Saga card ending?

A.Muse

Because of the end date it must be Brexit related.


I thought that it would be worthy of comment in the weekly tips newletter.


Perhaps a statement from SAGA that is a bit more explantory would be helpful, particularly about outstanding balances and final statements.

[Deleted User]

A.Muse wrote: »

Because of the end date it must be Brexit related.

No, it's not.

It's about profitability. Saga have always struggled to make their cards work, and it's not got any easier under current legislation.

One-Eye

Marmaduke123 wrote: »

I wonder if this is in some way Brexit related, given that it's AIB?

A.Muse wrote: »

Because of the end date it must be Brexit related.

Quite the opposite - EU Regulation 2015/751 (interchange fees) has a lot to do with it.

It's effect has been to reduce the revenue for the card issuers and increase the revenue of the retailers. Retailers have almost universally failed to pass any of this onto consumers, whereas card issuers have had to cut back on loyalty schemes, and in this case terminate the product entirely.

oldwiring

snip

Marmaduke123 wrote: »

I wonder if this is in some way Brexit related, given that it's AIB? We haven't had a letter yet, so thanks for the headsup.

snip.

One can't be sure, but as the last date is 28/3 and we plan to leave EU on 29/3, it seems a racing certainty.

I've a feeling that there will be more financial matters to cause disturbance to personal financial arrangements.

pvt

I've not been notified yet, but have long been wondering how long before they found it to be unprofitable since the reduction of interchange fees.

Amazingly, they have just days ago sent me a new card with a 2023 expiry date.

I only ever use it for overseas transactions and use AmEx and JL Partnership cashback cards for everything else.

I will look for an alternative with the zero transaction/exchange fees for overseas use.

pvt

Nick_C wrote: »

If you have a smartphone, then look at Tandem. 0.5% cash back, and no fee on foreign currency transactions.

Looks a likely candidate Nick, thanks. I'm curious what exchange rates they charge - whilst it's "no fees", the beauty of the Saga card was it applied the Visa daily exchange rate, which was always better than the AmEx and MC rates.

fifeken

pvt wrote: »

I'm curious what exchange rates they charge - whilst it's "no fees", the beauty of the Saga card was it applied the Visa daily exchange rate, which was always better than the AmEx and MC rates.

For what currencies? Although I read one post to the contrary recently, MSE and others have always reported MC rates as being better in most cases.

pja1820

Real problem for those cardholders who are semi-retired or between jobs and not yet on pension as some other cards require a minimum salary.

A credit card with travel rates (cash/tx) to replace Saga Plat Visa looks like Halifax Clarity, Virgin Travel Card or PO Platinum Card.

Are some card applications based on credit score only?

Flyingscot11

A shame that this card is being taken from the market. I have had one for some years, mainly to use whilst abroad on holiday. I now have the problem of finding one with similar facilities, interest rate etc.

I can't have the Halifax Clarity card as I already have a Halifax credit card with a good cash back facility.

Anyone out there find one ?

Parkingfines

Yes you can have a clarity card! . We have a clarity card and then got another to do a very short term balance transfer. Halifax let you have two credits. Log on to the online banking and apply and you will see I am right:)