transfer is processed. For example, if a customer transfers £1,500 a BT fee of £45 will be applied. We'll refund 66.6% of that, i.e. £30 into the customer's credit card account within 60 days of the qualifying balance transfer completion date. Minimum balance transfer amount is £100.

Introductory Offer
Balance Transfer Rate: 0% for 13 mths
Balance Transfer Fee: 1% fee
Purchase Rate: 0% for 13 mths
Representative APR
Purchases: 17.95% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 17.95% (variable) your Representative APR will be 17.9% (variable).
Annual Rates
Balance Transfers: 17.95% p.a. (variable)
Cash Advance: 17.95% p.a. (variable)
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You are at least 18 Years of Age
  • You have a Good Credit History
  • You are a permanent resident/citizen of the UK
  • You have a bank or building society account