Just had a supposedly targeted flyer through from MBNA offering me (with a half decent credit rating) 19.9% APR on a supposed new deal!!!!!
Hello, is anyone in? The bank rate is 0.5% which means any bank with a half decent credit rating (OK I agree there aren't so many of them now) can borrow Bank of England money rather cheaply. How much mark up do they need? That sort of increase is nothing short of a loan shark.
Charity affinity cards have, it seems, been out of favour for some time, though some are still making useful money through existing users. So what about "A new deal?"
A nice ethical bank like the Co-op getting together with a syndicate of nice helpful empowering charities working in the community and launching a new card which promises an ethical approach. That is, if you can afford the repayments and are not deep in debt, you get a single digit interest rate on loan or outstanding balances. Still a hell of a profit for the bank and the charity(s).
New opportunities to trade and help the economy.
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