Building Society’s credit card offers cashback |
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Published
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Mon, 20 Jun 2005 18:35
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LONDON: Here’s a credit card that tries to nudge at consumer spending which is reportedly at its slowest and lowest. The new credit card from Yorkshire Building Society will pay back a percentage of everything you spend. If you are a borrower from the building society, then the percentage will be credited directly to your mortgage. If you aren’t, then you get cashback – i.e. a cheque for the amount.
The first £2,000 that you spend, will fetch you 1 percent; anything beyond that will get you 0.5 percent. But the more attractive feature of this offer is the choice of two APRs: cardholders get to choose between two annual percentage rates on any balance.
| The Tracker version at 4.75 per cent (the same as the Bank of England’s base rate) for six months; or the Classic card with its offer of ‘0 per cent on balance transfer’ for the first six months.
After six months, the APRs on both cards will change: Tracker will attract base rate plus 5.5 percentage points and Classic will charge the typical 15.4 per cent.
How attractive the cashback appears to you will depend on how much you spend in a month. Example: If you spend on an average £500 a month you will get just £40 a year as cash back, which may not significantly alter your mortgage.
For more information, call 0800 0280183.
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