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July 9, 2007

Launch of Deferred Debit Card

by Gill Montia

Story link: Launch of Deferred Debit Card

Cater Allen, a division of the Banco Santander private banking unit, has launched a new VISA Deferred-Debit Card.

The new card will allow clients to continue to earn interest on the balance in their account until their statement date, and the balance will include their spending on the card.

Clients’ transactions will be shown as pending against the account balance and for interest purposes card transactions are not applied to the account until the statement date.

Consumers can therefore earn up to 30 days’ interest on funds which they have already spent using their card.

The method of deferring does not apply to cash withdrawals and customers need to hold an average account balance of £5,000 (or a euro or US Dollar equivalent) for the six months prior to their application.

Under the VISA transaction system, deferred-debit cards are treated as credit cards so may still be subject to levy transactions applied by some retailers and service providers.

As an additional attraction, Carter Allen is making the card available in US Dollar and euro denominated versions.

Cardholders will also be able to avail themselves of free personal accident cover of up to £250,000 when travelling abroad, if they use the Visa Deferred-Debit Card to pay for at least 50% of the cost of a holiday.

 

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