Flexibility is about as worthwhile in a credit card as it is in a brick.
It may come as a surprise then that this week's deal is the new flexible card scheme from RBS Advanta.
It's not the fact it's malleable, but that if stretched the right way it becomes the best card on the market for spending on, possibly saving you over £500, just in time for Christmas.
The RBS Advanta U scheme follows Virgin, MoreThan and Accucard in allowing customers to configure the interest rate, introductory offer and reward scheme themselves.
The marketing schpiel promotes the possibility of trading features off against each other to build 'the perfect card'.
It may sound good, but in reality, it's as useful as a parachute when potholing.
Even at it's maximum configuration RBS Advanta U isn't a market beater for most uses.
For example, it's best standard rate, using it's Platinum card with no rewards and no intro period is 10.
9%, substantially more expensive than both Cahoot and Intelligent Finance.
Thankfully for RBS, it does win in one killer category.
New cardholders can configure it to get 0% interest until June, that's longer than any other card's offer, and it pays cash back of 0.
75% on spending, in other words for every £100 you spend on the card it gives you 75p.
The previous market leader was Egg, which is interest free until March with 0.
5% cash back.
The RBS Advanta U service is only available for new cardholders who are on the internet.
The best spending card for non-net users, is the standard RBS Advanta card, at 0% interest for both spending and balance transfers until June, though it doesn't pay cashback, best for existing RBS Advanta holders is Egg.
Once the Advanta U introductory rate ends, the interest shifts to it's standard rate of 15.
9% to 17.
4% depending on whether it's a main or platinum card and the balance transfer rate selected.
These rates are very high and there's absolutely no need to pay them.
Simply ensure the debt is cleared in full or transferred to another card just before the interest-free period ends.
Then use either another 0% introductory offer or a low standard rate card.
Used correctly this card will save you serious cash.
Spend £1,000 monthly until next June, making just the minimum monthly repayments, on HSBC's credit card at 18.
9% and, credit limit allowing, it's cost roughly £500 in interest.
Even Cahoot at it's 7% standard rate, the market's lowest, costs £192.
New RBS Advanta U cardholders with no interest and £60 cash back from spending are overall £250 better than Cahoot and £565 better than HSBC.
It may come as a surprise then that this week's deal is the new flexible card scheme from RBS Advanta.
It's not the fact it's malleable, but that if stretched the right way it becomes the best card on the market for spending on, possibly saving you over £500, just in time for Christmas.
The RBS Advanta U scheme follows Virgin, MoreThan and Accucard in allowing customers to configure the interest rate, introductory offer and reward scheme themselves.
The marketing schpiel promotes the possibility of trading features off against each other to build 'the perfect card'.
It may sound good, but in reality, it's as useful as a parachute when potholing.
Even at it's maximum configuration RBS Advanta U isn't a market beater for most uses.
For example, it's best standard rate, using it's Platinum card with no rewards and no intro period is 10.
9%, substantially more expensive than both Cahoot and Intelligent Finance.
Thankfully for RBS, it does win in one killer category.
New cardholders can configure it to get 0% interest until June, that's longer than any other card's offer, and it pays cash back of 0.
75% on spending, in other words for every £100 you spend on the card it gives you 75p.
The previous market leader was Egg, which is interest free until March with 0.
5% cash back.
The RBS Advanta U service is only available for new cardholders who are on the internet.
The best spending card for non-net users, is the standard RBS Advanta card, at 0% interest for both spending and balance transfers until June, though it doesn't pay cashback, best for existing RBS Advanta holders is Egg.
Once the Advanta U introductory rate ends, the interest shifts to it's standard rate of 15.
9% to 17.
4% depending on whether it's a main or platinum card and the balance transfer rate selected.
These rates are very high and there's absolutely no need to pay them.
Simply ensure the debt is cleared in full or transferred to another card just before the interest-free period ends.
Then use either another 0% introductory offer or a low standard rate card.
Used correctly this card will save you serious cash.
Spend £1,000 monthly until next June, making just the minimum monthly repayments, on HSBC's credit card at 18.
9% and, credit limit allowing, it's cost roughly £500 in interest.
Even Cahoot at it's 7% standard rate, the market's lowest, costs £192.
New RBS Advanta U cardholders with no interest and £60 cash back from spending are overall £250 better than Cahoot and £565 better than HSBC.
Source...