The Post Office has announced the launch of a new credit card with dual features.
The card functions as a competitive credit card with a discounted fixed rate loan facility for larger purchases.
The loan facility allows the card holder to transfer large purchases between £500 and £2,000 onto it and repay the amount over a 12 month period at an interest rate of 6.8 per cent.
Claire Oldstein, head of product development at the Post Office, said: “With the ‘two in one’ card the Post Office is offering a unique and responsible credit card.
“We wanted to give our customers all the benefits of a competitive credit card and through the discounted loan facility offer them the flexibility of paying for larger purchases at a market leading rate.”
The ‘two-one’ card has an introductory 0 per cent annual percentage rate (APR) for the first six months on purchases and balance transfers and a 14.9 per cent APR afterwards.
The card also comes with no annual fee and free purchase protection insurance.
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