Money News
Saga Personal Finance has officially launched the Saga Platinum Visa Card - payments on the card arranged (like some other cards) in such a way that after interest and fees, the most expensive debt is cleared first.
Suppose, for example, you make a one-off balance transfer of £2,000, spend £1,000 a month on your card in purchases, and withdraw £350 in cash a month: If you repay at a rate of £850 a month on your Saga Platinum Card - or another card with the same rate and payment schedule - you would pay £1,265.33 in interest over the course of 2 years and have paid back the interest bearing balance.
On the other hand, if you made the same repayments of £850 with the order of payment of certain other UK cards surveyed (assuming the same rate as Saga) you would pay £1,608.87 in interest over the course of the same period. Hence, you would save £343.54 in interest.
Meanwhile, the Saga Platinum card offers no foreign currency charges for transactions within Visa Europe. This includes all EU countries as well as some non-members, such as Norway and Turkey; so customers can make the most of their money when shopping overseas. For other countries Saga passes on a 1% charge from Visa for processing these transactions.
30 April 2008 © Moneyextra.com
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