**3 months intrest free VISA on all purchases for life of card**

seaniboy

EDIT: AFTER READING THE FIRST REPLY TO MY POST PLEASE SEE POST 3 FOR MORE INFO AS YOU ARE ALL MISSING OUT THROUGH ASSUMPTION INDEX/LXDIRECT.COM ONLY DO STORE CARDS!!!!!

Xbigman

Aren't those basicly catalogue based cards not standard credit cards?
Regards



X

seaniboy

Xbigman wrote:

Aren't those basicly catalogue based cards not standard credit cards?

NO,NO,NO!! Had one for 2 yrs they are proper visa cards, anywhere you see the visa sign you get 3 months intrest free credit on all purchases! its a joint venture between littlewoods and Barclaycard...basically the APR is higher(19.4 variable) if you dont pay in your intrest free period than the standard Barclaycard rate so they bank on you not paying your minumum intrest free payment to make money...

I use it as my luxury buys/emergency card
the best thing was I paid my recent BA holiday to Hong Kong on it and paid £120 x 3 for my flights and hotel for 2!!

Guys check it out! I would have said 6 months ago but I never visit the CC forum (thanks to this card I dont have to as I pay the full % free every month).. i thought you all would have knew!

INFO: What is the VISA card from LX Direct?
It’s a VISA credit card that helps you to spread the cost of your everyday shopping! What makes it special is that our VISA card gives you up to 12 weeks to pay on every single purchase you make - without having to pay any interest.*

Here's an example of how the up to 12 weeks without paying interest works: for goods purchased in January, these will appear on your February statement. As long as you make the minimum payment, you have until the payment due date on your March statement to pay for these goods in full to avoid paying interest.

You can even choose to spread the cost and make payments over a period longer than 12 weeks. If you do this you will be charged interest on this option. Our typical rate is 19.4%APR (variable)

**Provided your account is not in default when you make the purchase. You must make your minimum monthly payments as detailed on your statement even during the interest free period.


http://www.lxdirect.com/rf/fs/help/moneymatters/index.do?page=visa Click the apply online link and you will be directed to a BarclayCard address for the Littlewoods venture application...simple!

LITTLEWOODS FINANCE COMPANY LIMITED (old info from launch before company rebrand)

Financial services provided by Littlewoods Finance Company are a valuable part of our comprehensive customer offer. LFC provides Flexible Account credit facilities for Littlewoods High Street and Littlewoods Extra customers, and credit facilities for Agency customers. Customers can also purchase a variety of Financial Services Products including PPI and Extended Service Plan Covers.
*****In addition, via its joint venture with Barclaycard, LFC can offer Littlewoods customers cash advances, personal loans and VISA cards*****

PS) I got a £5000 Credit limit on £23500PA, my sister a single parent of 3 £600 on an income of less than £10000PA on a Index visa (advertised in stores) and I got Littlewoods GOLD card
PPS) Call yourselves MSE'rs you lot should be ashamed! this visa cards been on offer for years and you all missed it.....tut tut lol

nh

Mmmm, I am surprised this one has passed us all by! It does seem to do exactly what it says on the tin.

Would be good for the purposes explained above ie. making big purchases and paying them back over three months, but no good for everyday spending as no cashback.

Roll on my 1% Citicard!

Reaper

Yup, news to me too. Well spotted - it could be useful for some people.

Note though "Minimum payments are 3% - 5% of your balance".

seaniboy

Just me again, page 1000 of the current Index spring/summer catologue details the Index branded card, includes an £10 Index voucher offer if your accepted for the card.

Ciao for now,

Sean

Rafter

Looking at the conditions isn't this basically an additional month to pay versus a standard credit card?

If so, and you spend say £500 per month on the card you are basically saving the interest on £500 that could be invested elsewhere or paid off your borrowing.

Therefore if you can earn 5% on savings in a year that works out at 0.41% per month.

However, if you are running an overdraft of other debt at 12% it works out at 1% per month.

So, if you are a saver this card is the equivalent of a card offering about 0.41% cashback which can be beaten fairly easily at the moment elsewhere.

However, if you have other more expensive borrowings that you can pay off by using this card, and make sure you pay this card off in full to avoid the high interest, then it could be useful. Since you might save £50 a year using this card versus running an overdraft of £500 at 10% interest.

R.

AdL_3

I currently use this card and while it is brilliant for spreading the cost of expensive purchases interest free, there is one drawback.

There is no facility to access your account online whichin my opinion is a large drawback. I expected to be able to access it via Barclays own service, and one of the Littlewoods people actually said I could. But after trying this out and speaking to someone from the Barclays Internet team I have found this is not so.

So if you are not very organised you could find youself overspending with this card (like me this month).

Xbigman

Like I said, they are catalogue based cards, difference is that they use the visa system. The advantage for the catalogue company is that they shift the current interest free period from the catologue account to the credit card. This improves the catalogues cash flow and passes the debt to the credit card provider.
Meanwhile the CC provider picks up new customers. Now while the MSE spender would use these cards the right way the typical customer is some one who will use the card to buy catalogue products. These are dear and seem to attract the lower paid, less savvy consumer. These are the most profitable people for the CC companies to get their hands on.

I can see that these cards might be usefull in a one off way but personally I wouldn't touch them.
Regards




X